Golden Land Bhd (XKLS:7382) Beneish M-Score : -2.56 (As of Mar. 28, 2025)

View and export this data going back to 1996. Start your Free Trial

What is Golden Land 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7382' s Beneish M-Score Range Over the Past 10 Years
Min: -654.92 Med: -1.9 Max: 16.26
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Golden Land Bhd was 16.26. The lowest was -654.92. And the median was -1.90.

Golden Land Bhd Beneish M-Score Historical Data

The historical data trend for Golden Land 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.

Golden Land Bhd Beneish M-Score Chart

Golden Land Bhd Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Get a 7-Day Free Trial

-1.39

-1.43

0.35

-2.81

-1.77

Golden Land Bhd Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.88	-1.79	-1.69	-1.77	-2.56

Competitive Comparison of Golden Land Bhd's Beneish M-Score

For the Real Estate - Development subindustry, Golden Land 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.

Golden Land Bhd's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Golden Land Bhd's Beneish M-Score distribution charts can be found below:

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

Save Embed

;

Save Embed

;

Golden Land 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 Golden Land 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 * 0.485

0.528 * 1

0.404 * 1.0991

0.892 * 1.8354

0.115 * 0.9225

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5364

4.679 * -0.100206

0.327 * 0.9902

-2.56

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM46.3 Mil.
Revenue was 58.666 + 32.943 + 30.518 + 43.227 = RM165.4 Mil.
Gross Profit was 58.666 + 32.943 + 30.518 + 43.227 = RM165.4 Mil.
Total Current Assets was RM161.4 Mil.
Total Assets was RM585.0 Mil.
Property, Plant and Equipment(Net PPE) was RM370.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM12.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM27.7 Mil.
Total Current Liabilities was RM136.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM115.8 Mil.
Net Income was 0.799 + -4.942 + -1.308 + -1.172 = RM-6.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 20.848 + 8.261 + 10.192 + 12.693 = RM52.0 Mil.

Total Receivables was RM52.0 Mil.
Revenue was 23.87 + 18.259 + 12.573 + 35.39 = RM90.1 Mil.
Gross Profit was 23.87 + 18.259 + 12.573 + 35.39 = RM90.1 Mil.
Total Current Assets was RM180.8 Mil.
Total Assets was RM638.2 Mil.
Property, Plant and Equipment(Net PPE) was RM404.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM12.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM28.2 Mil.
Total Current Liabilities was RM162.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM115.4 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)
	=	(46.309 / 165.354)	/	(52.023 / 90.092)
	=	0.28006	/	0.577443
	=	0.485

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)
	=	(90.092 / 90.092)	/	(165.354 / 165.354)
	=	1	/	1
	=	1

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 - (161.359 + 370.738) / 584.965)	/	(1 - (180.816 + 404.892) / 638.187)
	=	0.090378	/	0.082231
	=	1.0991

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
	=	165.354	/	90.092
	=	1.8354

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))
	=	(12.158 / (12.158 + 404.892))	/	(12.098 / (12.098 + 370.738))
	=	0.029152	/	0.031601
	=	0.9225

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)
	=	(27.727 / 165.354)	/	(28.162 / 90.092)
	=	0.167683	/	0.312592
	=	0.5364

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)
	=	((115.802 + 136.495) / 584.965)	/	((115.381 + 162.597) / 638.187)
	=	0.431303	/	0.435575
	=	0.9902

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
	=	(-6.623 - 0	-	51.994)	/	584.965
	=	-0.100206

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.

Golden Land Bhd has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Golden Land Bhd Beneish M-Score Related Terms

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

Golden Land Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Golden Land Bhd (XKLS:7382) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan SS16/1, A-09-03, Empire Tower, Empire Subang, Subang Jaya, SGR, MYS, 47500

Website

https://www.glbhd.com

Golden Land Bhd is an investment holding company. The company along with its subsidiaries, is engaged in the provision of general contract and civil works, property development and construction, cultivation of oil palm, investment holding, providing management services, and real estate management. Its reportable operating segments are Plantation, Property Development, and Others. A majority of its revenue is generated from the Property development segment which is engaged in residential, commercial, and mixed property development. Geographically, it derives its maximum revenue from Malaysia and the rest from Indonesia.

Golden Land Bhd Headlines

No Headlines