Matrix Concepts Holdings Bhd (XKLS:5236) Beneish M-Score : -1.66 (As of Mar. 29, 2025)

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What is Matrix Concepts Holdings 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.

Warning Sign:

Beneish M-Score -1.66 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5236' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -1.92 Max: 3.2
Current: -1.66

During the past 12 years, the highest Beneish M-Score of Matrix Concepts Holdings Bhd was 3.20. The lowest was -2.69. And the median was -1.92.

Matrix Concepts Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Matrix Concepts 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.

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Matrix Concepts Holdings Bhd Beneish M-Score Chart

Matrix Concepts Holdings Bhd Annual Data

Trend

Dec14

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-1.69

-2.00

-2.08

-2.24

-2.69

Matrix Concepts Holdings Bhd Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.66	-2.69	-2.53	-1.72	-1.66

Competitive Comparison of Matrix Concepts Holdings Bhd's Beneish M-Score

For the Real Estate - Development subindustry, Matrix Concepts 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.

Matrix Concepts Holdings Bhd's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Matrix Concepts Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

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Matrix Concepts 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 Matrix Concepts Holdings 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 * 0.9381

0.528 * 0.9366

0.404 * 1.4753

0.892 * 0.9647

0.115 * 0.869

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1517

4.679 * 0.186622

0.327 * 1.2498

-1.66

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM725 Mil.
Revenue was 280.93 + 321.04 + 279.715 + 357.314 = RM1,239 Mil.
Gross Profit was 146.134 + 159.895 + 140.388 + 154.796 = RM601 Mil.
Total Current Assets was RM1,547 Mil.
Total Assets was RM3,163 Mil.
Property, Plant and Equipment(Net PPE) was RM193 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10 Mil.
Selling, General, & Admin. Expense(SGA) was RM336 Mil.
Total Current Liabilities was RM523 Mil.
Long-Term Debt & Capital Lease Obligation was RM438 Mil.
Net Income was 43.319 + 67.419 + 60.691 + 58.438 = RM230 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was -45.895 + -365.423 + 1.44 + 49.371 = RM-361 Mil.

Total Receivables was RM801 Mil.
Revenue was 295.978 + 359.354 + 331.426 + 297.642 = RM1,284 Mil.
Gross Profit was 159.538 + 156.726 + 152.223 + 115.216 = RM584 Mil.
Total Current Assets was RM1,734 Mil.
Total Assets was RM2,795 Mil.
Property, Plant and Equipment(Net PPE) was RM209 Mil.
Depreciation, Depletion and Amortization(DDA) was RM10 Mil.
Selling, General, & Admin. Expense(SGA) was RM302 Mil.
Total Current Liabilities was RM605 Mil.
Long-Term Debt & Capital Lease Obligation was RM75 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)
	=	(724.729 / 1238.999)	/	(800.9 / 1284.4)
	=	0.584931	/	0.62356
	=	0.9381

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)
	=	(583.703 / 1284.4)	/	(601.213 / 1238.999)
	=	0.454456	/	0.485241
	=	0.9366

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 - (1547.053 + 193.39) / 3163.469)	/	(1 - (1733.927 + 208.664) / 2794.738)
	=	0.449831	/	0.304911
	=	1.4753

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
	=	1238.999	/	1284.4
	=	0.9647

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))
	=	(9.691 / (9.691 + 208.664))	/	(10.408 / (10.408 + 193.39))
	=	0.044382	/	0.05107
	=	0.869

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)
	=	(335.557 / 1238.999)	/	(302.028 / 1284.4)
	=	0.270829	/	0.235151
	=	1.1517

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)
	=	((438.361 + 523.261) / 3163.469)	/	((74.949 + 604.77) / 2794.738)
	=	0.303977	/	0.243214
	=	1.2498

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
	=	(229.867 - 0	-	-360.507)	/	3163.469
	=	0.186622

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.

Matrix Concepts Holdings Bhd has a M-score of -1.66 signals that the company is likely to be a manipulator.

Matrix Concepts Holdings Bhd Beneish M-Score Related Terms

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Matrix Concepts Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Matrix Concepts Holdings Bhd (XKLS:5236) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No 57, Jalan Tun Dr. Ismail, Wisma Matrix, Seremban, NSN, MYS, 70200

Website

https://www.mchb.com.my

Matrix Concepts Holdings Bhd is engaged in the development of commercial and residential properties. It has five operating businesses which are Property Development & Construction, Healthcare, Education, Hospitality, and Others. The Property Development and Construction segment derives the majority of its revenue develops commercial and residential properties. The Education segment manages and administers a private and international school. The Healthcare segment involves in managing of healthcare services. The Hospitality segment manages and operates a clubhouse and a hotel. The Others segment involves property management and hospital management services. It derives maximum revenue from Property Development & Construction segment.

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