Maxis Bhd Beneish M-Score Historical Data
The historical data trend for Maxis 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.
Maxis Bhd Beneish M-Score Chart
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Maxis Bhd Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.25 |
-2.96 |
-2.82 |
-2.83 |
-2.68 |
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Maxis Bhd Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.83 |
-2.99 |
-2.91 |
-2.81 |
-2.68 |
Competitive Comparison of Maxis Bhd's Beneish M-Score
For the Telecom Services subindustry, Maxis 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.
Maxis Bhd's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Maxis Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Maxis Bhd's Beneish M-Score falls into.
Maxis 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 Maxis 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 * 1.1187 | + | 0.528 * 1.0023 | + | 0.404 * 1.0208 | + | 0.892 * 1.0362 | + | 0.115 * 1.0165 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0479 | + | 4.679 * -0.074408 | - | 0.327 * 0.975 |
| = | -2.68 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was RM2,111 Mil.
Revenue was 2760 + 2568 + 2573 + 2591 = RM10,492 Mil.
Gross Profit was 1353 + 1386 + 1376 + 1354 = RM5,469 Mil.
Total Current Assets was RM2,904 Mil.
Total Assets was RM22,323 Mil.
Property, Plant and Equipment(Net PPE) was RM6,885 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1,780 Mil.
Selling, General, & Admin. Expense(SGA) was RM177 Mil.
Total Current Liabilities was RM5,601 Mil.
Long-Term Debt & Capital Lease Obligation was RM8,096 Mil.
Net Income was 321 + 366 + 356 + 353 = RM1,396 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 431 + 753 + 1016 + 857 = RM3,057 Mil.
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Total Receivables was RM1,821 Mil.
Revenue was 2728 + 2429 + 2455 + 2513 = RM10,125 Mil.
Gross Profit was 1355 + 1333 + 1311 + 1291 = RM5,290 Mil.
Total Current Assets was RM3,041 Mil.
Total Assets was RM22,781 Mil.
Property, Plant and Equipment(Net PPE) was RM7,210 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1,903 Mil.
Selling, General, & Admin. Expense(SGA) was RM163 Mil.
Total Current Liabilities was RM5,422 Mil.
Long-Term Debt & Capital Lease Obligation was RM8,915 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) |
| = | (2111 / 10492) | / | (1821 / 10125) |
| = | 0.201201 | / | 0.179852 |
| | = | 1.1187 |
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) |
| = | (5290 / 10125) | / | (5469 / 10492) |
| = | 0.522469 | / | 0.521254 |
| | = | 1.0023 |
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 - (2904 + 6885) / 22323) | / | (1 - (3041 + 7210) / 22781) |
| = | 0.561484 | / | 0.55002 |
| | = | 1.0208 |
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 |
| = | 10492 | / | 10125 |
| | = | 1.0362 |
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)) |
| = | (1903 / (1903 + 7210)) | / | (1780 / (1780 + 6885)) |
| = | 0.208823 | / | 0.205424 |
| | = | 1.0165 |
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) |
| = | (177 / 10492) | / | (163 / 10125) |
| = | 0.01687 | / | 0.016099 |
| | = | 1.0479 |
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) |
| = | ((8096 + 5601) / 22323) | / | ((8915 + 5422) / 22781) |
| = | 0.613582 | / | 0.62934 |
| | = | 0.975 |
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 |
| = | (1396 - 0 | - | 3057) | / | 22323 |
| | = | -0.074408 |
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.
Maxis Bhd has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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