Iconic Worldwide Bhd (XKLS:9113) Beneish M-Score : -5.36 (As of May. 20, 2024)

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What is Iconic Worldwide 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 -5.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:9113' s Beneish M-Score Range Over the Past 10 Years
Min: -8.68 Med: -2.55 Max: 7.2
Current: -5.36

During the past 13 years, the highest Beneish M-Score of Iconic Worldwide Bhd was 7.20. The lowest was -8.68. And the median was -2.55.

Iconic Worldwide Bhd Beneish M-Score Historical Data

The historical data trend for Iconic Worldwide 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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Iconic Worldwide Bhd Beneish M-Score Chart

Iconic Worldwide Bhd Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-1.85

7.20

-2.26

-1.20

-5.36

Iconic Worldwide 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															-	-5.36	-	-	-

Competitive Comparison of Iconic Worldwide Bhd's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Iconic Worldwide 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.

Iconic Worldwide Bhd's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Iconic Worldwide Bhd's Beneish M-Score distribution charts can be found below:

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

Iconic Worldwide 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 Iconic Worldwide 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 * 0.325

0.528 * -3.4408

0.404 * 3.2943

0.892 * 0.8105

0.115 * 0.7185

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6344

4.679 * -0.114805

0.327 * 0.9943

-5.36

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was RM5.03 Mil.
Revenue was RM86.84 Mil.
Gross Profit was RM-6.53 Mil.
Total Current Assets was RM60.57 Mil.
Total Assets was RM302.20 Mil.
Property, Plant and Equipment(Net PPE) was RM221.12 Mil.
Depreciation, Depletion and Amortization(DDA) was RM8.26 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.26 Mil.
Total Current Liabilities was RM36.52 Mil.
Long-Term Debt & Capital Lease Obligation was RM85.43 Mil.
Net Income was RM-24.65 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM10.04 Mil.

Total Receivables was RM19.08 Mil.
Revenue was RM107.14 Mil.
Gross Profit was RM27.72 Mil.
Total Current Assets was RM125.52 Mil.
Total Assets was RM347.06 Mil.
Property, Plant and Equipment(Net PPE) was RM214.39 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.69 Mil.
Selling, General, & Admin. Expense(SGA) was RM13.79 Mil.
Total Current Liabilities was RM59.80 Mil.
Long-Term Debt & Capital Lease Obligation was RM81.06 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)
	=	(5.026 / 86.838)	/	(19.08 / 107.139)
	=	0.057878	/	0.178086
	=	0.325

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)
	=	(27.717 / 107.139)	/	(-6.529 / 86.838)
	=	0.258701	/	-0.075186
	=	-3.4408

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 - (60.57 + 221.12) / 302.2)	/	(1 - (125.522 + 214.39) / 347.062)
	=	0.067869	/	0.020602
	=	3.2943

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
	=	86.838	/	107.139
	=	0.8105

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))
	=	(5.694 / (5.694 + 214.39))	/	(8.259 / (8.259 + 221.12))
	=	0.025872	/	0.036006
	=	0.7185

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)
	=	(18.262 / 86.838)	/	(13.786 / 107.139)
	=	0.2103	/	0.128674
	=	1.6344

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)
	=	((85.432 + 36.52) / 302.2)	/	((81.056 + 59.801) / 347.062)
	=	0.403547	/	0.405855
	=	0.9943

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
	=	(-24.651 - 0	-	10.043)	/	302.2
	=	-0.114805

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.

Iconic Worldwide Bhd has a M-score of -5.36 suggests that the company is unlikely to be a manipulator.

Iconic Worldwide Bhd Beneish M-Score Related Terms

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Iconic Worldwide Bhd (XKLS:9113) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Iconic Worldwide Bhd (XKLS:9113) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No 1-2, Jalan Icon City, Icon City, Bukit Mertajam, PNG, MYS, 14000

Website

https://www.iconicworldwide.com.my

Iconic Worldwide Bhd is an investment holding company. The company is involved in tourism and property businesses. The company is organized into the following reportable segments: Property development including construction and sale of commercial properties which generates maximum revenue for the company; Manufacturing segment involved in the manufacturing of personal protective equipment, mainly disposable face masks and gloves; Tourism services engaged in the provision of tours and ticketing services, transportation services, hospitality services and trading of souvenirs, and other tourism-related products; and Others segment comprises investment holding, trading, warehousing, mobile crane services, timber log trading, sawmilling and manufacturing of downstream timber products.

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