Q Holding PJSC Beneish M-Score Historical Data
The historical data trend for Q Holding PJSC'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.
Q Holding PJSC Beneish M-Score Chart
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Q Holding PJSC Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
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-2.62 |
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Q Holding PJSC Quarterly Data
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Dec16 |
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Jun19 |
Dec19 |
Jun20 |
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Mar21 |
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Mar22 |
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Jun23 |
Dec23 |
| Beneish M-Score |
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- |
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-2.62 |
1.70 |
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Competitive Comparison of Q Holding PJSC's Beneish M-Score
For the Real Estate Services subindustry, Q Holding PJSC'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.
Q Holding PJSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Q Holding PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Q Holding PJSC's Beneish M-Score falls into.
Q Holding PJSC 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 Q Holding PJSC 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 * 0.3269 | + | 0.528 * 1.0259 | + | 0.404 * 0.8024 | + | 0.892 * 6.4783 | + | 0.115 * 0.6079 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.2549 | + | 4.679 * 0.062134 | - | 0.327 * 0.6399 |
| = | 1.70 |
* 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 (Jun23) TTM: | Last Year (Dec21) TTM: |
Total Receivables was د.إ1,097.9 Mil.
Revenue was 295.822 + 0 + 26.646 + 201.789 = د.إ524.3 Mil.
Gross Profit was 77.016 + 0 + -9.749 + 158.047 = د.إ225.3 Mil.
Total Current Assets was د.إ9,742.8 Mil.
Total Assets was د.إ19,317.2 Mil.
Property, Plant and Equipment(Net PPE) was د.إ612.2 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ16.9 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ6.3 Mil.
Total Current Liabilities was د.إ3,230.8 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ1,577.3 Mil.
Net Income was 511.548 + 0 + 525.772 + 127.581 = د.إ1,164.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0.0 Mil.
Cash Flow from Operations was 0 + 0 + 43.625 + -78.976 = د.إ-35.4 Mil.
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Total Receivables was د.إ518.5 Mil.
Revenue was 0 + 31.967 + 48.958 + 0 = د.إ80.9 Mil.
Gross Profit was 0 + 15.955 + 19.726 + 0 = د.إ35.7 Mil.
Total Current Assets was د.إ4,517.9 Mil.
Total Assets was د.إ12,580.5 Mil.
Property, Plant and Equipment(Net PPE) was د.إ788.4 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ13.1 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.3 Mil.
Total Current Liabilities was د.إ2,679.6 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ2,213.9 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) |
| = | (1097.943 / 524.257) | / | (518.521 / 80.925) |
| = | 2.094284 | / | 6.407427 |
| | = | 0.3269 |
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) |
| = | (35.681 / 80.925) | / | (225.314 / 524.257) |
| = | 0.440914 | / | 0.429778 |
| | = | 1.0259 |
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 - (9742.762 + 612.226) / 19317.178) | / | (1 - (4517.911 + 788.412) / 12580.545) |
| = | 0.463949 | / | 0.578212 |
| | = | 0.8024 |
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 |
| = | 524.257 | / | 80.925 |
| | = | 6.4783 |
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)) |
| = | (13.119 / (13.119 + 788.412)) | / | (16.941 / (16.941 + 612.226)) |
| = | 0.016367 | / | 0.026926 |
| | = | 0.6079 |
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) |
| = | (6.346 / 524.257) | / | (0.301 / 80.925) |
| = | 0.012105 | / | 0.003719 |
| | = | 3.2549 |
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) |
| = | ((1577.257 + 3230.764) / 19317.178) | / | ((2213.861 + 2679.614) / 12580.545) |
| = | 0.248899 | / | 0.388972 |
| | = | 0.6399 |
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 |
| = | (1164.901 - 0 | - | -35.351) | / | 19317.178 |
| | = | 0.062134 |
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.
Q Holding PJSC has a M-score of 1.70 signals that the company is likely to be a manipulator.
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