PRG Holdings Bhd (XKLS:7168) Beneish M-Score : -3.20 (As of Apr. 07, 2025)

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What is PRG Holdings 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 -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7168' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.25 Max: -0.89
Current: -3.2

During the past 13 years, the highest Beneish M-Score of PRG Holdings Bhd was -0.89. The lowest was -3.20. And the median was -2.25.

PRG Holdings Bhd Beneish M-Score Historical Data

The historical data trend for PRG Holdings 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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PRG Holdings Bhd Beneish M-Score Chart

PRG Holdings Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.07

-2.71

-1.35

-3.19

-3.20

PRG Holdings 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															-3.19	-3.31	-3.19	-3.68	-3.20

Competitive Comparison of PRG Holdings Bhd's Beneish M-Score

For the Textile Manufacturing subindustry, PRG Holdings 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.

PRG Holdings Bhd's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PRG Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

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PRG Holdings 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 PRG Holdings 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 * 0.6161

0.528 * 1.1317

0.404 * 4.5711

0.892 * 0.7737

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1552

4.679 * -0.342891

0.327 * 1.1325

-3.20

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM90.8 Mil.
Revenue was 85.414 + 75.238 + 57.382 + 61.837 = RM279.9 Mil.
Gross Profit was 15.832 + 16.129 + 13.174 + 13.134 = RM58.3 Mil.
Total Current Assets was RM207.2 Mil.
Total Assets was RM348.0 Mil.
Property, Plant and Equipment(Net PPE) was RM59.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM44.3 Mil.
Total Current Liabilities was RM131.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM43.6 Mil.
Net Income was -74.227 + -0.329 + -1.198 + 1.467 = RM-74.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 17.097 + 27.182 + 1.374 + -0.613 = RM45.0 Mil.

Total Receivables was RM190.5 Mil.
Revenue was 85.9 + 88.47 + 94.616 + 92.733 = RM361.7 Mil.
Gross Profit was 23.287 + 19.896 + 20.656 + 21.389 = RM85.2 Mil.
Total Current Assets was RM388.4 Mil.
Total Assets was RM466.2 Mil.
Property, Plant and Equipment(Net PPE) was RM53.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM49.5 Mil.
Total Current Liabilities was RM164.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM42.0 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)
	=	(90.829 / 279.871)	/	(190.541 / 361.719)
	=	0.324539	/	0.526765
	=	0.6161

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)
	=	(85.228 / 361.719)	/	(58.269 / 279.871)
	=	0.235619	/	0.208199
	=	1.1317

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 - (207.192 + 59.171) / 348.003)	/	(1 - (388.399 + 53.872) / 466.197)
	=	0.234596	/	0.051322
	=	4.5711

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
	=	279.871	/	361.719
	=	0.7737

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 + 53.872))	/	(0 / (0 + 59.171))
	=	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)
	=	(44.251 / 279.871)	/	(49.507 / 361.719)
	=	0.158112	/	0.136866
	=	1.1552

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)
	=	((43.564 + 131.283) / 348.003)	/	((41.952 + 164.873) / 466.197)
	=	0.50243	/	0.443643
	=	1.1325

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
	=	(-74.287 - 0	-	45.04)	/	348.003
	=	-0.342891

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.

PRG Holdings Bhd has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.

PRG Holdings Bhd Beneish M-Score Related Terms

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PRG Holdings Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PRG Holdings Bhd (XKLS:7168) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Unit 4.02, Level 4, Plaza Damansara Block A, Bukit Damansara, Kuala Lumpur, SGR, MYS, 50490

Website

https://www.prg.com.my

PRG Holdings Bhd is in the business of investment holding and the provision of management services. It operates in four segments - Manufacturing segment is engaged in the manufacturing and sale of elastic textile, webbing and rubber tape. Property development and construction segment is involved in the development and construction of residential and commercial properties. Agriculture segment is engaged in the harvesting and selling of teak logs activities and Energy efficiency segment. Geographically, it operates in Malaysia, Asia-Pacific, Europe, North America, and Other countries.

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