Uzma Bhd Beneish M-Score Historical Data
The historical data trend for Uzma 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.
Uzma Bhd Beneish M-Score Chart
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Uzma Bhd Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.39 |
-3.11 |
-3.14 |
-2.43 |
-2.93 |
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Uzma Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.80 |
-2.93 |
-2.78 |
-2.63 |
Competitive Comparison of Uzma Bhd's Beneish M-Score
For the Oil & Gas Integrated subindustry, Uzma 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.
Uzma Bhd's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Uzma Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Uzma Bhd's Beneish M-Score falls into.
Uzma 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 Uzma Bhd for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.2201 | + | 0.528 * 0.8953 | + | 0.404 * 0.8632 | + | 0.892 * 1.0864 | + | 0.115 * 1.1087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0848 | + | 4.679 * -0.066236 | - | 0.327 * 1.0146 |
| = | -2.63 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM400.7 Mil.
Revenue was 137.92 + 151.16 + 126.46 + 86.264 = RM501.8 Mil.
Gross Profit was 58.934 + 53.07 + 60.874 + 26.097 = RM199.0 Mil.
Total Current Assets was RM554.4 Mil.
Total Assets was RM1,387.0 Mil.
Property, Plant and Equipment(Net PPE) was RM608.0 Mil.
Depreciation, Depletion and Amortization(DDA) was RM53.9 Mil.
Selling, General, & Admin. Expense(SGA) was RM85.5 Mil.
Total Current Liabilities was RM463.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM247.7 Mil.
Net Income was 12.634 + 11.939 + 8.364 + 9.187 = RM42.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 20.925 + -1.292 + 52.083 + 62.279 = RM134.0 Mil.
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Total Receivables was RM302.3 Mil.
Revenue was 139.247 + 121.804 + 108.876 + 91.989 = RM461.9 Mil.
Gross Profit was 49.967 + 41.796 + 51.556 + 20.662 = RM164.0 Mil.
Total Current Assets was RM480.0 Mil.
Total Assets was RM1,198.0 Mil.
Property, Plant and Equipment(Net PPE) was RM493.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM49.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM72.5 Mil.
Total Current Liabilities was RM372.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM232.9 Mil.
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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) |
| = | (400.673 / 501.804) | / | (302.278 / 461.916) |
| = | 0.798465 | / | 0.6544 |
| | = | 1.2201 |
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) |
| = | (163.981 / 461.916) | / | (198.975 / 501.804) |
| = | 0.355002 | / | 0.396519 |
| | = | 0.8953 |
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 - (554.407 + 607.971) / 1387.026) | / | (1 - (479.972 + 493.242) / 1198.002) |
| = | 0.161964 | / | 0.187636 |
| | = | 0.8632 |
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 |
| = | 501.804 | / | 461.916 |
| | = | 1.0864 |
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)) |
| = | (48.998 / (48.998 + 493.242)) | / | (53.948 / (53.948 + 607.971)) |
| = | 0.090362 | / | 0.081502 |
| | = | 1.1087 |
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) |
| = | (85.485 / 501.804) | / | (72.538 / 461.916) |
| = | 0.170355 | / | 0.157037 |
| | = | 1.0848 |
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) |
| = | ((247.737 + 463.317) / 1387.026) | / | ((232.929 + 372.397) / 1198.002) |
| = | 0.512646 | / | 0.50528 |
| | = | 1.0146 |
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 |
| = | (42.124 - 0 | - | 133.995) | / | 1387.026 |
| | = | -0.066236 |
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.
Uzma Bhd has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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