Master-Pack Group Bhd (XKLS:7029) Beneish M-Score : -3.12 (As of Mar. 31, 2025)

View and export this data going back to 1997. Start your Free Trial

What is Master-Pack Group 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7029' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.5 Max: -1.84
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Master-Pack Group Bhd was -1.84. The lowest was -3.36. And the median was -2.50.

Master-Pack Group Bhd Beneish M-Score Historical Data

The historical data trend for Master-Pack Group 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.

Master-Pack Group Bhd Beneish M-Score Chart

Master-Pack Group Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.36

-2.37

-2.48

-2.70

-3.12

Master-Pack Group 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															-2.70	-	-	-	-3.12

Competitive Comparison of Master-Pack Group Bhd's Beneish M-Score

For the Packaging & Containers subindustry, Master-Pack Group 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.

Master-Pack Group Bhd's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Master-Pack Group Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Master-Pack Group Bhd's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Master-Pack Group 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 Master-Pack Group 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 * 0.9248

0.528 * 0.404

0.404 * 0.9588

0.892 * 0.9307

0.115 * 0.8654

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.030897

0.327 * 1.0398

-3.12

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM28.6 Mil.
Revenue was RM154.9 Mil.
Gross Profit was RM154.9 Mil.
Total Current Assets was RM133.8 Mil.
Total Assets was RM206.3 Mil.
Property, Plant and Equipment(Net PPE) was RM57.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM24.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.9 Mil.
Net Income was RM18.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM24.6 Mil.

Total Receivables was RM33.3 Mil.
Revenue was RM166.5 Mil.
Gross Profit was RM67.3 Mil.
Total Current Assets was RM124.2 Mil.
Total Assets was RM199.3 Mil.
Property, Plant and Equipment(Net PPE) was RM60.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.0 Mil.
Total Current Liabilities was RM21.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.4 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)
	=	(28.622 / 154.945)	/	(33.253 / 166.486)
	=	0.184724	/	0.199735
	=	0.9248

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)
	=	(67.265 / 166.486)	/	(154.945 / 154.945)
	=	0.404028	/	1
	=	0.404

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 - (133.751 + 57.468) / 206.297)	/	(1 - (124.163 + 59.955) / 199.311)
	=	0.073089	/	0.076228
	=	0.9588

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
	=	154.945	/	166.486
	=	0.9307

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))
	=	(4.684 / (4.684 + 59.955))	/	(5.252 / (5.252 + 57.468))
	=	0.072464	/	0.083737
	=	0.8654

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)
	=	(0 / 154.945)	/	(0 / 166.486)
	=	0	/	0
	=	1

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)
	=	((0.863 + 24.075) / 206.297)	/	((1.436 + 21.735) / 199.311)
	=	0.120884	/	0.116256
	=	1.0398

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
	=	(18.193 - 0	-	24.567)	/	206.297
	=	-0.030897

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.

Master-Pack Group Bhd has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Master-Pack Group Bhd Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Master-Pack Group Bhd's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Master-Pack Group Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Master-Pack Group Bhd (XKLS:7029) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1574, Jalan Bukit Panchor, Seberang Perai Selatan, Nibong Tebal, PNG, MYS, 14300

Website

http://www.master.net.my

Master-Pack Group Bhd is an investment holding company. The core activities of the company are the manufacture and sale of corrugated fibreboard cartons and packaging materials. Some of the products are sheet board, slotted type, telescope type, folder type, die-cut products, interior fitments, palletized shipping containers, and other packaging materials. Its customers are from different industries namely Solar Equipment Manufacturers, Electrical and Electronics, Food and Beverages, Automotive, Chemicals, Medical, and others. Geographically, it operates in Malaysia, Vietnam, and other countries, out of which Malaysia generates the highest revenue.

Master-Pack Group Bhd Headlines

No Headlines