XMH Holdings (SGX:BQF) Beneish M-Score : -2.54 (As of May. 28, 2024)

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What is XMH Holdings 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:BQF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.54 Max: 0.85
Current: -2.54

During the past 13 years, the highest Beneish M-Score of XMH Holdings was 0.85. The lowest was -3.15. And the median was -2.54.

XMH Holdings Beneish M-Score Historical Data

The historical data trend for XMH Holdings'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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XMH Holdings Beneish M-Score Chart

XMH Holdings Annual Data

Trend

Apr14

Apr15

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Beneish M-Score

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-2.80

-2.95

-1.52

-3.15

-2.54

XMH Holdings Semi-Annual Data
	Apr14	Oct14	Apr15	Oct15	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Beneish M-Score	Get a 7-Day Free Trial															-	-3.15	-	-2.54	-

Competitive Comparison of XMH Holdings's Beneish M-Score

For the Specialty Industrial Machinery subindustry, XMH Holdings'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.

XMH Holdings's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, XMH Holdings's Beneish M-Score distribution charts can be found below:

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

XMH Holdings 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 XMH Holdings 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 * 0.7936

0.528 * 1.2838

0.404 * 0.8494

0.892 * 1.79

0.115 * 0.9412

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6287

4.679 * -0.149136

0.327 * 1.0588

-2.54

This Year (Apr23) TTM:

Last Year (Apr22) TTM:

Total Receivables was S$34.7 Mil.
Revenue was S$128.7 Mil.
Gross Profit was S$27.4 Mil.
Total Current Assets was S$99.8 Mil.
Total Assets was S$156.3 Mil.
Property, Plant and Equipment(Net PPE) was S$41.4 Mil.
Depreciation, Depletion and Amortization(DDA) was S$3.5 Mil.
Selling, General, & Admin. Expense(SGA) was S$19.4 Mil.
Total Current Liabilities was S$72.3 Mil.
Long-Term Debt & Capital Lease Obligation was S$33.8 Mil.
Net Income was S$4.0 Mil.
Gross Profit was S$0.0 Mil.
Cash Flow from Operations was S$27.3 Mil.

Total Receivables was S$24.5 Mil.
Revenue was S$71.9 Mil.
Gross Profit was S$19.6 Mil.
Total Current Assets was S$73.3 Mil.
Total Assets was S$132.0 Mil.
Property, Plant and Equipment(Net PPE) was S$43.6 Mil.
Depreciation, Depletion and Amortization(DDA) was S$3.4 Mil.
Selling, General, & Admin. Expense(SGA) was S$17.2 Mil.
Total Current Liabilities was S$42.4 Mil.
Long-Term Debt & Capital Lease Obligation was S$42.1 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)
	=	(34.745 / 128.679)	/	(24.457 / 71.886)
	=	0.270013	/	0.340219
	=	0.7936

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)
	=	(19.618 / 71.886)	/	(27.353 / 128.679)
	=	0.272904	/	0.212568
	=	1.2838

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 - (99.808 + 41.435) / 156.341)	/	(1 - (73.339 + 43.639) / 131.983)
	=	0.096571	/	0.113689
	=	0.8494

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
	=	128.679	/	71.886
	=	1.79

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))
	=	(3.407 / (3.407 + 43.639))	/	(3.454 / (3.454 + 41.435))
	=	0.072418	/	0.076945
	=	0.9412

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)
	=	(19.382 / 128.679)	/	(17.221 / 71.886)
	=	0.150623	/	0.23956
	=	0.6287

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)
	=	((33.766 + 72.323) / 156.341)	/	((42.147 + 42.442) / 131.983)
	=	0.678574	/	0.640908
	=	1.0588

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
	=	(3.962 - 0	-	27.278)	/	156.341
	=	-0.149136

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.

XMH Holdings has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

XMH Holdings Beneish M-Score Related Terms

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XMH Holdings (SGX:BQF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » XMH Holdings Ltd (SGX:BQF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

55 Tuas Crescent, No. 07-01, Singapore, SGP, 638743

Website

https://www.xmh.com.sg

XMH Holdings Ltd is an investment holding company. The firm is primarily engaged as a diesel engine, propulsion and power generating solutions provider to customers in the marine and industrial sectors across Asia. The business activities are categorized into: Distribution and provision of value-added products and services, after sales services, trading and others and Projects, which comprise the assembly and installation of standby generator sets and provision of related services, and the design and manufacture of marine switchboards, remote control distributor system, and marine automation products. The company produces an engine, generator, marine gearboxes, propeller, thruster, IPS, and steering system. Most of the company's revenue is derived from Indonesia.

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