FGV Holdings Bhd Beneish M-Score Historical Data
The historical data trend for FGV Holdings 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.
FGV Holdings Bhd Beneish M-Score Chart
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FGV Holdings 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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-3.06 |
-2.92 |
-2.63 |
-2.44 |
-2.80 |
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FGV Holdings Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-3.11 |
-2.93 |
-2.39 |
-2.80 |
Competitive Comparison of FGV Holdings Bhd's Beneish M-Score
For the Farm Products subindustry, FGV Holdings 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.
FGV Holdings Bhd's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, FGV Holdings Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FGV Holdings Bhd's Beneish M-Score falls into.
FGV Holdings 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 FGV Holdings 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 * 0.9894 | + | 0.528 * 1.6016 | + | 0.404 * 1.0758 | + | 0.892 * 0.7574 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2939 | + | 4.679 * -0.083841 | - | 0.327 * 0.9873 |
| = | -2.80 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM1,495 Mil.
Revenue was 5364.702 + 4907.048 + 4494.841 + 4592.595 = RM19,359 Mil.
Gross Profit was 540.257 + 439.463 + 289.625 + 304.193 = RM1,574 Mil.
Total Current Assets was RM4,950 Mil.
Total Assets was RM17,283 Mil.
Property, Plant and Equipment(Net PPE) was RM10,104 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM1,152 Mil.
Total Current Liabilities was RM4,241 Mil.
Long-Term Debt & Capital Lease Obligation was RM4,773 Mil.
Net Income was 70.441 + 31.982 + -12.897 + 12.092 = RM102 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 833.389 + 338.625 + 79.738 + 298.871 = RM1,551 Mil.
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Total Receivables was RM1,996 Mil.
Revenue was 6098.467 + 6182.26 + 7427.055 + 5853.761 = RM25,562 Mil.
Gross Profit was 805.157 + 737.763 + 945.983 + 838.721 = RM3,328 Mil.
Total Current Assets was RM6,061 Mil.
Total Assets was RM18,111 Mil.
Property, Plant and Equipment(Net PPE) was RM9,879 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM1,176 Mil.
Total Current Liabilities was RM5,166 Mil.
Long-Term Debt & Capital Lease Obligation was RM4,402 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) |
| = | (1495.355 / 19359.186) | / | (1995.596 / 25561.543) |
| = | 0.077243 | / | 0.07807 |
| | = | 0.9894 |
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) |
| = | (3327.624 / 25561.543) | / | (1573.538 / 19359.186) |
| = | 0.130181 | / | 0.081281 |
| | = | 1.6016 |
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 - (4950.235 + 10104.238) / 17282.753) | / | (1 - (6061.432 + 9878.767) / 18110.626) |
| = | 0.128931 | / | 0.119843 |
| | = | 1.0758 |
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 |
| = | 19359.186 | / | 25561.543 |
| | = | 0.7574 |
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)) |
| = | (0 / (0 + 9878.767)) | / | (0 / (0 + 10104.238)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1152.069 / 19359.186) | / | (1175.669 / 25561.543) |
| = | 0.05951 | / | 0.045994 |
| | = | 1.2939 |
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) |
| = | ((4773.087 + 4241.406) / 17282.753) | / | ((4402.267 + 5165.663) / 18110.626) |
| = | 0.521589 | / | 0.528305 |
| | = | 0.9873 |
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 |
| = | (101.618 - 0 | - | 1550.623) | / | 17282.753 |
| | = | -0.083841 |
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.
FGV Holdings Bhd has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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