Thriven Global Bhd (XKLS:7889) Beneish M-Score : -2.03 (As of Jun. 22, 2024)

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What is Thriven Global 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:7889' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -1.98 Max: 0.28
Current: -2.03

During the past 13 years, the highest Beneish M-Score of Thriven Global Bhd was 0.28. The lowest was -3.39. And the median was -1.98.

Thriven Global Bhd Beneish M-Score Historical Data

The historical data trend for Thriven Global 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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Thriven Global Bhd Beneish M-Score Chart

Thriven Global Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.53

-2.97

-1.93

-3.39

-2.03

Thriven Global Bhd Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.03	-

Competitive Comparison of Thriven Global Bhd's Beneish M-Score

For the Real Estate - Diversified subindustry, Thriven Global 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.

Thriven Global Bhd's Beneish M-Score Distribution in the Real Estate Industry

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

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

Thriven Global 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 Thriven Global 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 * 0.8843

0.528 * 3.5494

0.404 * 1.2005

0.892 * 1.1208

0.115 * 0.6142

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.193936

0.327 * 1.0879

-2.03

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM27.79 Mil.
Revenue was RM90.82 Mil.
Gross Profit was RM9.38 Mil.
Total Current Assets was RM94.59 Mil.
Total Assets was RM259.89 Mil.
Property, Plant and Equipment(Net PPE) was RM10.81 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.32 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM85.83 Mil.
Long-Term Debt & Capital Lease Obligation was RM60.78 Mil.
Net Income was RM-46.01 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM4.39 Mil.

Total Receivables was RM28.04 Mil.
Revenue was RM81.04 Mil.
Gross Profit was RM29.69 Mil.
Total Current Assets was RM159.01 Mil.
Total Assets was RM334.62 Mil.
Property, Plant and Equipment(Net PPE) was RM9.92 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.91 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.00 Mil.
Total Current Liabilities was RM143.80 Mil.
Long-Term Debt & Capital Lease Obligation was RM29.71 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)
	=	(27.789 / 90.822)	/	(28.039 / 81.035)
	=	0.305972	/	0.346011
	=	0.8843

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)
	=	(29.693 / 81.035)	/	(9.376 / 90.822)
	=	0.366422	/	0.103235
	=	3.5494

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 - (94.587 + 10.808) / 259.89)	/	(1 - (159.006 + 9.921) / 334.616)
	=	0.594463	/	0.495162
	=	1.2005

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
	=	90.822	/	81.035
	=	1.1208

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))
	=	(2.907 / (2.907 + 9.921))	/	(6.32 / (6.32 + 10.808))
	=	0.226614	/	0.368986
	=	0.6142

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)
	=	(0 / 90.822)	/	(0 / 81.035)
	=	0	/	0
	=	1

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)
	=	((60.777 + 85.833) / 259.89)	/	((29.71 + 143.801) / 334.616)
	=	0.564123	/	0.518538
	=	1.0879

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
	=	(-46.009 - 0	-	4.393)	/	259.89
	=	-0.193936

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.

Thriven Global Bhd has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.

Thriven Global Bhd Beneish M-Score Related Terms

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Thriven Global Bhd (XKLS:7889) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Thriven Global Bhd (XKLS:7889) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 2, Persiaran Tropicana, PJU 3, PS1-08, Lumi Tropicana, Petaling Jaya, SGR, MYS, 47410

Website

https://www.thriven.com.my

Thriven Global Bhd operates as an investment holding company. It is engaged in the business of property development and property investment in Malaysia. The company operates through segments are, Property Development which is engaged in the development of residential and commercial properties. Property Investment segment is engaged in the management and leasing of properties and Investment segment, Food and beverages and investment holding activities from these the firm generates the majority of its revenue from the Property development segment. The group operates only in Malaysia.

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