Malakoff Bhd Beneish M-Score Historical Data
The historical data trend for Malakoff 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.
Malakoff Bhd Beneish M-Score Chart
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Malakoff 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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-3.12 |
-3.34 |
-2.96 |
-0.96 |
0.50 |
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Malakoff 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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-0.96 |
-2.38 |
-1.90 |
-0.53 |
0.50 |
Competitive Comparison of Malakoff Bhd's Beneish M-Score
For the Utilities - Diversified subindustry, Malakoff 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.
Malakoff Bhd's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Malakoff Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Malakoff Bhd's Beneish M-Score falls into.
Malakoff 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 Malakoff 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 * 0.834 | + | 0.528 * 8.3905 | + | 0.404 * 0.9067 | + | 0.892 * 0.8756 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0331 | + | 4.679 * -0.126779 | - | 0.327 * 1.0696 |
| = | 0.50 |
* 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 RM1,442 Mil.
Revenue was 2262.419 + 2154.493 + 2364.894 + 2285.148 = RM9,067 Mil.
Gross Profit was 253.712 + 99.157 + -299.522 + 123.159 = RM177 Mil.
Total Current Assets was RM5,701 Mil.
Total Assets was RM20,301 Mil.
Property, Plant and Equipment(Net PPE) was RM10,558 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM239 Mil.
Total Current Liabilities was RM2,967 Mil.
Long-Term Debt & Capital Lease Obligation was RM7,890 Mil.
Net Income was -357.121 + -85.623 + -318.727 + -75.689 = RM-837 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 712.155 + 426.225 + -635.171 + 1233.319 = RM1,737 Mil.
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Total Receivables was RM1,974 Mil.
Revenue was 2972.722 + 3180.178 + 2318.476 + 1883.774 = RM10,355 Mil.
Gross Profit was 392.849 + 662.093 + 370.85 + 265.594 = RM1,691 Mil.
Total Current Assets was RM6,111 Mil.
Total Assets was RM21,984 Mil.
Property, Plant and Equipment(Net PPE) was RM11,046 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM265 Mil.
Total Current Liabilities was RM3,208 Mil.
Long-Term Debt & Capital Lease Obligation was RM7,784 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) |
| = | (1441.834 / 9066.954) | / | (1974.463 / 10355.15) |
| = | 0.159021 | / | 0.190674 |
| | = | 0.834 |
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) |
| = | (1691.386 / 10355.15) | / | (176.506 / 9066.954) |
| = | 0.163338 | / | 0.019467 |
| | = | 8.3905 |
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 - (5700.526 + 10558.24) / 20300.65) | / | (1 - (6110.53 + 11045.765) / 21983.829) |
| = | 0.199101 | / | 0.219595 |
| | = | 0.9067 |
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 |
| = | 9066.954 | / | 10355.15 |
| | = | 0.8756 |
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 + 11045.765)) | / | (0 / (0 + 10558.24)) |
| = | 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) |
| = | (239.295 / 9066.954) | / | (264.53 / 10355.15) |
| = | 0.026392 | / | 0.025546 |
| | = | 1.0331 |
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) |
| = | ((7889.89 + 2967.22) / 20300.65) | / | ((7784.237 + 3207.983) / 21983.829) |
| = | 0.534816 | / | 0.500014 |
| | = | 1.0696 |
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 |
| = | (-837.16 - 0 | - | 1736.528) | / | 20300.65 |
| | = | -0.126779 |
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.
Malakoff Bhd has a M-score of 0.50 signals that the company is likely to be a manipulator.
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