OCB Bhd (XKLS:5533) Beneish M-Score : -2.58 (As of May. 16, 2024)

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What is OCB 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5533' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.7 Max: -2.25
Current: -2.58

During the past 13 years, the highest Beneish M-Score of OCB Bhd was -2.25. The lowest was -3.48. And the median was -2.70.

OCB Bhd Beneish M-Score Historical Data

The historical data trend for OCB 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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OCB Bhd Beneish M-Score Chart

OCB Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.75

-2.25

-2.63

-2.58

OCB Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.63	-2.80	-2.50	-2.93	-2.58

Competitive Comparison of OCB Bhd's Beneish M-Score

For the Packaged Foods subindustry, OCB 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.

OCB Bhd's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, OCB Bhd's Beneish M-Score distribution charts can be found below:

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

OCB 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 OCB 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 * 0.972

0.528 * 0.8419

0.404 * 0.9484

0.892 * 1.1714

0.115 * 1.2928

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8039

4.679 * -0.040906

0.327 * 0.9816

-2.58

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM42.8 Mil.
Revenue was 82.912 + 70.851 + 70.984 + 73.853 = RM298.6 Mil.
Gross Profit was 18.19 + 14.128 + 13.405 + 16.232 = RM62.0 Mil.
Total Current Assets was RM142.9 Mil.
Total Assets was RM313.0 Mil.
Property, Plant and Equipment(Net PPE) was RM84.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.6 Mil.
Total Current Liabilities was RM87.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM44.0 Mil.
Net Income was 1.655 + 2.251 + 2.322 + 2.288 = RM8.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 0.203 + 9.797 + 0.005 + 11.316 = RM21.3 Mil.

Total Receivables was RM37.6 Mil.
Revenue was 73.828 + 67.467 + 64.682 + 48.927 = RM254.9 Mil.
Gross Profit was 13.359 + 12.104 + 9.228 + 9.836 = RM44.5 Mil.
Total Current Assets was RM127.6 Mil.
Total Assets was RM301.3 Mil.
Property, Plant and Equipment(Net PPE) was RM86.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM7.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM11.2 Mil.
Total Current Liabilities was RM80.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM47.6 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)
	=	(42.765 / 298.6)	/	(37.557 / 254.904)
	=	0.143218	/	0.147338
	=	0.972

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)
	=	(44.527 / 254.904)	/	(61.955 / 298.6)
	=	0.174681	/	0.207485
	=	0.8419

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 - (142.851 + 84.437) / 313.035)	/	(1 - (127.597 + 86.71) / 301.341)
	=	0.273921	/	0.288822
	=	0.9484

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
	=	298.6	/	254.904
	=	1.1714

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))
	=	(7.771 / (7.771 + 86.71))	/	(5.737 / (5.737 + 84.437))
	=	0.082249	/	0.063621
	=	1.2928

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)
	=	(10.575 / 298.6)	/	(11.23 / 254.904)
	=	0.035415	/	0.044056
	=	0.8039

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)
	=	((43.962 + 87.038) / 313.035)	/	((47.561 + 80.913) / 301.341)
	=	0.418484	/	0.426341
	=	0.9816

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
	=	(8.516 - 0	-	21.321)	/	313.035
	=	-0.040906

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.

OCB Bhd has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

OCB Bhd Beneish M-Score Related Terms

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OCB Bhd (XKLS:5533) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » OCB Bhd (XKLS:5533) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan SS 6/6, Kelana Jaya, 2B-5, Level 5, Petaling Jaya, SGR, MYS, 47301

Website

https://www.ocbb.com.my

OCB Bhd is an investment company operating in the consumer foods, bedding products, and building materials sector. The Consumer Foods Division is a producer of instant noodles, mayonnaise, seasoning-powder, seasoning oil, sauces and food ingredients, specialty spices, soup, soup stocks, and marinades. Bedding Products Division manufactures and distributes mattress systems, divan-foundations and bedding accessories made of spring coils, natural latex, and foam fibre. The Building Materials Division is a building material supplier. Majority of the company's revenue is generated from the Consumer Foods segment. Geographically, it derives maximum revenue from Malaysia and also has a presence in Indonesia, Singapore, Brunei, Australia, USA, and Other Countries.

OCB Bhd (XKLS:5533) Headlines

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