Mah Sing Group Bhd (XKLS:8583) Beneish M-Score : -2.58 (As of Apr. 02, 2025)

View and export this data going back to 1992. Start your Free Trial

What is Mah Sing Group 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:8583' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.54 Max: -1.59
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Mah Sing Group Bhd was -1.59. The lowest was -3.21. And the median was -2.54.

Mah Sing Group Bhd Beneish M-Score Historical Data

The historical data trend for Mah Sing Group 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.

Mah Sing Group Bhd Beneish M-Score Chart

Mah Sing Group Bhd Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.69

-2.30

-2.50

-3.21

-2.58

Mah Sing Group Bhd Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-3.21	-3.09	-2.92	-2.81	-2.58

Competitive Comparison of Mah Sing Group Bhd's Beneish M-Score

For the Real Estate - Development subindustry, Mah Sing Group 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.

Mah Sing Group Bhd's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Mah Sing Group Bhd's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Mah Sing Group 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 Mah Sing Group 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 * 1.2268

0.528 * 0.9176

0.404 * 1.0841

0.892 * 0.9682

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1335

4.679 * -0.044822

0.327 * 1.1304

-2.58

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM1,263 Mil.
Revenue was 744.422 + 639.285 + 578.385 + 558.208 = RM2,520 Mil.
Gross Profit was 172.325 + 166.372 + 145.259 + 144.549 = RM629 Mil.
Total Current Assets was RM4,262 Mil.
Total Assets was RM7,553 Mil.
Property, Plant and Equipment(Net PPE) was RM519 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM271 Mil.
Total Current Liabilities was RM2,123 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,356 Mil.
Net Income was 60.439 + 60.052 + 60.211 + 60.045 = RM241 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 314.692 + 7.131 + 195.472 + 62.001 = RM579 Mil.

Total Receivables was RM1,064 Mil.
Revenue was 671.275 + 644.26 + 644.223 + 643.454 = RM2,603 Mil.
Gross Profit was 177.458 + 139.604 + 136.701 + 141.893 = RM596 Mil.
Total Current Assets was RM3,790 Mil.
Total Assets was RM6,417 Mil.
Property, Plant and Equipment(Net PPE) was RM455 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM247 Mil.
Total Current Liabilities was RM1,295 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,320 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)
	=	(1263.141 / 2520.3)	/	(1063.5 / 2603.212)
	=	0.501187	/	0.408534
	=	1.2268

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)
	=	(595.656 / 2603.212)	/	(628.505 / 2520.3)
	=	0.228816	/	0.249377
	=	0.9176

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 - (4261.844 + 518.943) / 7553.263)	/	(1 - (3789.534 + 454.738) / 6416.779)
	=	0.367057	/	0.338567
	=	1.0841

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
	=	2520.3	/	2603.212
	=	0.9682

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))
	=	(0 / (0 + 454.738))	/	(0 / (0 + 518.943))
	=	0	/	0
	=	1

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)
	=	(271.037 / 2520.3)	/	(246.984 / 2603.212)
	=	0.107542	/	0.094877
	=	1.1335

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)
	=	((1355.992 + 2123.324) / 7553.263)	/	((1319.872 + 1294.881) / 6416.779)
	=	0.460637	/	0.407487
	=	1.1304

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
	=	(240.747 - 0	-	579.296)	/	7553.263
	=	-0.044822

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.

Mah Sing Group Bhd has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Mah Sing Group Bhd Beneish M-Score Related Terms

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

Mah Sing Group Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Mah Sing Group Bhd (XKLS:8583) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 163, Jalan Sungai Besi, Penthouse Suite 1, Wisma Mah Sing, Kuala Lumpur, SGR, MYS, 57100

Website

https://www.mahsing.com.my

Mah Sing Group Bhd is a Malaysia-based company that is mainly engaged in three segments: Property, Manufacturing, and Investment Holding and others. The property segment, which accounts for the majority of the company's sales, invests in and develops residential, commercial, and industrial properties. The Manufacturing segment manufactures and trading of a range of plastic molded products and gloves. The investment holding and others segment is engaged in the provision of management and property support services, construction of residential properties, provision of hospitality management services, and trading of building materials. It has a geographic presence in Malaysia, Indonesia, Singapore, Thailand, and others.

Mah Sing Group Bhd Headlines

No Headlines