Computer Forms (Malaysia) Bhd (XKLS:8044) Beneish M-Score : 0.63 (As of Jun. 24, 2024)

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What is Computer Forms (Malaysia) 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.

Warning Sign:

Beneish M-Score 0.63 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Computer Forms (Malaysia) Bhd's Beneish M-Score or its related term are showing as below:

XKLS:8044' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.49 Max: 6.73
Current: 0.63

During the past 13 years, the highest Beneish M-Score of Computer Forms (Malaysia) Bhd was 6.73. The lowest was -3.24. And the median was -2.49.

Computer Forms (Malaysia) Bhd Beneish M-Score Historical Data

The historical data trend for Computer Forms (Malaysia) 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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Computer Forms (Malaysia) Bhd Beneish M-Score Chart

Computer Forms (Malaysia) Bhd Annual Data

Trend

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Beneish M-Score

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-2.63

-3.24

-2.69

-2.41

0.36

Computer Forms (Malaysia) Bhd Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															1.49	6.73	5.86	3.74	0.63

Competitive Comparison of Computer Forms (Malaysia) Bhd's Beneish M-Score

For the Specialty Business Services subindustry, Computer Forms (Malaysia) 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.

Computer Forms (Malaysia) Bhd's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Computer Forms (Malaysia) Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Computer Forms (Malaysia) Bhd's Beneish M-Score falls into.

Computer Forms (Malaysia) 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 Computer Forms (Malaysia) 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 * 0.5236

0.528 * 2.2923

0.404 * 4.6717

0.892 * 1.0578

0.115 * 1.2162

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7463

4.679 * 0.294206

0.327 * 0.8187

0.63

This Year (Mar24) TTM:

Last Year (Sep22) TTM:

Total Receivables was RM24.50 Mil.
Revenue was 7.038 + 7.329 + 6.095 + 8.078 = RM28.54 Mil.
Gross Profit was 0.132 + 0.23 + -0.33 + 1.566 = RM1.60 Mil.
Total Current Assets was RM130.69 Mil.
Total Assets was RM134.74 Mil.
Property, Plant and Equipment(Net PPE) was RM2.49 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.40 Mil.
Selling, General, & Admin. Expense(SGA) was RM6.94 Mil.
Total Current Liabilities was RM9.88 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.78 Mil.
Net Income was -1.171 + 0.11 + -2.28 + 0.074 = RM-3.27 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0.75 + 2.976 + 0 + -46.634 = RM-42.91 Mil.

Total Receivables was RM44.23 Mil.
Revenue was 6.542 + 6.385 + 7.031 + 7.023 = RM26.98 Mil.
Gross Profit was 0.453 + 0.839 + 0.99 + 1.181 = RM3.46 Mil.
Total Current Assets was RM100.37 Mil.
Total Assets was RM103.07 Mil.
Property, Plant and Equipment(Net PPE) was RM2.44 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.90 Mil.
Selling, General, & Admin. Expense(SGA) was RM3.76 Mil.
Total Current Liabilities was RM9.70 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.26 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)
	=	(24.497 / 28.54)	/	(44.227 / 26.981)
	=	0.858339	/	1.639191
	=	0.5236

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)
	=	(3.463 / 26.981)	/	(1.598 / 28.54)
	=	0.12835	/	0.055992
	=	2.2923

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 - (130.694 + 2.494) / 134.739)	/	(1 - (100.374 + 2.442) / 103.07)
	=	0.011511	/	0.002464
	=	4.6717

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
	=	28.54	/	26.981
	=	1.0578

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))
	=	(1.899 / (1.899 + 2.442))	/	(1.401 / (1.401 + 2.494))
	=	0.437457	/	0.359692
	=	1.2162

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)
	=	(6.938 / 28.54)	/	(3.756 / 26.981)
	=	0.243097	/	0.139209
	=	1.7463

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)
	=	((0.776 + 9.879) / 134.739)	/	((0.255 + 9.701) / 103.07)
	=	0.079079	/	0.096595
	=	0.8187

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
	=	(-3.267 - 0	-	-42.908)	/	134.739
	=	0.294206

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.

Computer Forms (Malaysia) Bhd has a M-score of 0.63 signals that the company is likely to be a manipulator.

Computer Forms (Malaysia) Bhd Beneish M-Score Related Terms

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Computer Forms (Malaysia) Bhd (XKLS:8044) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Computer Forms (Malaysia) Bhd (XKLS:8044) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lot 2, Jalan Usahawan 5, Off Jalan Genting Kelang, PKNS Setapak Industrial Area, Kuala Lumpur, MYS, 53300

Website

http://www.cfm.com.my

Computer Forms (Malaysia) Bhd is engaged in the printing and distributing of computer forms, stock forms, and specialized forms. The company operates through four segments namely Business forms and data print services, Commercial printing, Flexible packaging and Business of property management. It generates maximum revenue from the Flexible packaging segment. Geographically, it derives a majority of revenue from Malaysia and also has a presence in Indonesia. It offers various products such as general computer forms, security forms, mail/pressure seal mailer, stock forms, optical mark recognition/optical character recognition forms.

Computer Forms (Malaysia) Bhd (XKLS:8044) Headlines

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