MN Holdings Bhd (XKLS:0245) Beneish M-Score : -1.82 (As of May. 26, 2024)

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What is MN 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 -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0245' s Beneish M-Score Range Over the Past 10 Years
Min: -1.82 Med: -1.62 Max: -1.14
Current: -1.82

During the past 6 years, the highest Beneish M-Score of MN Holdings Bhd was -1.14. The lowest was -1.82. And the median was -1.62.

MN Holdings Bhd Beneish M-Score Historical Data

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

MN Holdings Bhd Annual Data

Trend

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-1.14

MN Holdings Bhd Quarterly Data
	Jun18	Jun19	Jun20	Jun21	Oct21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial								-	-	-1.14	-1.62	-1.82

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

For the Engineering & Construction subindustry, MN 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.

MN Holdings Bhd's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, MN Holdings Bhd's Beneish M-Score distribution charts can be found below:

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

MN 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 MN 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 * 0.6441

0.528 * 0.9881

0.404 * 1.0117

0.892 * 1.8517

0.115 * 0.7139

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.143

4.679 * 0.060991

0.327 * 0.9979

-1.82

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM127.8 Mil.
Revenue was 74.923 + 55.148 + 50.613 + 45.779 = RM226.5 Mil.
Gross Profit was 12.788 + 10.9 + 10.835 + 9.822 = RM44.3 Mil.
Total Current Assets was RM153.3 Mil.
Total Assets was RM165.7 Mil.
Property, Plant and Equipment(Net PPE) was RM8.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM3.3 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.4 Mil.
Total Current Liabilities was RM81.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM4.0 Mil.
Net Income was 3.923 + 4.152 + 2.03 + 3.696 = RM13.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -4.748 + 1.894 + 3.233 + 3.314 = RM3.7 Mil.

Total Receivables was RM107.1 Mil.
Revenue was 41.002 + 27.059 + 25.128 + 29.108 = RM122.3 Mil.
Gross Profit was 7.825 + 5.284 + 4.983 + 5.571 = RM23.7 Mil.
Total Current Assets was RM125.2 Mil.
Total Assets was RM134.5 Mil.
Property, Plant and Equipment(Net PPE) was RM6.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM8.7 Mil.
Total Current Liabilities was RM66.5 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.8 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)
	=	(127.782 / 226.463)	/	(107.135 / 122.297)
	=	0.564251	/	0.876023
	=	0.6441

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)
	=	(23.663 / 122.297)	/	(44.345 / 226.463)
	=	0.193488	/	0.195816
	=	0.9881

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 - (153.297 + 8.517) / 165.73)	/	(1 - (125.246 + 6.136) / 134.524)
	=	0.023629	/	0.023356
	=	1.0117

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
	=	226.463	/	122.297
	=	1.8517

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))
	=	(1.537 / (1.537 + 6.136))	/	(3.322 / (3.322 + 8.517))
	=	0.200313	/	0.280598
	=	0.7139

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)
	=	(18.384 / 226.463)	/	(8.686 / 122.297)
	=	0.081179	/	0.071024
	=	1.143

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)
	=	((3.979 + 81.241) / 165.73)	/	((2.808 + 66.514) / 134.524)
	=	0.51421	/	0.515313
	=	0.9979

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
	=	(13.801 - 0	-	3.693)	/	165.73
	=	0.060991

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.

MN Holdings Bhd has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.

MN Holdings Bhd Beneish M-Score Related Terms

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MN Holdings Bhd (XKLS:0245) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » MN Holdings Bhd (XKLS:0245) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan USJ 25/1B, F-07-01, Garden Shoppe One City, Subang Jaya, SGR, MYS, 47650

Website

https://www.mnholdings.com.my

MN Holdings Bhd is principally involved in the provision of infrastructure utility services comprising underground utilities engineering services and solutions; substation engineering services and solutions and Investment holding. It generates maximum revenue from the underground utilities engineering segment, which is engaged in the provision of underground utilities engineering services and solutions. The Substation engineering segment is engaged in the provision of substation engineering services and solutions and trading and supplying.

MN Holdings Bhd (XKLS:0245) Headlines

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