Westports Holdings Bhd (XKLS:5246) Beneish M-Score : -2.43 (As of Apr. 03, 2025)

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What is Westports 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.

Good Sign:

Beneish M-Score -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5246' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.59 Max: -2.22
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Westports Holdings Bhd was -2.22. The lowest was -3.54. And the median was -2.59.

Westports Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Westports 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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Westports Holdings Bhd Beneish M-Score Chart

Westports Holdings Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.84

-2.48

-2.98

-2.29

-2.43

Westports 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															-2.29	-2.56	-2.65	-2.53	-2.43

Competitive Comparison of Westports Holdings Bhd's Beneish M-Score

For the Marine Shipping subindustry, Westports 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.

Westports Holdings Bhd's Beneish M-Score Distribution in the Transportation Industry

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

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

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Westports 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 Westports 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 * 1.0931

0.528 * 0.9325

0.404 * 1.2708

0.892 * 1.0893

0.115 * 0.997

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0172

4.679 * -0.050582

0.327 * 0.8525

-2.43

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM316 Mil.
Revenue was 675.432 + 572.572 + 552.987 + 543.153 = RM2,344 Mil.
Gross Profit was 404.469 + 378.317 + 336.687 + 324.074 = RM1,444 Mil.
Total Current Assets was RM1,104 Mil.
Total Assets was RM7,778 Mil.
Property, Plant and Equipment(Net PPE) was RM1,770 Mil.
Depreciation, Depletion and Amortization(DDA) was RM255 Mil.
Selling, General, & Admin. Expense(SGA) was RM32 Mil.
Total Current Liabilities was RM763 Mil.
Long-Term Debt & Capital Lease Obligation was RM954 Mil.
Net Income was 256.653 + 233.073 + 203.749 + 204.507 = RM898 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 291.569 + 356.2 + 304.884 + 338.759 = RM1,291 Mil.

Total Receivables was RM266 Mil.
Revenue was 554.056 + 542.308 + 542.639 + 512.915 = RM2,152 Mil.
Gross Profit was 318.916 + 311.316 + 311.568 + 293.964 = RM1,236 Mil.
Total Current Assets was RM884 Mil.
Total Assets was RM5,339 Mil.
Property, Plant and Equipment(Net PPE) was RM1,806 Mil.
Depreciation, Depletion and Amortization(DDA) was RM259 Mil.
Selling, General, & Admin. Expense(SGA) was RM28 Mil.
Total Current Liabilities was RM616 Mil.
Long-Term Debt & Capital Lease Obligation was RM766 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)
	=	(316.469 / 2344.144)	/	(265.782 / 2151.918)
	=	0.135004	/	0.123509
	=	1.0931

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)
	=	(1235.764 / 2151.918)	/	(1443.547 / 2344.144)
	=	0.574262	/	0.61581
	=	0.9325

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 - (1103.95 + 1770.182) / 7777.999)	/	(1 - (884.33 + 1805.938) / 5339.238)
	=	0.630479	/	0.496133
	=	1.2708

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
	=	2344.144	/	2151.918
	=	1.0893

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))
	=	(258.87 / (258.87 + 1805.938))	/	(254.617 / (254.617 + 1770.182))
	=	0.125372	/	0.125749
	=	0.997

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)
	=	(31.528 / 2344.144)	/	(28.454 / 2151.918)
	=	0.01345	/	0.013223
	=	1.0172

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)
	=	((953.897 + 762.657) / 7777.999)	/	((766.179 + 616.112) / 5339.238)
	=	0.220694	/	0.258893
	=	0.8525

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
	=	(897.982 - 0	-	1291.412)	/	7777.999
	=	-0.050582

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.

Westports Holdings Bhd has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

Westports Holdings Bhd Beneish M-Score Related Terms

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Westports Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Westports Holdings Bhd (XKLS:5246) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Pulau Indah, P.O. Box 266, Westports, Port Klang, SGR, MYS, 42009

Website

https://www.westportsholdings.com

Westports Holdings Bhd is a port and logistics company domiciled in Malaysia. The company predominantly develops and operates a port under the Westports brand in Port Klang, Malaysia. Westports provides container services; conventional services, including break bulk, dry bulk, and liquid bulk; and other marine facilities. In addition to core port operations, the company provides bulk storage, refrigerated container storage, and bunkering services to supply fuel to ships. The company derives revenue domestically.

Westports Holdings Bhd Headlines

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