Kpj Healthcare Bhd Beneish M-Score Historical Data
The historical data trend for Kpj Healthcare 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.
Kpj Healthcare Bhd Beneish M-Score Chart
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Kpj Healthcare 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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-2.81 |
-2.89 |
-2.68 |
-2.45 |
-2.72 |
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Kpj Healthcare Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-2.43 |
-2.59 |
-2.57 |
-2.72 |
Competitive Comparison of Kpj Healthcare Bhd's Beneish M-Score
For the Medical Care Facilities subindustry, Kpj Healthcare 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.
Kpj Healthcare Bhd's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Kpj Healthcare Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kpj Healthcare Bhd's Beneish M-Score falls into.
Kpj Healthcare 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 Kpj Healthcare 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 * 0.8894 | + | 0.528 * 0.956 | + | 0.404 * 0.9909 | + | 0.892 * 1.1705 | + | 0.115 * 0.9581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0518 | + | 4.679 * -0.054321 | - | 0.327 * 0.9859 |
| = | -2.72 |
* 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 RM606 Mil.
Revenue was 864.815 + 925.393 + 799.512 + 828.981 = RM3,419 Mil.
Gross Profit was 384.763 + 384.616 + 320.65 + 341.889 = RM1,432 Mil.
Total Current Assets was RM1,669 Mil.
Total Assets was RM7,246 Mil.
Property, Plant and Equipment(Net PPE) was RM4,360 Mil.
Depreciation, Depletion and Amortization(DDA) was RM282 Mil.
Selling, General, & Admin. Expense(SGA) was RM980 Mil.
Total Current Liabilities was RM1,402 Mil.
Long-Term Debt & Capital Lease Obligation was RM3,235 Mil.
Net Income was 73.39 + 91.746 + 46.879 + 51.895 = RM264 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 130.135 + 243.798 + 96.107 + 187.489 = RM658 Mil.
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Total Receivables was RM582 Mil.
Revenue was 780.936 + 798.748 + 699.335 + 641.639 = RM2,921 Mil.
Gross Profit was 328.574 + 325.696 + 273.064 + 242.174 = RM1,170 Mil.
Total Current Assets was RM1,471 Mil.
Total Assets was RM6,994 Mil.
Property, Plant and Equipment(Net PPE) was RM4,337 Mil.
Depreciation, Depletion and Amortization(DDA) was RM268 Mil.
Selling, General, & Admin. Expense(SGA) was RM796 Mil.
Total Current Liabilities was RM1,673 Mil.
Long-Term Debt & Capital Lease Obligation was RM2,866 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) |
| = | (606.295 / 3418.701) | / | (582.366 / 2920.658) |
| = | 0.177347 | / | 0.199395 |
| | = | 0.8894 |
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) |
| = | (1169.508 / 2920.658) | / | (1431.918 / 3418.701) |
| = | 0.400426 | / | 0.418849 |
| | = | 0.956 |
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 - (1668.916 + 4360.331) / 7246.162) | / | (1 - (1471.397 + 4337.261) / 6994.066) |
| = | 0.167939 | / | 0.169488 |
| | = | 0.9909 |
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 |
| = | 3418.701 | / | 2920.658 |
| | = | 1.1705 |
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)) |
| = | (267.654 / (267.654 + 4337.261)) | / | (281.61 / (281.61 + 4360.331)) |
| = | 0.058124 | / | 0.060666 |
| | = | 0.9581 |
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) |
| = | (980.264 / 3418.701) | / | (796.244 / 2920.658) |
| = | 0.286736 | / | 0.272625 |
| | = | 1.0518 |
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) |
| = | ((3235.302 + 1401.555) / 7246.162) | / | ((2865.931 + 1673.484) / 6994.066) |
| = | 0.639905 | / | 0.649038 |
| | = | 0.9859 |
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 |
| = | (263.91 - 0 | - | 657.529) | / | 7246.162 |
| | = | -0.054321 |
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.
Kpj Healthcare Bhd has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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