Muda Holdings Bhd Beneish M-Score Historical Data
The historical data trend for Muda 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.
Muda Holdings Bhd Beneish M-Score Chart
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Muda Holdings 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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-2.77 |
-2.34 |
-2.56 |
-2.62 |
-2.96 |
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Muda Holdings Bhd Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.59 |
-2.67 |
-2.91 |
-2.96 |
-3.09 |
Competitive Comparison of Muda Holdings Bhd's Beneish M-Score
For the Paper & Paper Products subindustry, Muda 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.
Muda Holdings Bhd's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Muda Holdings Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Muda Holdings Bhd's Beneish M-Score falls into.
Muda 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 Muda Holdings 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 * 1.0649 | + | 0.528 * 0.8166 | + | 0.404 * 0.5601 | + | 0.892 * 0.8829 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1072 | + | 4.679 * -0.055247 | - | 0.327 * 1.0302 |
| = | -3.09 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was RM284 Mil.
Revenue was 360.295 + 438.15 + 341.475 + 346.413 = RM1,486 Mil.
Gross Profit was 45.548 + 71.334 + 39.629 + 30.981 = RM187 Mil.
Total Current Assets was RM787 Mil.
Total Assets was RM2,345 Mil.
Property, Plant and Equipment(Net PPE) was RM1,530 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM200 Mil.
Total Current Liabilities was RM737 Mil.
Long-Term Debt & Capital Lease Obligation was RM137 Mil.
Net Income was 0.956 + 6.046 + -6.624 + -12.686 = RM-12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 17.047 + 102.659 + -31.345 + 28.871 = RM117 Mil.
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Total Receivables was RM302 Mil.
Revenue was 379.389 + 447.909 + 419.484 + 436.608 = RM1,683 Mil.
Gross Profit was 23.532 + 51.246 + 48.071 + 50.548 = RM173 Mil.
Total Current Assets was RM807 Mil.
Total Assets was RM2,376 Mil.
Property, Plant and Equipment(Net PPE) was RM1,520 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0 Mil.
Selling, General, & Admin. Expense(SGA) was RM205 Mil.
Total Current Liabilities was RM727 Mil.
Long-Term Debt & Capital Lease Obligation was RM133 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) |
| = | (284.01 / 1486.333) | / | (302.051 / 1683.39) |
| = | 0.191081 | / | 0.17943 |
| | = | 1.0649 |
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) |
| = | (173.397 / 1683.39) | / | (187.492 / 1486.333) |
| = | 0.103005 | / | 0.126144 |
| | = | 0.8166 |
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 - (787.203 + 1529.784) / 2344.73) | / | (1 - (806.541 + 1519.531) / 2376.273) |
| = | 0.011832 | / | 0.021126 |
| | = | 0.5601 |
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 |
| = | 1486.333 | / | 1683.39 |
| | = | 0.8829 |
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)) |
| = | (0 / (0 + 1519.531)) | / | (0 / (0 + 1529.784)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (200.324 / 1486.333) | / | (204.921 / 1683.39) |
| = | 0.134777 | / | 0.121731 |
| | = | 1.1072 |
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) |
| = | ((136.588 + 737.389) / 2344.73) | / | ((133.148 + 726.639) / 2376.273) |
| = | 0.372741 | / | 0.361822 |
| | = | 1.0302 |
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 |
| = | (-12.308 - 0 | - | 117.232) | / | 2344.73 |
| | = | -0.055247 |
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.
Muda Holdings Bhd has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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