Emico Holdings Bhd (XKLS:9091) Beneish M-Score : -2.85 (As of May. 24, 2024)

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What is Emico Holdings 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:9091' s Beneish M-Score Range Over the Past 10 Years
Min: -21.71 Med: -2.66 Max: -1.9
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Emico Holdings Bhd was -1.90. The lowest was -21.71. And the median was -2.66.

Emico Holdings Bhd Beneish M-Score Historical Data

The historical data trend for Emico Holdings 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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Emico Holdings Bhd Beneish M-Score Chart

Emico Holdings Bhd Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.62

-2.68

-2.20

-2.00

-21.71

Emico Holdings 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															-2.70	-21.71	-4.68	-3.14	-2.85

Competitive Comparison of Emico Holdings Bhd's Beneish M-Score

For the Leisure subindustry, Emico Holdings 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.

Emico Holdings Bhd's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Emico Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

Emico Holdings 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 Emico Holdings 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 * 1.1913

0.528 * 0.8153

0.404 * 1.0978

0.892 * 0.986

0.115 * 1.0041

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.8167

4.679 * -0.004334

0.327 * 0.9053

-2.85

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM11.33 Mil.
Revenue was 17.536 + 15.091 + 13.185 + 13.922 = RM59.73 Mil.
Gross Profit was 4.721 + 3.329 + 3.166 + 11.269 = RM22.49 Mil.
Total Current Assets was RM58.62 Mil.
Total Assets was RM87.44 Mil.
Property, Plant and Equipment(Net PPE) was RM27.62 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.02 Mil.
Selling, General, & Admin. Expense(SGA) was RM8.24 Mil.
Total Current Liabilities was RM14.97 Mil.
Long-Term Debt & Capital Lease Obligation was RM6.39 Mil.
Net Income was 1.161 + 1.665 + 0.918 + -0.902 = RM2.84 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 1.91 + 1.022 + 1.139 + -0.85 = RM3.22 Mil.

Total Receivables was RM9.64 Mil.
Revenue was 15.47 + 17.865 + 13.945 + 13.3 = RM60.58 Mil.
Gross Profit was 3.771 + 4.636 + 1.528 + 8.656 = RM18.59 Mil.
Total Current Assets was RM58.50 Mil.
Total Assets was RM83.39 Mil.
Property, Plant and Equipment(Net PPE) was RM23.85 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.62 Mil.
Selling, General, & Admin. Expense(SGA) was RM2.19 Mil.
Total Current Liabilities was RM17.01 Mil.
Long-Term Debt & Capital Lease Obligation was RM5.49 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)
	=	(11.326 / 59.734)	/	(9.642 / 60.58)
	=	0.189607	/	0.159161
	=	1.1913

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)
	=	(18.591 / 60.58)	/	(22.485 / 59.734)
	=	0.306883	/	0.376419
	=	0.8153

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 - (58.618 + 27.621) / 87.442)	/	(1 - (58.495 + 23.846) / 83.386)
	=	0.013758	/	0.012532
	=	1.0978

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
	=	59.734	/	60.58
	=	0.986

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))
	=	(2.619 / (2.619 + 23.846))	/	(3.02 / (3.02 + 27.621))
	=	0.098961	/	0.098561
	=	1.0041

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)
	=	(8.238 / 59.734)	/	(2.189 / 60.58)
	=	0.137911	/	0.036134
	=	3.8167

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)
	=	((6.386 + 14.973) / 87.442)	/	((5.489 + 17.011) / 83.386)
	=	0.244265	/	0.269829
	=	0.9053

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
	=	(2.842 - 0	-	3.221)	/	87.442
	=	-0.004334

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.

Emico Holdings Bhd has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

Emico Holdings Bhd Beneish M-Score Related Terms

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Emico Holdings Bhd (XKLS:9091) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Emico Holdings Bhd (XKLS:9091) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

18 Lebuhraya Kampung Jawa, Bayan Lepas, PNG, MYS, 11900

Website

https://www.emico.com.my

Emico Holdings Bhd is a Malaysian company that manufactures trophies and souvenirs, contract manufacturing, trading of home furnishing and household products and property development. It has three operating segments that are consumable products, property development and investment holding. Business manufacturing facilities are in Bayan Lepas Industrial Area, Penang. The property development projects are located in Sungai Petani and Langkawi, Kedah. It has business operations across Europe, Malaysia, and other countries. The company generates the majority of its revenue from the consumable products segment, which is engaged in the Manufacturing and trading of consumable products. Geographically the company generates the majority of its revenue from Europe.

Emico Holdings Bhd (XKLS:9091) Headlines

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