SBC Bhd (XKLS:5207) Beneish M-Score : -2.95 (As of Jun. 08, 2024)

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What is SBC 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5207' s Beneish M-Score Range Over the Past 10 Years
Min: -4.79 Med: -2.31 Max: -0.97
Current: -2.95

During the past 13 years, the highest Beneish M-Score of SBC Bhd was -0.97. The lowest was -4.79. And the median was -2.31.

SBC Bhd Beneish M-Score Historical Data

The historical data trend for SBC 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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SBC Bhd Beneish M-Score Chart

SBC Bhd Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-0.97

-2.63

-2.95

-1.98

-2.95

SBC 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															-	-2.95	-	-	-

Competitive Comparison of SBC Bhd's Beneish M-Score

For the Real Estate - Development subindustry, SBC 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.

SBC Bhd's Beneish M-Score Distribution in the Real Estate Industry

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

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

SBC 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 SBC 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 * 1.0785

0.528 * 1.1519

0.404 * 1.0065

0.892 * 0.537

0.115 * 0.8089

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7725

4.679 * -0.013589

0.327 * 0.9897

-2.95

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was RM19.22 Mil.
Revenue was RM62.33 Mil.
Gross Profit was RM19.52 Mil.
Total Current Assets was RM253.67 Mil.
Total Assets was RM592.12 Mil.
Property, Plant and Equipment(Net PPE) was RM5.53 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.07 Mil.
Selling, General, & Admin. Expense(SGA) was RM16.40 Mil.
Total Current Liabilities was RM130.98 Mil.
Long-Term Debt & Capital Lease Obligation was RM45.91 Mil.
Net Income was RM-0.35 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM7.70 Mil.

Total Receivables was RM33.19 Mil.
Revenue was RM116.07 Mil.
Gross Profit was RM41.87 Mil.
Total Current Assets was RM258.66 Mil.
Total Assets was RM597.00 Mil.
Property, Plant and Equipment(Net PPE) was RM4.84 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.37 Mil.
Selling, General, & Admin. Expense(SGA) was RM17.24 Mil.
Total Current Liabilities was RM136.95 Mil.
Long-Term Debt & Capital Lease Obligation was RM43.25 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)
	=	(19.221 / 62.329)	/	(33.191 / 116.074)
	=	0.30838	/	0.285947
	=	1.0785

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)
	=	(41.868 / 116.074)	/	(19.518 / 62.329)
	=	0.360701	/	0.313145
	=	1.1519

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 - (253.674 + 5.528) / 592.115)	/	(1 - (258.657 + 4.844) / 597.003)
	=	0.562244	/	0.558627
	=	1.0065

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
	=	62.329	/	116.074
	=	0.537

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))
	=	(1.368 / (1.368 + 4.844))	/	(2.068 / (2.068 + 5.528))
	=	0.220219	/	0.272249
	=	0.8089

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)
	=	(16.404 / 62.329)	/	(17.235 / 116.074)
	=	0.263184	/	0.148483
	=	1.7725

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)
	=	((45.911 + 130.978) / 592.115)	/	((43.252 + 136.946) / 597.003)
	=	0.298741	/	0.301838
	=	0.9897

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
	=	(-0.348 - 0	-	7.698)	/	592.115
	=	-0.013589

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.

SBC Bhd has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.

SBC Bhd Beneish M-Score Related Terms

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SBC Bhd (XKLS:5207) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » SBC Corp Bhd (XKLS:5207) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

C-01, Concourse Level, PJX-HM Shah Tower, No. 16A, Persiaran Barat, Petaling Jaya, SGR, MYS, 46050

Website

http://www.sbcgroup.com.my

SBC Corp Bhd is an investment holding company, which engages in the construction and development of properties, and the provision of management and administrative services to its subsidiaries. It operates through the following segments: Construction, Property Development, and Investment. The Construction segment deals with earthworks and building contracts. The Property Development segment which contributes majorly to the firm's revenue focuses on the development of commercial and residential properties. The Investment segment involves investment activities and the provision of management and administrative services. The firm operates predominantly in Malaysia.

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