MISC Bhd Beneish M-Score Historical Data
The historical data trend for MISC 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.
MISC Bhd Beneish M-Score Chart
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MISC Bhd Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.99 |
-3.02 |
-2.20 |
-2.38 |
-2.64 |
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MISC Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.53 |
-2.54 |
-2.64 |
-2.64 |
Competitive Comparison of MISC Bhd's Beneish M-Score
For the Marine Shipping subindustry, MISC 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.
MISC Bhd's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, MISC Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MISC Bhd's Beneish M-Score falls into.
MISC 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 MISC Bhd for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0934 | + | 0.528 * 1.0569 | + | 0.404 * 0.9667 | + | 0.892 * 1.0292 | + | 0.115 * 1.0001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1956 | + | 4.679 * -0.054916 | - | 0.327 * 0.9944 |
| = | -2.64 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM5,893 Mil.
Revenue was 4278.257 + 3365.1 + 3549.6 + 3078.7 = RM14,272 Mil.
Gross Profit was 1102.463 + 892.1 + 723 + 892.3 = RM3,610 Mil.
Total Current Assets was RM13,908 Mil.
Total Assets was RM65,060 Mil.
Property, Plant and Equipment(Net PPE) was RM25,443 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2,164 Mil.
Selling, General, & Admin. Expense(SGA) was RM1,482 Mil.
Total Current Liabilities was RM7,944 Mil.
Long-Term Debt & Capital Lease Obligation was RM15,826 Mil.
Net Income was 627.319 + 430.4 + 452.9 + 612.9 = RM2,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 1379.037 + 1040.7 + 2369.5 + 907.1 = RM5,696 Mil.
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Total Receivables was RM5,237 Mil.
Revenue was 4172.972 + 3614.1 + 3212.3 + 2867.6 = RM13,867 Mil.
Gross Profit was 1305.111 + 1066.1 + 678.1 + 657.9 = RM3,707 Mil.
Total Current Assets was RM12,745 Mil.
Total Assets was RM62,664 Mil.
Property, Plant and Equipment(Net PPE) was RM24,305 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2,067 Mil.
Selling, General, & Admin. Expense(SGA) was RM1,204 Mil.
Total Current Liabilities was RM8,767 Mil.
Long-Term Debt & Capital Lease Obligation was RM14,256 Mil.
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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) |
| = | (5892.521 / 14271.657) | / | (5236.517 / 13866.972) |
| = | 0.412883 | / | 0.377625 |
| | = | 1.0934 |
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) |
| = | (3707.211 / 13866.972) | / | (3609.863 / 14271.657) |
| = | 0.267341 | / | 0.252939 |
| | = | 1.0569 |
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 - (13908.251 + 25443.193) / 65060.067) | / | (1 - (12744.907 + 24304.997) / 62664.241) |
| = | 0.395152 | / | 0.408755 |
| | = | 0.9667 |
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 |
| = | 14271.657 | / | 13866.972 |
| | = | 1.0292 |
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)) |
| = | (2067.385 / (2067.385 + 24304.997)) | / | (2163.994 / (2163.994 + 25443.193)) |
| = | 0.078392 | / | 0.078385 |
| | = | 1.0001 |
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) |
| = | (1481.762 / 14271.657) | / | (1204.224 / 13866.972) |
| = | 0.103826 | / | 0.086841 |
| | = | 1.1956 |
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) |
| = | ((15825.601 + 7943.567) / 65060.067) | / | ((14256.059 + 8767.181) / 62664.241) |
| = | 0.365342 | / | 0.367406 |
| | = | 0.9944 |
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 |
| = | (2123.519 - 0 | - | 5696.337) | / | 65060.067 |
| | = | -0.054916 |
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.
MISC Bhd has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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