KPS Consortium Bhd (XKLS:9121) Beneish M-Score : -1.68 (As of Sep. 25, 2024)

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What is KPS Consortium 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 -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:9121' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.3 Max: -1.68
Current: -1.68

During the past 13 years, the highest Beneish M-Score of KPS Consortium Bhd was -1.68. The lowest was -2.89. And the median was -2.30.

KPS Consortium Bhd Beneish M-Score Historical Data

The historical data trend for KPS Consortium 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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KPS Consortium Bhd Beneish M-Score Chart

KPS Consortium Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.44

-2.38

-2.79

-1.99

-2.66

KPS Consortium Bhd Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.19	-2.34	-2.66	-2.13	-1.68

Competitive Comparison of KPS Consortium Bhd's Beneish M-Score

For the Building Products & Equipment subindustry, KPS Consortium 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.

KPS Consortium Bhd's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, KPS Consortium Bhd's Beneish M-Score distribution charts can be found below:

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

KPS Consortium 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 KPS Consortium 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 * 1.4109

0.528 * 0.9809

0.404 * 0.9736

0.892 * 1.2211

0.115 * 1.218

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8251

4.679 * 0.045826

0.327 * 1.0653

-1.68

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was RM264 Mil.
Revenue was 278.609 + 305.411 + 322.522 + 279.76 = RM1,186 Mil.
Gross Profit was 10.047 + 10.889 + 11.807 + 10.917 = RM44 Mil.
Total Current Assets was RM423 Mil.
Total Assets was RM596 Mil.
Property, Plant and Equipment(Net PPE) was RM64 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3 Mil.
Selling, General, & Admin. Expense(SGA) was RM19 Mil.
Total Current Liabilities was RM246 Mil.
Long-Term Debt & Capital Lease Obligation was RM20 Mil.
Net Income was 4.738 + 3.666 + 2.953 + 7.555 = RM19 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 13.82 + -44.746 + 13.413 + 9.124 = RM-8 Mil.

Total Receivables was RM153 Mil.
Revenue was 234.6 + 242.909 + 244.661 + 249.348 = RM972 Mil.
Gross Profit was 8.453 + 10.255 + 6.46 + 9.905 = RM35 Mil.
Total Current Assets was RM366 Mil.
Total Assets was RM533 Mil.
Property, Plant and Equipment(Net PPE) was RM67 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4 Mil.
Selling, General, & Admin. Expense(SGA) was RM19 Mil.
Total Current Liabilities was RM200 Mil.
Long-Term Debt & Capital Lease Obligation was RM23 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)
	=	(263.764 / 1186.302)	/	(153.095 / 971.518)
	=	0.222341	/	0.157583
	=	1.4109

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)
	=	(35.073 / 971.518)	/	(43.66 / 1186.302)
	=	0.036101	/	0.036803
	=	0.9809

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 - (422.521 + 63.967) / 595.753)	/	(1 - (365.834 + 67.026) / 533.331)
	=	0.183407	/	0.188384
	=	0.9736

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
	=	1186.302	/	971.518
	=	1.2211

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))
	=	(3.785 / (3.785 + 67.026))	/	(2.936 / (2.936 + 63.967))
	=	0.053452	/	0.043884
	=	1.218

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)
	=	(18.742 / 1186.302)	/	(18.604 / 971.518)
	=	0.015799	/	0.019149
	=	0.8251

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)
	=	((20.372 + 245.685) / 595.753)	/	((23.182 + 200.401) / 533.331)
	=	0.446589	/	0.41922
	=	1.0653

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
	=	(18.912 - 0	-	-8.389)	/	595.753
	=	0.045826

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.

KPS Consortium Bhd has a M-score of -1.68 signals that the company is likely to be a manipulator.

KPS Consortium Bhd Beneish M-Score Related Terms

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KPS Consortium Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » KPS Consortium Bhd (XKLS:9121) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lot 622, Jalan Lapis Dua, Kampung Sementa, Batu 6, Jalan Kapar, Klang, SGR, MYS, 42200

Website

http://www.kpsconsortium.com.my

KPS Consortium Bhd is a Malaysia based investment holding company. It has five business segments. Paper milling segment includes the manufacture of various types of tissue paper and related products. Paper converting segment includes converting of paper into related products and trading in paper related products. Building materials segment, which is the key revenue driver, involves distribution and retail of wooden doors, plywood, building materials, plywood, printed laminated plywood, cement, and steel bars. Investment and management segment provides management services, investment holding, and dormant companies. The other trading segment involves trading of paper, paper products, stationery, general household products, and other unclassified companies of diverse activities.

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