Metal Reclamation Bhd (XKLS:7059) Beneish M-Score : -3.45 (As of May. 26, 2024)

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What is Metal Reclamation 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.

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

XKLS:7059' s Beneish M-Score Range Over the Past 10 Years
Min: -5.85 Med: -4.4 Max: -3.45
Current: -3.45

During the past 9 years, the highest Beneish M-Score of Metal Reclamation Bhd was -3.45. The lowest was -5.85. And the median was -4.40.

Metal Reclamation Bhd Beneish M-Score Historical Data

The historical data trend for Metal Reclamation 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.

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Metal Reclamation Bhd Beneish M-Score Chart

Metal Reclamation Bhd Annual Data

Trend

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Jun14

Beneish M-Score

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-3.66

Metal Reclamation Bhd Quarterly Data
	Jun06	Jun07	Jun08	Jun09	Jun10	Jun11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15
Beneish M-Score	Get a 7-Day Free Trial															-4.50	-3.66	-3.92	-4.40	-3.45

Competitive Comparison of Metal Reclamation Bhd's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Metal Reclamation 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.

Metal Reclamation Bhd's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Metal Reclamation Bhd's Beneish M-Score distribution charts can be found below:

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

Metal Reclamation 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 Metal Reclamation 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 * 2.0723

0.528 * 0.098

0.404 * 1.118

0.892 * 0.2612

0.115 * 0.9574

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.2042

4.679 * -0.059998

0.327 * 1.0979

-3.45

This Year (Mar15) TTM:

Last Year (Mar14) TTM:

Total Receivables was RM1.02 Mil.
Revenue was 1.306 + 2.256 + 4.13 + 8.979 = RM16.67 Mil.
Gross Profit was -2.214 + -1.55 + -1.048 + -2.455 = RM-7.27 Mil.
Total Current Assets was RM8.04 Mil.
Total Assets was RM138.82 Mil.
Property, Plant and Equipment(Net PPE) was RM66.86 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.85 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.02 Mil.
Total Current Liabilities was RM124.73 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was -3.452 + -2.696 + -2.286 + -3.654 = RM-12.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -1.131 + -0.231 + -1.865 + -0.532 = RM-3.76 Mil.

Total Receivables was RM1.89 Mil.
Revenue was 10.182 + 16.918 + 16.788 + 19.942 = RM63.83 Mil.
Gross Profit was -2.933 + -0.366 + 0.87 + -0.298 = RM-2.73 Mil.
Total Current Assets was RM12.43 Mil.
Total Assets was RM142.76 Mil.
Property, Plant and Equipment(Net PPE) was RM71.53 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.96 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.57 Mil.
Total Current Liabilities was RM116.83 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
	=	(1.024 / 16.671)	/	(1.892 / 63.83)
	=	0.061424	/	0.029641
	=	2.0723

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)
	=	(-2.727 / 63.83)	/	(-7.267 / 16.671)
	=	-0.042723	/	-0.435907
	=	0.098

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 - (8.038 + 66.86) / 138.821)	/	(1 - (12.434 + 71.526) / 142.757)
	=	0.460471	/	0.411868
	=	1.118

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
	=	16.671	/	63.83
	=	0.2612

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))
	=	(4.956 / (4.956 + 71.526))	/	(4.854 / (4.854 + 66.86))
	=	0.0648	/	0.067686
	=	0.9574

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)
	=	(5.017 / 16.671)	/	(4.569 / 63.83)
	=	0.300942	/	0.071581
	=	4.2042

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 + 124.729) / 138.821)	/	((0 + 116.829) / 142.757)
	=	0.898488	/	0.818377
	=	1.0979

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
	=	(-12.088 - 0	-	-3.759)	/	138.821
	=	-0.059998

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.

Metal Reclamation Bhd has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.

Metal Reclamation Bhd Beneish M-Score Related Terms

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Metal Reclamation Bhd (XKLS:7059) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Metal Reclamation Bhd (XKLS:7059) » Definitions » Beneish M-Score

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Address

Website

http://www.metalreclamationbhd.com

Metal Reclamation Bhd, through its subsidiaries, is engaged in reclamation and sale of lead and lead alloys; and design, fabrication and sales of industrial machinery and equipment.

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