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Petronas Dagangan Bhd (XKLS:5681) Beneish M-Score : -1.87 (As of May. 11, 2024)


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What is Petronas Dagangan 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 -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5681' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04   Med: -2.5   Max: -0.85
Current: -1.87

During the past 13 years, the highest Beneish M-Score of Petronas Dagangan Bhd was -0.85. The lowest was -4.04. And the median was -2.50.


Petronas Dagangan Bhd Beneish M-Score Historical Data

The historical data trend for Petronas Dagangan 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.

Petronas Dagangan Bhd Beneish M-Score Chart

Petronas Dagangan 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 -4.04 -2.72 -0.85 -1.74 -1.87

Petronas Dagangan 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 -1.74 - - - -1.87

Competitive Comparison of Petronas Dagangan Bhd's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Petronas Dagangan 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.


Petronas Dagangan Bhd's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Petronas Dagangan Bhd's Beneish M-Score distribution charts can be found below:

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



Petronas Dagangan 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 Petronas Dagangan 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 * 1.3689+0.528 * 0.9311+0.404 * 0.7284+0.892 * 1.0218+0.115 * 0.9529
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0404+4.679 * 0.089695-0.327 * 1.0166
=-1.87

* 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 RM5,634 Mil.
Revenue was RM37,549 Mil.
Gross Profit was RM4,010 Mil.
Total Current Assets was RM7,306 Mil.
Total Assets was RM11,487 Mil.
Property, Plant and Equipment(Net PPE) was RM4,117 Mil.
Depreciation, Depletion and Amortization(DDA) was RM463 Mil.
Selling, General, & Admin. Expense(SGA) was RM2,973 Mil.
Total Current Liabilities was RM5,440 Mil.
Long-Term Debt & Capital Lease Obligation was RM100 Mil.
Net Income was RM943 Mil.
Gross Profit was RM0 Mil.
Cash Flow from Operations was RM-87 Mil.
Total Receivables was RM4,028 Mil.
Revenue was RM36,749 Mil.
Gross Profit was RM3,654 Mil.
Total Current Assets was RM7,057 Mil.
Total Assets was RM11,258 Mil.
Property, Plant and Equipment(Net PPE) was RM4,115 Mil.
Depreciation, Depletion and Amortization(DDA) was RM439 Mil.
Selling, General, & Admin. Expense(SGA) was RM2,797 Mil.
Total Current Liabilities was RM5,206 Mil.
Long-Term Debt & Capital Lease Obligation was RM135 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)
=(5634.024 / 37549.338) / (4027.89 / 36748.896)
=0.150043 / 0.109606
=1.3689

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)
=(3654.085 / 36748.896) / (4009.926 / 37549.338)
=0.099434 / 0.106791
=0.9311

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 - (7306.456 + 4116.879) / 11486.959) / (1 - (7056.59 + 4115.346) / 11257.537)
=0.005539 / 0.007604
=0.7284

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
=37549.338 / 36748.896
=1.0218

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))
=(438.86 / (438.86 + 4115.346)) / (463.144 / (463.144 + 4116.879))
=0.096364 / 0.101123
=0.9529

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)
=(2973.391 / 37549.338) / (2796.936 / 36748.896)
=0.079186 / 0.076109
=1.0404

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)
=((99.823 + 5440.276) / 11486.959) / ((134.947 + 5205.833) / 11257.537)
=0.482295 / 0.474418
=1.0166

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
=(943.076 - 0 - -87.245) / 11486.959
=0.089695

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.

Petronas Dagangan Bhd has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.


Petronas Dagangan Bhd Beneish M-Score Related Terms

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Petronas Dagangan Bhd (XKLS:5681) Business Description

Traded in Other Exchanges
N/A
Address
Tower 1, Petronas Twin Towers, Level 30-33, Kuala Lumpur City Centre, Kuala Lumpur, MYS, 50088
Petronas Dagangan Bhd offers a variety of petroleum products and services to retail and industrial customers. As the leading revenue generator, retail operations are the leading focus of the company. In Malaysia, the retail business includes hundreds of retail stations that also serve as convenience stores. As a compliment to its network of retail stations, Petronas offers a loyalty program that allows members to accumulate points and redeem either fuel or selected items. The company's other businesses include a commercial unit, liquefied petroleum gas unit, and a lubricants business. Through the commercial business, Petronas markets petroleum products in bulk to manufacturing, aviation, power, energy, agriculture, fisheries, and transportation segments.

Petronas Dagangan Bhd (XKLS:5681) Headlines

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