Malaysian Genomics Resource Centre Bhd (XKLS:0155) Beneish M-Score : 3.78 (As of May. 26, 2024)

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What is Malaysian Genomics Resource Centre 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 3.78 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Malaysian Genomics Resource Centre Bhd's Beneish M-Score or its related term are showing as below:

XKLS:0155' s Beneish M-Score Range Over the Past 10 Years
Min: -4.22 Med: -0.88 Max: 71.61
Current: 3.78

During the past 13 years, the highest Beneish M-Score of Malaysian Genomics Resource Centre Bhd was 71.61. The lowest was -4.22. And the median was -0.88.

Malaysian Genomics Resource Centre Bhd Beneish M-Score Historical Data

The historical data trend for Malaysian Genomics Resource Centre 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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Malaysian Genomics Resource Centre Bhd Beneish M-Score Chart

Malaysian Genomics Resource Centre Bhd Annual Data

Trend

Jun12

Jun13

Jun14

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Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Beneish M-Score

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-0.95

-1.52

0.12

Malaysian Genomics Resource Centre Bhd Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															11.73	1.83	9.61	7.15	3.78

Competitive Comparison of Malaysian Genomics Resource Centre Bhd's Beneish M-Score

For the Diagnostics & Research subindustry, Malaysian Genomics Resource Centre 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.

Malaysian Genomics Resource Centre Bhd's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Malaysian Genomics Resource Centre Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Malaysian Genomics Resource Centre Bhd's Beneish M-Score falls into.

Malaysian Genomics Resource Centre 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 Malaysian Genomics Resource Centre 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 * 7.2065

0.528 * 0.7835

0.404 * 0.9064

0.892 * 0.2962

0.115 * 1.0369

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.4403

4.679 * 0.46343

0.327 * 1.7701

3.78

This Year (Sep23) TTM:

Last Year (Jun22) TTM:

Total Receivables was RM19.45 Mil.
Revenue was 2.265 + 0.68 + 1.643 + 3.812 = RM8.40 Mil.
Gross Profit was 1.144 + 0.027 + 0.987 + 3.078 = RM5.24 Mil.
Total Current Assets was RM23.79 Mil.
Total Assets was RM33.72 Mil.
Property, Plant and Equipment(Net PPE) was RM5.53 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.04 Mil.
Selling, General, & Admin. Expense(SGA) was RM10.29 Mil.
Total Current Liabilities was RM2.46 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.70 Mil.
Net Income was -1.448 + -2.862 + -1.233 + 0.847 = RM-4.70 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 0 + -0.592 + -8.809 + -10.92 = RM-20.32 Mil.

Total Receivables was RM9.11 Mil.
Revenue was 6.332 + 5.083 + 7.628 + 9.316 = RM28.36 Mil.
Gross Profit was 5.516 + 3.78 + 2.616 + 1.938 = RM13.85 Mil.
Total Current Assets was RM30.06 Mil.
Total Assets was RM41.89 Mil.
Property, Plant and Equipment(Net PPE) was RM5.80 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.14 Mil.
Selling, General, & Admin. Expense(SGA) was RM7.83 Mil.
Total Current Liabilities was RM1.66 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.26 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)
	=	(19.446 / 8.4)	/	(9.11 / 28.359)
	=	2.315	/	0.321238
	=	7.2065

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)
	=	(13.85 / 28.359)	/	(5.236 / 8.4)
	=	0.488381	/	0.623333
	=	0.7835

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 - (23.792 + 5.525) / 33.716)	/	(1 - (30.062 + 5.797) / 41.889)
	=	0.130472	/	0.143952
	=	0.9064

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
	=	8.4	/	28.359
	=	0.2962

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))
	=	(1.135 / (1.135 + 5.797))	/	(1.036 / (1.036 + 5.525))
	=	0.163733	/	0.157903
	=	1.0369

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)
	=	(10.293 / 8.4)	/	(7.826 / 28.359)
	=	1.225357	/	0.275962
	=	4.4403

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)
	=	((1.702 + 2.461) / 33.716)	/	((1.259 + 1.663) / 41.889)
	=	0.123473	/	0.069756
	=	1.7701

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
	=	(-4.696 - 0	-	-20.321)	/	33.716
	=	0.46343

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.

Malaysian Genomics Resource Centre Bhd has a M-score of 3.78 signals that the company is likely to be a manipulator.

Malaysian Genomics Resource Centre Bhd Beneish M-Score Related Terms

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Malaysian Genomics Resource Centre Bhd (XKLS:0155) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » Malaysian Genomics Resource Centre Bhd (XKLS:0155) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

8F, Jalan Teknologi 3/6, Taman Sains, Petaling Jaya, SGR, MYS, 47810

Website

http://www.mgrc.com.my

Malaysian Genomics Resource Centre Bhd is a Malaysia-based company engaged in providing laboratory services. It primarily offers genome sequencing and analysis (GSA) services, genetic screening services (GSS), and pathology services. GSA services involve the sequencing and analysis of the DNA of humans, animals, plants, and microbes, to discover meaningful biological information. The company is engaged in providing GSS by developing its own range of genetic screening tests under the brand Dtect which screen human DNA for genetic markers related to diseases and health conditions. It derives the majority of its revenue from Pathology services.

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