Tiong Nam Logistics Holdings Bhd (XKLS:8397) Beneish M-Score : -2.55 (As of May. 04, 2024)

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What is Tiong Nam Logistics 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:8397' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.43 Max: -1.77
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Tiong Nam Logistics Holdings Bhd was -1.77. The lowest was -3.12. And the median was -2.43.

Tiong Nam Logistics Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Tiong Nam Logistics 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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Tiong Nam Logistics Holdings Bhd Beneish M-Score Chart

Tiong Nam Logistics Holdings Bhd Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.30

-3.12

-2.45

-1.92

-2.55

Tiong Nam Logistics Holdings Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.55	-	-	-

Competitive Comparison of Tiong Nam Logistics Holdings Bhd's Beneish M-Score

For the Integrated Freight & Logistics subindustry, Tiong Nam Logistics 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.

Tiong Nam Logistics Holdings Bhd's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Tiong Nam Logistics Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

Tiong Nam Logistics 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 Tiong Nam Logistics 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 * 0.9985

0.528 * 1.0136

0.404 * 1.3275

0.892 * 1.052

0.115 * 1.1549

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2455

4.679 * -0.046103

0.327 * 1.0421

-2.55

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was RM195.1 Mil.
Revenue was RM725.7 Mil.
Gross Profit was RM123.3 Mil.
Total Current Assets was RM410.3 Mil.
Total Assets was RM2,601.2 Mil.
Property, Plant and Equipment(Net PPE) was RM1,291.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM63.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM91.3 Mil.
Total Current Liabilities was RM570.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,010.2 Mil.
Net Income was RM27.9 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM147.8 Mil.

Total Receivables was RM185.7 Mil.
Revenue was RM689.8 Mil.
Gross Profit was RM118.8 Mil.
Total Current Assets was RM426.1 Mil.
Total Assets was RM2,104.5 Mil.
Property, Plant and Equipment(Net PPE) was RM1,130.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM64.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM69.7 Mil.
Total Current Liabilities was RM442.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM784.4 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)
	=	(195.063 / 725.692)	/	(185.707 / 689.825)
	=	0.268796	/	0.269209
	=	0.9985

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)
	=	(118.808 / 689.825)	/	(123.303 / 725.692)
	=	0.172229	/	0.169911
	=	1.0136

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 - (410.278 + 1291.683) / 2601.197)	/	(1 - (426.087 + 1130.394) / 2104.517)
	=	0.345701	/	0.260409
	=	1.3275

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
	=	725.692	/	689.825
	=	1.052

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))
	=	(64.439 / (64.439 + 1130.394))	/	(63.273 / (63.273 + 1291.683))
	=	0.053931	/	0.046697
	=	1.1549

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)
	=	(91.274 / 725.692)	/	(69.66 / 689.825)
	=	0.125775	/	0.100982
	=	1.2455

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)
	=	((1010.222 + 570.337) / 2601.197)	/	((784.417 + 442.646) / 2104.517)
	=	0.607628	/	0.583062
	=	1.0421

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
	=	(27.872 - 0	-	147.794)	/	2601.197
	=	-0.046103

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.

Tiong Nam Logistics Holdings Bhd has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Tiong Nam Logistics Holdings Bhd Beneish M-Score Related Terms

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Tiong Nam Logistics Holdings Bhd (XKLS:8397) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Tiong Nam Logistics Holdings Bhd (XKLS:8397) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Kempas Baru, Lot 30462, Johor Bahru, JHR, MYS, 81200

Website

http://www.tiongnam.com

Tiong Nam Logistics Holdings Bhd is a Malaysia-based investment holding company engaged in the provision of fully integrated logistics and warehousing services in the Asia Pacific region. It operates through four segments namely Logistics and warehousing services, which is the key revenue driver; Investment, Property Development, and Hotel and dormitory. It offers a variety of services such as warehouse space management services, trucking delivery, cross-border transfers, container haulage, heavy transportation, and last measure delivery for e-commerce companies. The company operates mainly in Malaysia.

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