Multi-Usage Holdings Bhd (XKLS:9539) Beneish M-Score : -3.06 (As of Apr. 26, 2024)

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What is Multi-Usage 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:9539' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.17 Max: -0.36
Current: -3.06

During the past 13 years, the highest Beneish M-Score of Multi-Usage Holdings Bhd was -0.36. The lowest was -3.33. And the median was -2.17.

Multi-Usage Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Multi-Usage 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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Multi-Usage Holdings Bhd Beneish M-Score Chart

Multi-Usage Holdings Bhd Annual Data

Trend

Dec12

Dec13

Dec14

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-1.96

-3.06

-0.36

-1.50

-2.23

Multi-Usage 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															-2.56	-2.97	-2.23	-2.82	-3.06

Competitive Comparison of Multi-Usage Holdings Bhd's Beneish M-Score

For the Real Estate - Development subindustry, Multi-Usage 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.

Multi-Usage Holdings Bhd's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Multi-Usage Holdings Bhd's Beneish M-Score falls into.

Multi-Usage 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 Multi-Usage 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 * 1.0422

0.528 * 1.0427

0.404 * 0.707

0.892 * 0.4386

0.115 * 1.038

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3647

4.679 * 0.000338

0.327 * 0.8913

-3.06

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM1.30 Mil.
Revenue was 0.867 + 2.48 + 3.107 + 2.388 = RM8.84 Mil.
Gross Profit was 0.575 + 1.467 + 1.732 + 1.494 = RM5.27 Mil.
Total Current Assets was RM72.06 Mil.
Total Assets was RM85.69 Mil.
Property, Plant and Equipment(Net PPE) was RM1.16 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.37 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.10 Mil.
Total Current Liabilities was RM4.10 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.20 Mil.
Net Income was -0.676 + 0.542 + 0.906 + 0.275 = RM1.05 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -0.362 + 0.133 + -0.896 + 2.143 = RM1.02 Mil.

Total Receivables was RM2.85 Mil.
Revenue was 2.306 + 6.419 + 5.822 + 5.612 = RM20.16 Mil.
Gross Profit was 1.468 + 4.186 + 3.292 + 3.578 = RM12.52 Mil.
Total Current Assets was RM66.70 Mil.
Total Assets was RM85.15 Mil.
Property, Plant and Equipment(Net PPE) was RM0.92 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.30 Mil.
Selling, General, & Admin. Expense(SGA) was RM8.51 Mil.
Total Current Liabilities was RM4.75 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.05 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)
	=	(1.301 / 8.842)	/	(2.846 / 20.159)
	=	0.147139	/	0.141178
	=	1.0422

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)
	=	(12.524 / 20.159)	/	(5.268 / 8.842)
	=	0.621261	/	0.595793
	=	1.0427

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 - (72.055 + 1.158) / 85.69)	/	(1 - (66.702 + 0.915) / 85.154)
	=	0.145606	/	0.205945
	=	0.707

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
	=	8.842	/	20.159
	=	0.4386

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))
	=	(0.303 / (0.303 + 0.915))	/	(0.365 / (0.365 + 1.158))
	=	0.248768	/	0.239659
	=	1.038

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)
	=	(5.095 / 8.842)	/	(8.512 / 20.159)
	=	0.576227	/	0.422243
	=	1.3647

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)
	=	((0.201 + 4.104) / 85.69)	/	((0.054 + 4.746) / 85.154)
	=	0.050239	/	0.056368
	=	0.8913

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
	=	(1.047 - 0	-	1.018)	/	85.69
	=	0.000338

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.

Multi-Usage Holdings Bhd has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

Multi-Usage Holdings Bhd Beneish M-Score Related Terms

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Multi-Usage Holdings Bhd (XKLS:9539) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Multi-Usage Holdings Bhd (XKLS:9539) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

39, Jalan Sultan Ahmad Shah, 12A-03, Menara Boustead Penang, George Town, PNG, MYS, 10050

Website

https://www.muh.com.my

Multi-Usage Holdings Bhd is a Malaysia-based company, which is engaged in the provision of fire resistance bricks, precast concrete hollow blocks, precast concrete paving blocks, allan blocks, precast reinforced concrete box culverts, and ready mix concrete. The company's segments includes Property Development, Contracting, Manufacturing, Trading, and Others. Property development segment undertakes the development of commercial and residential properties. Contracting segment includes the contracting works for the construction project. Manufacturing segment consists of the manufacturing cement products, bricks, hollow blocks, stones and all kinds of building materials.

Multi-Usage Holdings Bhd (XKLS:9539) Headlines

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