Duopharma Biotech Bhd (XKLS:7148) Beneish M-Score : -2.24 (As of Apr. 07, 2025)

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What is Duopharma Biotech 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7148' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59 Med: -2.27 Max: -1.8
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Duopharma Biotech Bhd was -1.80. The lowest was -2.59. And the median was -2.27.

Duopharma Biotech Bhd Beneish M-Score Historical Data

The historical data trend for Duopharma Biotech 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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Duopharma Biotech Bhd Beneish M-Score Chart

Duopharma Biotech Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.18

-2.59

-2.54

-2.51

-2.24

Duopharma Biotech 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															-2.51	-2.75	-2.30	-2.34	-2.24

Competitive Comparison of Duopharma Biotech Bhd's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Duopharma Biotech 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.

Duopharma Biotech Bhd's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Duopharma Biotech Bhd's Beneish M-Score distribution charts can be found below:

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

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Duopharma Biotech 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 Duopharma Biotech 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 * 1.1685

0.528 * 1.0275

0.404 * 0.9536

0.892 * 1.1546

0.115 * 0.9268

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9299

4.679 * -0.014176

0.327 * 0.9661

-2.24

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM195.8 Mil.
Revenue was 193.671 + 208.732 + 218.324 + 192.968 = RM813.7 Mil.
Gross Profit was 75.539 + 76.79 + 74.939 + 74.27 = RM301.5 Mil.
Total Current Assets was RM727.1 Mil.
Total Assets was RM1,377.0 Mil.
Property, Plant and Equipment(Net PPE) was RM566.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM45.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM200.6 Mil.
Total Current Liabilities was RM177.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM464.5 Mil.
Net Income was 15.083 + 15.595 + 16.689 + 15.277 = RM62.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 31.853 + 52.098 + -2.168 + 0.381 = RM82.2 Mil.

Total Receivables was RM145.1 Mil.
Revenue was 167.501 + 169.235 + 167.516 + 200.475 = RM704.7 Mil.
Gross Profit was 55.444 + 64.475 + 65.871 + 82.536 = RM268.3 Mil.
Total Current Assets was RM677.1 Mil.
Total Assets was RM1,345.1 Mil.
Property, Plant and Equipment(Net PPE) was RM582.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM43.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM186.8 Mil.
Total Current Liabilities was RM166.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM482.4 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)
	=	(195.767 / 813.695)	/	(145.099 / 704.727)
	=	0.24059	/	0.205894
	=	1.1685

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)
	=	(268.326 / 704.727)	/	(301.538 / 813.695)
	=	0.380752	/	0.370579
	=	1.0275

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 - (727.051 + 566.286) / 1376.998)	/	(1 - (677.065 + 582.365) / 1345.135)
	=	0.060756	/	0.063715
	=	0.9536

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
	=	813.695	/	704.727
	=	1.1546

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))
	=	(43.051 / (43.051 + 582.365))	/	(45.433 / (45.433 + 566.286))
	=	0.068836	/	0.074271
	=	0.9268

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)
	=	(200.584 / 813.695)	/	(186.813 / 704.727)
	=	0.24651	/	0.265086
	=	0.9299

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)
	=	((464.523 + 177.432) / 1376.998)	/	((482.378 + 166.728) / 1345.135)
	=	0.466199	/	0.482558
	=	0.9661

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
	=	(62.644 - 0	-	82.164)	/	1376.998
	=	-0.014176

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.

Duopharma Biotech Bhd has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Duopharma Biotech Bhd Beneish M-Score Related Terms

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Duopharma Biotech Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Duopharma Biotech Bhd (XKLS:7148) » Definitions » Beneish M-Score

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Address

Lot 2599, Jalan Seruling 59, Kawasan 3, Taman Klang Jaya, Klang, SGR, MYS, 41200

Website

https://www.duopharmabiotech.com

Duopharma Biotech Bhd is an investment holding company engaged in manufacturing pharmaceuticals. It develops, manufactures, and markets generic and over-the-counter pharmaceutical products. The operating segment of the company is the manufacturing and distribution of pharmaceutical products. The principal activities of its subsidiary are to carry out business as a manufacturer, distributor, importer, and exporter of pharmaceutical products and medicines.

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