GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Feytech Holdings Bhd (XKLS:5322) » Definitions » Beneish M-Score

Feytech Holdings Bhd (XKLS:5322) Beneish M-Score : -2.46 (As of Dec. 14, 2024)


View and export this data going back to 2024. Start your Free Trial

What is Feytech 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5322' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46   Med: -2.23   Max: -1.99
Current: -2.46

During the past 4 years, the highest Beneish M-Score of Feytech Holdings Bhd was -1.99. The lowest was -2.46. And the median was -2.23.

Feytech Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Feytech 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.

* Premium members only.

Feytech Holdings Bhd Beneish M-Score Chart

Feytech Holdings Bhd Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - -1.99 -2.46

Feytech Holdings Bhd Semi-Annual Data
Dec20 Dec21 Dec22 Dec23 Jun24
Beneish M-Score - - -1.99 -2.46 -

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

For the Auto Parts subindustry, Feytech 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.

Feytech Holdings Bhd's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Feytech Holdings Bhd's Beneish M-Score distribution charts can be found below:

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


Feytech 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 Feytech 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 * 0.5204+0.528 * 1.0262+0.404 * 0.4864+0.892 * 1.6648+0.115 * 1.479
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9161+4.679 * -0.029388-0.327 * 0.6064
=-2.46

* 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 RM40.3 Mil.
Revenue was RM211.2 Mil.
Gross Profit was RM80.8 Mil.
Total Current Assets was RM240.1 Mil.
Total Assets was RM290.7 Mil.
Property, Plant and Equipment(Net PPE) was RM42.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM23.0 Mil.
Total Current Liabilities was RM47.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM25.1 Mil.
Net Income was RM43.9 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM52.4 Mil.
 Total Receivables was RM46.6 Mil.
Revenue was RM126.9 Mil.
Gross Profit was RM49.8 Mil.
Total Current Assets was RM116.6 Mil.
Total Assets was RM145.8 Mil.
Property, Plant and Equipment(Net PPE) was RM20.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.1 Mil.
Total Current Liabilities was RM48.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM11.1 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)
=(40.325 / 211.223) / (46.55 / 126.877)
=0.190912 / 0.366891
=0.5204

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)
=(49.807 / 126.877) / (80.803 / 211.223)
=0.392561 / 0.382548
=1.0262

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 - (240.051 + 42.634) / 290.665) / (1 - (116.643 + 20.929) / 145.802)
=0.027454 / 0.056446
=0.4864

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
=211.223 / 126.877
=1.6648

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))
=(3.567 / (3.567 + 20.929)) / (4.656 / (4.656 + 42.634))
=0.145616 / 0.098456
=1.479

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)
=(23.043 / 211.223) / (15.109 / 126.877)
=0.109093 / 0.119084
=0.9161

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)
=((25.142 + 47.032) / 290.665) / ((11.145 + 48.553) / 145.802)
=0.248306 / 0.409446
=0.6064

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
=(43.876 - 0 - 52.418) / 290.665
=-0.029388

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.

Feytech Holdings Bhd has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Feytech Holdings Bhd Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Feytech Holdings Bhd's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Feytech Holdings Bhd Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Feytech Holdings Bhd (XKLS:5322) » Definitions » Beneish M-Score
Comparable Companies
Traded in Other Exchanges
N/A
Address
No. 1, Jalan Bayu 2/6, Kawasan Perindustrian Tampoi Jaya, Johor Darul Ta'zim, Bahru, JHR, MYS, 81200
Website
https://www.feytech.com.my
Feytech Holdings Bhd Is an holding company. Through its subsidiaries, it is engaged in automotive cover manufacturer and automotive seat manufacturer based in Malaysia. It manufacture automotive covers for the OEM market segment that comprises automotive vehicle such as Mazda Malaysia (for Mazda 3, CX-5, CX-8 and CX-30 car models) and Kia Malaysia (for Kia Carnival and Sorento car models), as well as Tier 1 automotive seat and/or interior part manufacturers which serve automotive vehicle OEMs for brands such as Local OEM, Mazda and Hyundai.

Feytech Holdings Bhd Headlines

No Headlines