PNE PCB Bhd (XKLS:6637) Beneish M-Score : -2.81 (As of Apr. 03, 2025)

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What is PNE PCB 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:6637' s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -2.07 Max: 29.08
Current: -2.81

During the past 13 years, the highest Beneish M-Score of PNE PCB Bhd was 29.08. The lowest was -4.42. And the median was -2.07.

PNE PCB Bhd Beneish M-Score Historical Data

The historical data trend for PNE PCB 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.

* Premium members only.

PNE PCB Bhd Beneish M-Score Chart

PNE PCB Bhd Annual Data

Trend

Sep13

Sep14

Sep15

Sep16

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.11

-1.28

29.08

-4.11

-2.29

PNE PCB 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															-4.03	-2.29	-2.37	-3.17	-2.81

Competitive Comparison of PNE PCB Bhd's Beneish M-Score

For the Electronic Components subindustry, PNE PCB 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.

PNE PCB Bhd's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, PNE PCB Bhd's Beneish M-Score distribution charts can be found below:

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

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PNE PCB 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 PNE PCB 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 * 1.3523

0.528 * 0.7251

0.404 * 0.0144

0.892 * 1.2821

0.115 * 0.5652

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7848

4.679 * -0.060797

0.327 * 1.1867

-2.81

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM28.36 Mil.
Revenue was 16.139 + 20.271 + 20.345 + 15.066 = RM71.82 Mil.
Gross Profit was 0.074 + 1.42 + 0.757 + 0.615 = RM2.87 Mil.
Total Current Assets was RM64.80 Mil.
Total Assets was RM88.29 Mil.
Property, Plant and Equipment(Net PPE) was RM23.41 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.03 Mil.
Selling, General, & Admin. Expense(SGA) was RM19.28 Mil.
Total Current Liabilities was RM23.72 Mil.
Long-Term Debt & Capital Lease Obligation was RM17.76 Mil.
Net Income was -1.055 + 0.619 + -0.383 + -8.011 = RM-8.83 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -3.285 + 0.87 + 1.93 + -2.977 = RM-3.46 Mil.

Total Receivables was RM16.36 Mil.
Revenue was 13.724 + 17.031 + 13.211 + 12.052 = RM56.02 Mil.
Gross Profit was 0.025 + 0.079 + 0.094 + 1.423 = RM1.62 Mil.
Total Current Assets was RM43.17 Mil.
Total Assets was RM93.91 Mil.
Property, Plant and Equipment(Net PPE) was RM45.04 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.90 Mil.
Selling, General, & Admin. Expense(SGA) was RM19.16 Mil.
Total Current Liabilities was RM23.16 Mil.
Long-Term Debt & Capital Lease Obligation was RM14.02 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)
	=	(28.357 / 71.821)	/	(16.356 / 56.018)
	=	0.394829	/	0.291978
	=	1.3523

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)
	=	(1.621 / 56.018)	/	(2.866 / 71.821)
	=	0.028937	/	0.039905
	=	0.7251

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 - (64.804 + 23.413) / 88.294)	/	(1 - (43.171 + 45.041) / 93.913)
	=	0.000872	/	0.060705
	=	0.0144

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
	=	71.821	/	56.018
	=	1.2821

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))
	=	(5.895 / (5.895 + 45.041))	/	(6.029 / (6.029 + 23.413))
	=	0.115733	/	0.204775
	=	0.5652

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)
	=	(19.283 / 71.821)	/	(19.164 / 56.018)
	=	0.268487	/	0.342104
	=	0.7848

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)
	=	((17.758 + 23.718) / 88.294)	/	((14.017 + 23.159) / 93.913)
	=	0.469749	/	0.395856
	=	1.1867

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
	=	(-8.83 - 0	-	-3.462)	/	88.294
	=	-0.060797

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.

PNE PCB Bhd has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

PNE PCB Bhd Beneish M-Score Related Terms

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PNE PCB Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » PNE PCB Bhd (XKLS:6637) » Definitions » Beneish M-Score

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Address

6, Jalan Firma 2/1, Kawasan Perindustrian Tebrau, Johor Bahru, JHR, MYS, 81100

Website

https://www.pnepcb.com

PNE PCB Bhd is a company whose principal activities consist of those relating to the manufacture and sale of printed circuit boards. The product line of the company includes single-sided PCB (printed circuit board), double-sided non-plated thru-hole PCB, carbon PCB and others. The company operates its business in Indonesia, Japan, Vietnam, Malaysia, Singapore and the People's Republic of China.

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