Golden Pharos Bhd (XKLS:5649) Beneish M-Score : 4.92 (As of Mar. 31, 2025)

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What is Golden Pharos 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 4.92 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5649' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.72 Max: 4.92
Current: 4.92

During the past 13 years, the highest Beneish M-Score of Golden Pharos Bhd was 4.92. The lowest was -3.32. And the median was -2.72.

Golden Pharos Bhd Beneish M-Score Historical Data

The historical data trend for Golden Pharos 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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Golden Pharos Bhd Beneish M-Score Chart

Golden Pharos Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.40

-2.76

-2.77

-2.72

4.92

Golden Pharos 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															-2.72	-2.84	-3.38	-3.21	4.92

Competitive Comparison of Golden Pharos Bhd's Beneish M-Score

For the Lumber & Wood Production subindustry, Golden Pharos 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.

Golden Pharos Bhd's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Golden Pharos Bhd's Beneish M-Score distribution charts can be found below:

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

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Golden Pharos 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 Golden Pharos 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 * 3.1751

0.528 * 12.4426

0.404 * 1.1485

0.892 * 0.5265

0.115 * 0.9232

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6208

4.679 * -0.04248

0.327 * 0.9018

4.92

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM19.22 Mil.
Revenue was 18.798 + 10.658 + 9.605 + 7.916 = RM46.98 Mil.
Gross Profit was 3.6 + -0.679 + -1.085 + 0.214 = RM2.05 Mil.
Total Current Assets was RM46.35 Mil.
Total Assets was RM109.11 Mil.
Property, Plant and Equipment(Net PPE) was RM38.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM17.06 Mil.
Total Current Liabilities was RM21.08 Mil.
Long-Term Debt & Capital Lease Obligation was RM5.86 Mil.
Net Income was -2.624 + -3.94 + -5.003 + -3.742 = RM-15.31 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 2.047 + -4.273 + -4.144 + -4.304 = RM-10.67 Mil.

Total Receivables was RM11.50 Mil.
Revenue was 52.417 + 13.358 + 15.019 + 8.436 = RM89.23 Mil.
Gross Profit was 39.461 + 3.311 + 4.772 + 0.905 = RM48.45 Mil.
Total Current Assets was RM69.06 Mil.
Total Assets was RM134.66 Mil.
Property, Plant and Equipment(Net PPE) was RM39.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.62 Mil.
Selling, General, & Admin. Expense(SGA) was RM20.00 Mil.
Total Current Liabilities was RM30.02 Mil.
Long-Term Debt & Capital Lease Obligation was RM6.85 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)
	=	(19.22 / 46.977)	/	(11.498 / 89.23)
	=	0.409136	/	0.128858
	=	3.1751

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)
	=	(48.449 / 89.23)	/	(2.05 / 46.977)
	=	0.542968	/	0.043638
	=	12.4426

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 - (46.354 + 37.997) / 109.111)	/	(1 - (69.059 + 38.997) / 134.662)
	=	0.226925	/	0.197576
	=	1.1485

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
	=	46.977	/	89.23
	=	0.5265

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))
	=	(5.617 / (5.617 + 38.997))	/	(6 / (6 + 37.997))
	=	0.125902	/	0.136373
	=	0.9232

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)
	=	(17.064 / 46.977)	/	(19.998 / 89.23)
	=	0.363242	/	0.224117
	=	1.6208

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)
	=	((5.863 + 21.079) / 109.111)	/	((6.846 + 30.024) / 134.662)
	=	0.246923	/	0.273797
	=	0.9018

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
	=	(-15.309 - 0	-	-10.674)	/	109.111
	=	-0.04248

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.

Golden Pharos Bhd has a M-score of 4.92 signals that the company is likely to be a manipulator.

Golden Pharos Bhd Beneish M-Score Related Terms

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Golden Pharos Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Golden Pharos Bhd (XKLS:5649) » Definitions » Beneish M-Score

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Address

Jalan Sultan Omar, 66-2, Taman Seri Intan, Terengganu Darul Iman, Kuala Terengganu, TRG, MYS, 20300

Website

http://www.goldenpharos.com

Golden Pharos Bhd is an investment holding company that engages in the provision of management services. The company through its subsidiaries is engaged in harvesting, saw-milling, and kiln drying of timber. It is also engaged in manufacturing and trading of glass, and marketing and distribution agent and trading of wooden doors. It operates in three segments. The Harvesting, forest plantation, sawmilling, sales of logs and logging compartments segment; the Manufacturing segment which engages in manufacturing and trading of glass, veneer, and woodchips; Others segment includes investment holding and rental of properties. Geographically, the activities are carried out through the region of Malaysia.

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