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CSC Steel Holdings Bhd (XKLS:5094) Beneish M-Score : -3.19 (As of May. 12, 2024)


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What is CSC Steel 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 -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5094' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -2.54   Max: -0.7
Current: -3.19

During the past 13 years, the highest Beneish M-Score of CSC Steel Holdings Bhd was -0.70. The lowest was -3.19. And the median was -2.54.


CSC Steel Holdings Bhd Beneish M-Score Historical Data

The historical data trend for CSC Steel 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.

* Premium members only.

CSC Steel Holdings Bhd Beneish M-Score Chart

CSC Steel Holdings Bhd Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.74 -3.17 -1.94 -0.76 -3.19

CSC Steel 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.76 - - - -3.19

Competitive Comparison of CSC Steel Holdings Bhd's Beneish M-Score

For the Steel subindustry, CSC Steel 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.


CSC Steel Holdings Bhd's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, CSC Steel Holdings Bhd's Beneish M-Score distribution charts can be found below:

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



CSC Steel 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 CSC Steel Holdings 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 * 0.9354+0.528 * 0.3254+0.404 * 1.073+0.892 * 0.9178+0.115 * 1.0005
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.122+4.679 * -0.047272-0.327 * 1.0149
=-3.19

* 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 RM130 Mil.
Revenue was RM1,559 Mil.
Gross Profit was RM79 Mil.
Total Current Assets was RM815 Mil.
Total Assets was RM978 Mil.
Property, Plant and Equipment(Net PPE) was RM159 Mil.
Depreciation, Depletion and Amortization(DDA) was RM22 Mil.
Selling, General, & Admin. Expense(SGA) was RM39 Mil.
Total Current Liabilities was RM63 Mil.
Long-Term Debt & Capital Lease Obligation was RM0 Mil.
Net Income was RM49 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM96 Mil.
Total Receivables was RM151 Mil.
Revenue was RM1,699 Mil.
Gross Profit was RM28 Mil.
Total Current Assets was RM772 Mil.
Total Assets was RM939 Mil.
Property, Plant and Equipment(Net PPE) was RM163 Mil.
Depreciation, Depletion and Amortization(DDA) was RM23 Mil.
Selling, General, & Admin. Expense(SGA) was RM38 Mil.
Total Current Liabilities was RM60 Mil.
Long-Term Debt & Capital Lease Obligation was RM0 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)
=(129.937 / 1558.992) / (151.359 / 1698.63)
=0.083347 / 0.089107
=0.9354

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)
=(27.937 / 1698.63) / (78.8 / 1558.992)
=0.016447 / 0.050545
=0.3254

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 - (815.178 + 159.217) / 978.336) / (1 - (771.627 + 163.363) / 938.513)
=0.004028 / 0.003754
=1.073

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
=1558.992 / 1698.63
=0.9178

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))
=(22.545 / (22.545 + 163.363)) / (21.96 / (21.96 + 159.217))
=0.12127 / 0.121207
=1.0005

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)
=(39.392 / 1558.992) / (38.254 / 1698.63)
=0.025268 / 0.022521
=1.122

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 + 62.976) / 978.336) / ((0 + 59.529) / 938.513)
=0.064371 / 0.063429
=1.0149

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
=(49.478 - 0 - 95.726) / 978.336
=-0.047272

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.

CSC Steel Holdings Bhd has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.


CSC Steel Holdings Bhd Beneish M-Score Related Terms

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CSC Steel Holdings Bhd (XKLS:5094) Business Description

Traded in Other Exchanges
N/A
Address
180 Kawasan Industri Ayer Keroh, Ayer Keroh, Melaka, MYS, 75450
CSC Steel Holdings Bhd is an investment holding company. Its business segments include Cold rolled and coated steel products and Investment holding. A vast majority of the revenue is generated from the Cold rolled and coated steel products segment. Its products include hot-rolled pickled and oiled steel, cold-rolled steel, hot-dipped galvanized steel, pre-painted galvanized steel, and Medium & High Carbon Steel. The company's product brands include Realzinc and Realcolor. The revenue comes from Malaysia.

CSC Steel Holdings Bhd (XKLS:5094) Headlines

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