D&O Green Technologies Bhd Beneish M-Score Historical Data
The historical data trend for D&O Green Technologies 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.
D&O Green Technologies Bhd Beneish M-Score Chart
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D&O Green Technologies 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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-2.52 |
-2.20 |
-2.16 |
-2.02 |
-2.23 |
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D&O Green Technologies 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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-2.02 |
-2.12 |
-1.97 |
-1.95 |
-2.23 |
Competitive Comparison of D&O Green Technologies Bhd's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, D&O Green Technologies 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.
D&O Green Technologies Bhd's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, D&O Green Technologies Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where D&O Green Technologies Bhd's Beneish M-Score falls into.
D&O Green Technologies 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 D&O Green Technologies 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 * 0.9576 | + | 0.528 * 1.2804 | + | 0.404 * 1.2625 | + | 0.892 * 1.0342 | + | 0.115 * 0.8541 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9448 | + | 4.679 * 0.006289 | - | 0.327 * 1.0571 |
| = | -2.23 |
* 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 RM276 Mil.
Revenue was 309.971 + 271.951 + 219.969 + 214.723 = RM1,017 Mil.
Gross Profit was 76.238 + 65.141 + 35.659 + 33.869 = RM211 Mil.
Total Current Assets was RM1,134 Mil.
Total Assets was RM1,776 Mil.
Property, Plant and Equipment(Net PPE) was RM532 Mil.
Depreciation, Depletion and Amortization(DDA) was RM79 Mil.
Selling, General, & Admin. Expense(SGA) was RM71 Mil.
Total Current Liabilities was RM648 Mil.
Long-Term Debt & Capital Lease Obligation was RM138 Mil.
Net Income was 24.319 + 18.245 + 0.716 + 0.863 = RM44 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 45.31 + 10.778 + -25.169 + 2.053 = RM33 Mil.
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Total Receivables was RM279 Mil.
Revenue was 247.202 + 252.159 + 242.062 + 241.604 = RM983 Mil.
Gross Profit was 57.04 + 69.076 + 67.564 + 67.435 = RM261 Mil.
Total Current Assets was RM1,003 Mil.
Total Assets was RM1,599 Mil.
Property, Plant and Equipment(Net PPE) was RM518 Mil.
Depreciation, Depletion and Amortization(DDA) was RM64 Mil.
Selling, General, & Admin. Expense(SGA) was RM73 Mil.
Total Current Liabilities was RM534 Mil.
Long-Term Debt & Capital Lease Obligation was RM135 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) |
| = | (276.42 / 1016.614) | / | (279.124 / 983.027) |
| = | 0.271903 | / | 0.283943 |
| | = | 0.9576 |
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) |
| = | (261.115 / 983.027) | / | (210.907 / 1016.614) |
| = | 0.265623 | / | 0.20746 |
| | = | 1.2804 |
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 - (1134.207 + 532.38) / 1776.311) | / | (1 - (1003.101 + 517.544) / 1598.874) |
| = | 0.061771 | / | 0.048928 |
| | = | 1.2625 |
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 |
| = | 1016.614 | / | 983.027 |
| | = | 1.0342 |
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)) |
| = | (63.982 / (63.982 + 517.544)) | / | (78.724 / (78.724 + 532.38)) |
| = | 0.110024 | / | 0.128823 |
| | = | 0.8541 |
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) |
| = | (71.174 / 1016.614) | / | (72.841 / 983.027) |
| = | 0.070011 | / | 0.074099 |
| | = | 0.9448 |
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) |
| = | ((137.964 + 647.707) / 1776.311) | / | ((135.418 + 533.57) / 1598.874) |
| = | 0.442305 | / | 0.418412 |
| | = | 1.0571 |
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 |
| = | (44.143 - 0 | - | 32.972) | / | 1776.311 |
| | = | 0.006289 |
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.
D&O Green Technologies Bhd has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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