Eversendai Bhd Beneish M-Score Historical Data
The historical data trend for Eversendai Bhd's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Eversendai Bhd Beneish M-Score Chart
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Eversendai Bhd Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.32 |
-2.47 |
-4.46 |
-2.70 |
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Eversendai Bhd Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-5.13 |
-3.71 |
-3.68 |
-2.70 |
-2.72 |
Competitive Comparison of Eversendai Bhd's Beneish M-Score
For the Engineering & Construction subindustry, Eversendai Bhd's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Eversendai Bhd's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Eversendai Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eversendai Bhd's Beneish M-Score falls into.
Eversendai Bhd Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Eversendai Bhd for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.6564 | + | 0.528 * -0.0427 | + | 0.404 * 1.4616 | + | 0.892 * 1.567 | + | 0.115 * 0.8784 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3361 | + | 4.679 * -0.036618 | - | 0.327 * 0.9751 |
| = | -2.72 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was RM1,668 Mil.
Revenue was 399.715 + 522.502 + 345.846 + 281.828 = RM1,550 Mil.
Gross Profit was 76.98 + 75.182 + 28.675 + 41.566 = RM222 Mil.
Total Current Assets was RM2,017 Mil.
Total Assets was RM2,684 Mil.
Property, Plant and Equipment(Net PPE) was RM645 Mil.
Depreciation, Depletion and Amortization(DDA) was RM60 Mil.
Selling, General, & Admin. Expense(SGA) was RM80 Mil.
Total Current Liabilities was RM2,054 Mil.
Long-Term Debt & Capital Lease Obligation was RM190 Mil.
Net Income was 0.355 + 57.928 + -31.577 + -0.854 = RM26 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 60.414 + 101.092 + -4.7 + -32.653 = RM124 Mil.
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Total Receivables was RM1,622 Mil.
Revenue was 307.314 + 300.987 + 205.876 + 174.928 = RM989 Mil.
Gross Profit was 31.205 + 16.704 + -26.83 + -27.143 = RM-6 Mil.
Total Current Assets was RM1,909 Mil.
Total Assets was RM2,650 Mil.
Property, Plant and Equipment(Net PPE) was RM726 Mil.
Depreciation, Depletion and Amortization(DDA) was RM59 Mil.
Selling, General, & Admin. Expense(SGA) was RM153 Mil.
Total Current Liabilities was RM2,063 Mil.
Long-Term Debt & Capital Lease Obligation was RM209 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1668.252 / 1549.891) | / | (1621.816 / 989.105) |
| = | 1.076367 | / | 1.63968 |
| | = | 0.6564 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (-6.064 / 989.105) | / | (222.403 / 1549.891) |
| = | -0.006131 | / | 0.143496 |
| | = | -0.0427 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (2017.145 + 645.211) / 2684.498) | / | (1 - (1908.963 + 726.147) / 2650.065) |
| = | 0.008248 | / | 0.005643 |
| | = | 1.4616 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1549.891 | / | 989.105 |
| | = | 1.567 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (58.837 / (58.837 + 726.147)) | / | (60.194 / (60.194 + 645.211)) |
| = | 0.074953 | / | 0.085333 |
| | = | 0.8784 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (80.474 / 1549.891) | / | (152.789 / 989.105) |
| = | 0.051922 | / | 0.154472 |
| | = | 0.3361 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((190.267 + 2053.809) / 2684.498) | / | ((208.526 + 2063.297) / 2650.065) |
| = | 0.835939 | / | 0.857271 |
| | = | 0.9751 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (25.852 - 0 | - | 124.153) | / | 2684.498 |
| | = | -0.036618 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Eversendai Bhd has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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