Ranhill Utilities Bhd Beneish M-Score Historical Data
The historical data trend for Ranhill Utilities 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.
Ranhill Utilities Bhd Beneish M-Score Chart
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Ranhill Utilities 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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-3.21 |
-1.88 |
-2.57 |
-2.12 |
-2.37 |
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Ranhill Utilities 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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-2.12 |
-1.94 |
-2.34 |
-1.81 |
-2.37 |
Competitive Comparison of Ranhill Utilities Bhd's Beneish M-Score
For the Utilities - Regulated Water subindustry, Ranhill Utilities 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.
Ranhill Utilities Bhd's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Ranhill Utilities Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ranhill Utilities Bhd's Beneish M-Score falls into.
Ranhill Utilities 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 Ranhill Utilities 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 * 0.7977 | + | 0.528 * 1.1358 | + | 0.404 * 0.9467 | + | 0.892 * 1.3206 | + | 0.115 * 1.0974 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.05481 | - | 0.327 * 0.9008 |
| = | -2.37 |
* 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 RM647 Mil.
Revenue was 556.709 + 609.386 + 593.665 + 520.076 = RM2,280 Mil.
Gross Profit was 52.025 + 107.737 + 114.175 + 113.459 = RM387 Mil.
Total Current Assets was RM1,153 Mil.
Total Assets was RM2,961 Mil.
Property, Plant and Equipment(Net PPE) was RM360 Mil.
Depreciation, Depletion and Amortization(DDA) was RM410 Mil.
Selling, General, & Admin. Expense(SGA) was RM0 Mil.
Total Current Liabilities was RM748 Mil.
Long-Term Debt & Capital Lease Obligation was RM843 Mil.
Net Income was 19.43 + 10.224 + 12.057 + 11.12 = RM53 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 136.641 + -57.143 + 115.777 + 19.859 = RM215 Mil.
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Total Receivables was RM614 Mil.
Revenue was 440.557 + 433.989 + 458.38 + 393.415 = RM1,726 Mil.
Gross Profit was 30.717 + 97.797 + 108.682 + 95.996 = RM333 Mil.
Total Current Assets was RM1,303 Mil.
Total Assets was RM3,262 Mil.
Property, Plant and Equipment(Net PPE) was RM275 Mil.
Depreciation, Depletion and Amortization(DDA) was RM386 Mil.
Selling, General, & Admin. Expense(SGA) was RM261 Mil.
Total Current Liabilities was RM1,013 Mil.
Long-Term Debt & Capital Lease Obligation was RM933 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) |
| = | (646.768 / 2279.836) | / | (613.959 / 1726.341) |
| = | 0.283691 | / | 0.355642 |
| | = | 0.7977 |
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) |
| = | (333.192 / 1726.341) | / | (387.396 / 2279.836) |
| = | 0.193005 | / | 0.169923 |
| | = | 1.1358 |
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 - (1153.173 + 360.381) / 2961.181) | / | (1 - (1302.833 + 274.63) / 3261.724) |
| = | 0.488868 | / | 0.516371 |
| | = | 0.9467 |
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 |
| = | 2279.836 | / | 1726.341 |
| | = | 1.3206 |
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)) |
| = | (385.978 / (385.978 + 274.63)) | / | (410.353 / (410.353 + 360.381)) |
| = | 0.584277 | / | 0.532418 |
| | = | 1.0974 |
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) |
| = | (0 / 2279.836) | / | (260.708 / 1726.341) |
| = | 0 | / | 0.151018 |
| | = | 0 |
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) |
| = | ((843.165 + 747.817) / 2961.181) | / | ((932.715 + 1012.696) / 3261.724) |
| = | 0.53728 | / | 0.596436 |
| | = | 0.9008 |
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 |
| = | (52.831 - 0 | - | 215.134) | / | 2961.181 |
| | = | -0.05481 |
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.
Ranhill Utilities Bhd has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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