Sunway Bhd (XKLS:5211) Beneish M-Score : -2.17 (As of May. 26, 2024)

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What is Sunway Bhd Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sunway Bhd's Beneish M-Score or its related term are showing as below:

XKLS:5211' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.3 Max: -2.03
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Sunway Bhd was -2.03. The lowest was -2.66. And the median was -2.30.

Sunway Bhd Beneish M-Score Historical Data

The historical data trend for Sunway 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.

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Sunway Bhd Beneish M-Score Chart

Sunway Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.03

-2.48

-2.04

-2.23

-2.17

Sunway Bhd Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.17	-

Competitive Comparison of Sunway Bhd's Beneish M-Score

For the Conglomerates subindustry, Sunway 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.

Sunway Bhd's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Sunway Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunway Bhd's Beneish M-Score falls into.

Sunway 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 Sunway Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1469

0.528 * 0.9484

0.404 * 0.9575

0.892 * 1.1812

0.115 * 0.9887

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9361

4.679 * 0.009758

0.327 * 0.9994

-2.17

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM3,073 Mil.
Revenue was RM6,136 Mil.
Gross Profit was RM1,546 Mil.
Total Current Assets was RM9,945 Mil.
Total Assets was RM28,584 Mil.
Property, Plant and Equipment(Net PPE) was RM1,362 Mil.
Depreciation, Depletion and Amortization(DDA) was RM141 Mil.
Selling, General, & Admin. Expense(SGA) was RM724 Mil.
Total Current Liabilities was RM9,242 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,713 Mil.
Net Income was RM738 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM459 Mil.

Total Receivables was RM2,268 Mil.
Revenue was RM5,195 Mil.
Gross Profit was RM1,241 Mil.
Total Current Assets was RM8,341 Mil.
Total Assets was RM26,063 Mil.
Property, Plant and Equipment(Net PPE) was RM1,270 Mil.
Depreciation, Depletion and Amortization(DDA) was RM130 Mil.
Selling, General, & Admin. Expense(SGA) was RM655 Mil.
Total Current Liabilities was RM8,033 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,786 Mil.

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)
	=	(3072.602 / 6136.199)	/	(2268.195 / 5194.949)
	=	0.500734	/	0.436615
	=	1.1469

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)
	=	(1241.158 / 5194.949)	/	(1545.873 / 6136.199)
	=	0.238916	/	0.251927
	=	0.9484

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 - (9944.685 + 1362.216) / 28583.816)	/	(1 - (8341.4 + 1269.941) / 26063.407)
	=	0.60443	/	0.631232
	=	0.9575

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
	=	6136.199	/	5194.949
	=	1.1812

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))
	=	(130.19 / (130.19 + 1269.941))	/	(141.415 / (141.415 + 1362.216))
	=	0.092984	/	0.094049
	=	0.9887

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)
	=	(723.732 / 6136.199)	/	(654.533 / 5194.949)
	=	0.117945	/	0.125994
	=	0.9361

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)
	=	((3712.806 + 9241.617) / 28583.816)	/	((3786.155 + 8033.039) / 26063.407)
	=	0.453208	/	0.453478
	=	0.9994

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
	=	(737.869 - 0	-	458.961)	/	28583.816
	=	0.009758

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.

Sunway Bhd has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.

Sunway Bhd Beneish M-Score Related Terms

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Sunway Bhd (XKLS:5211) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Sunway Bhd (XKLS:5211) » Definitions » Beneish M-Score

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5211PA.PFD:Malaysia

Address

Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, Subang Jaya, MYS, 47500

Website

https://www.sunway.com.my

Sunway is a Malaysian property-construction corporation with business divisions in property, construction, hospitality, retail, leisure, trading and manufacturing, building materials, healthcare, Property Investment / REIT. While based in Malaysia, Sunway has expanded its activities throughout Southeast Asia and the United Kingdom. The property development division develops residential and non-residential properties, including retail, healthcare, hospitality, and leisure assets. The construction division is involved in civil engineering, industrial building systems, geotechnical solutions, machinery, and logistics. Other segments include property investment and strategic investments, which consist of trading and manufacturing, quarry, and others.

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