Kumpulan Fima Bhd Beneish M-Score Historical Data
The historical data trend for Kumpulan Fima 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.
Kumpulan Fima Bhd Beneish M-Score Chart
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Kumpulan Fima Bhd Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.52 |
-2.63 |
-3.19 |
-3.00 |
-2.38 |
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Kumpulan Fima 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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-2.50 |
-2.38 |
-2.52 |
-2.90 |
-2.75 |
Competitive Comparison of Kumpulan Fima Bhd's Beneish M-Score
For the Conglomerates subindustry, Kumpulan Fima 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.
Kumpulan Fima Bhd's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Kumpulan Fima Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kumpulan Fima Bhd's Beneish M-Score falls into.
Kumpulan Fima 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 Kumpulan Fima 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 * 1.0291 | + | 0.528 * 1.1037 | + | 0.404 * 0.914 | + | 0.892 * 0.972 | + | 0.115 * 1.063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2273 | + | 4.679 * -0.053154 | - | 0.327 * 1.0459 |
| = | -2.75 |
* 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 RM141.4 Mil.
Revenue was 191.408 + 150.305 + 123.781 + 209.312 = RM674.8 Mil.
Gross Profit was 70.732 + 73.269 + 45.569 + 65.172 = RM254.7 Mil.
Total Current Assets was RM568.1 Mil.
Total Assets was RM1,669.5 Mil.
Property, Plant and Equipment(Net PPE) was RM979.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM45.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM129.5 Mil.
Total Current Liabilities was RM164.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM261.1 Mil.
Net Income was 21.711 + 24.586 + 9.658 + 6.99 = RM62.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 50.107 + 62.548 + 0.834 + 38.196 = RM151.7 Mil.
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Total Receivables was RM141.4 Mil.
Revenue was 157.027 + 163.484 + 179.923 + 193.837 = RM694.3 Mil.
Gross Profit was 65.554 + 59.057 + 70.897 + 93.756 = RM289.3 Mil.
Total Current Assets was RM613.8 Mil.
Total Assets was RM1,606.4 Mil.
Property, Plant and Equipment(Net PPE) was RM864.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM42.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM108.5 Mil.
Total Current Liabilities was RM165.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM226.0 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) |
| = | (141.421 / 674.806) | / | (141.38 / 694.271) |
| = | 0.209573 | / | 0.203638 |
| | = | 1.0291 |
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) |
| = | (289.264 / 694.271) | / | (254.742 / 674.806) |
| = | 0.416644 | / | 0.377504 |
| | = | 1.1037 |
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 - (568.05 + 979.896) / 1669.499) | / | (1 - (613.814 + 864.591) / 1606.374) |
| = | 0.072808 | / | 0.079663 |
| | = | 0.914 |
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 |
| = | 674.806 | / | 694.271 |
| | = | 0.972 |
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)) |
| = | (42.599 / (42.599 + 864.591)) | / | (45.284 / (45.284 + 979.896)) |
| = | 0.046957 | / | 0.044172 |
| | = | 1.063 |
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) |
| = | (129.465 / 674.806) | / | (108.533 / 694.271) |
| = | 0.191855 | / | 0.156327 |
| | = | 1.2273 |
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) |
| = | ((261.148 + 164.429) / 1669.499) | / | ((226.04 + 165.458) / 1606.374) |
| = | 0.254913 | / | 0.243715 |
| | = | 1.0459 |
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 |
| = | (62.945 - 0 | - | 151.685) | / | 1669.499 |
| | = | -0.053154 |
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.
Kumpulan Fima Bhd has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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