Zecon Bhd Beneish M-Score Historical Data
The historical data trend for Zecon 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.
Zecon Bhd Beneish M-Score Chart
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Zecon Bhd Annual Data
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Trend |
Dec11 |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.49 |
-3.96 |
-2.01 |
-2.68 |
-2.71 |
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Zecon Bhd Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.02 |
-1.09 |
-1.27 |
-2.71 |
-2.83 |
Competitive Comparison of Zecon Bhd's Beneish M-Score
For the Engineering & Construction subindustry, Zecon 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.
Zecon Bhd's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Zecon Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zecon Bhd's Beneish M-Score falls into.
Zecon 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 Zecon 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 * 1.2293 | + | 0.528 * 0.5689 | + | 0.404 * 0.9933 | + | 0.892 * 0.8408 | + | 0.115 * 0.8492 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3489 | + | 4.679 * -0.024305 | - | 0.327 * 0.9959 |
| = | -2.83 |
* 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 RM153.25 Mil.
Revenue was 13.895 + 19.167 + 18.609 + 22.935 = RM74.61 Mil.
Gross Profit was 8.709 + 18.633 + 1.321 + 9.579 = RM38.24 Mil.
Total Current Assets was RM196.00 Mil.
Total Assets was RM1,538.99 Mil.
Property, Plant and Equipment(Net PPE) was RM7.17 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.59 Mil.
Selling, General, & Admin. Expense(SGA) was RM32.60 Mil.
Total Current Liabilities was RM1,011.03 Mil.
Long-Term Debt & Capital Lease Obligation was RM2.77 Mil.
Net Income was 0.111 + 9.114 + -8.215 + -0.251 = RM0.76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 11.342 + 6.46 + 9.898 + 10.464 = RM38.16 Mil.
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Total Receivables was RM148.25 Mil.
Revenue was 22.939 + 11.895 + 26.403 + 27.49 = RM88.73 Mil.
Gross Profit was 9.57 + -3.038 + 8.757 + 10.584 = RM25.87 Mil.
Total Current Assets was RM191.85 Mil.
Total Assets was RM1,576.20 Mil.
Property, Plant and Equipment(Net PPE) was RM7.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.27 Mil.
Selling, General, & Admin. Expense(SGA) was RM28.74 Mil.
Total Current Liabilities was RM1,039.11 Mil.
Long-Term Debt & Capital Lease Obligation was RM3.49 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) |
| = | (153.247 / 74.606) | / | (148.253 / 88.727) |
| = | 2.054084 | / | 1.670889 |
| | = | 1.2293 |
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) |
| = | (25.873 / 88.727) | / | (38.242 / 74.606) |
| = | 0.291602 | / | 0.512586 |
| | = | 0.5689 |
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 - (196.003 + 7.168) / 1538.985) | / | (1 - (191.848 + 6.998) / 1576.2) |
| = | 0.867984 | / | 0.873845 |
| | = | 0.9933 |
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 |
| = | 74.606 | / | 88.727 |
| | = | 0.8408 |
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)) |
| = | (1.274 / (1.274 + 6.998)) | / | (1.588 / (1.588 + 7.168)) |
| = | 0.154014 | / | 0.181361 |
| | = | 0.8492 |
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) |
| = | (32.599 / 74.606) | / | (28.742 / 88.727) |
| = | 0.436949 | / | 0.323937 |
| | = | 1.3489 |
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) |
| = | ((2.766 + 1011.03) / 1538.985) | / | ((3.486 + 1039.113) / 1576.2) |
| = | 0.658743 | / | 0.661464 |
| | = | 0.9959 |
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 |
| = | (0.759 - 0 | - | 38.164) | / | 1538.985 |
| | = | -0.024305 |
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.
Zecon Bhd has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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