MKH Bhd Beneish M-Score Historical Data
The historical data trend for MKH 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.
MKH Bhd Beneish M-Score Chart
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MKH Bhd Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.60 |
-2.65 |
-2.56 |
-2.33 |
-2.71 |
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MKH Bhd Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.33 |
-2.36 |
-2.51 |
-2.57 |
-2.71 |
Competitive Comparison of MKH Bhd's Beneish M-Score
For the Real Estate - Development subindustry, MKH 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.
MKH Bhd's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, MKH Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MKH Bhd's Beneish M-Score falls into.
MKH 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 MKH 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 * 0.9266 | + | 0.528 * 0.8263 | + | 0.404 * 0.9356 | + | 0.892 * 0.9971 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0263 | + | 4.679 * -0.012031 | - | 0.327 * 0.9304 |
| = | -2.71 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was RM432 Mil.
Revenue was 254.639 + 235.529 + 267.082 + 303.455 = RM1,061 Mil.
Gross Profit was 77.813 + 70.553 + 73.236 + 73.632 = RM295 Mil.
Total Current Assets was RM1,672 Mil.
Total Assets was RM3,425 Mil.
Property, Plant and Equipment(Net PPE) was RM353 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM119 Mil.
Total Current Liabilities was RM828 Mil.
Long-Term Debt & Capital Lease Obligation was RM141 Mil.
Net Income was 18.617 + 10.775 + 20.74 + 23.627 = RM74 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 49.923 + -12.167 + 9.082 + 68.126 = RM115 Mil.
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Total Receivables was RM468 Mil.
Revenue was 312.964 + 273.686 + 255.636 + 221.51 = RM1,064 Mil.
Gross Profit was 71.084 + 62.444 + 62.693 + 48.451 = RM245 Mil.
Total Current Assets was RM1,460 Mil.
Total Assets was RM3,299 Mil.
Property, Plant and Equipment(Net PPE) was RM398 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM116 Mil.
Total Current Liabilities was RM910 Mil.
Long-Term Debt & Capital Lease Obligation was RM93 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) |
| = | (432.421 / 1060.705) | / | (468.056 / 1063.796) |
| = | 0.407673 | / | 0.439987 |
| | = | 0.9266 |
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) |
| = | (244.672 / 1063.796) | / | (295.234 / 1060.705) |
| = | 0.229999 | / | 0.278338 |
| | = | 0.8263 |
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 - (1671.941 + 353.304) / 3424.884) | / | (1 - (1459.846 + 398.147) / 3298.976) |
| = | 0.408668 | / | 0.436797 |
| | = | 0.9356 |
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 |
| = | 1060.705 | / | 1063.796 |
| | = | 0.9971 |
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)) |
| = | (0 / (0 + 398.147)) | / | (0 / (0 + 353.304)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (119.015 / 1060.705) | / | (116.304 / 1063.796) |
| = | 0.112204 | / | 0.109329 |
| | = | 1.0263 |
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) |
| = | ((141.048 + 828.281) / 3424.884) | / | ((93.288 + 910.263) / 3298.976) |
| = | 0.283025 | / | 0.304201 |
| | = | 0.9304 |
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 |
| = | (73.759 - 0 | - | 114.964) | / | 3424.884 |
| | = | -0.012031 |
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.
MKH Bhd has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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