Rimbaco Group Global (HKSE:01953) Beneish M-Score : -1.97 (As of May. 30, 2024)

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What is Rimbaco Group Global 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 -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Rimbaco Group Global's Beneish M-Score or its related term are showing as below:

HKSE:01953' s Beneish M-Score Range Over the Past 10 Years
Min: -2.5 Med: -1.97 Max: 0.45
Current: -1.97

During the past 7 years, the highest Beneish M-Score of Rimbaco Group Global was 0.45. The lowest was -2.50. And the median was -1.97.

Rimbaco Group Global Beneish M-Score Historical Data

The historical data trend for Rimbaco Group Global'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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Rimbaco Group Global Beneish M-Score Chart

Rimbaco Group Global Annual Data

Trend

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Beneish M-Score

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-2.50

-2.05

-1.85

0.45

-1.97

Rimbaco Group Global Semi-Annual Data
	Oct17	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Beneish M-Score	Get a 7-Day Free Trial							-1.85	-	0.45	-	-1.97

Competitive Comparison of Rimbaco Group Global's Beneish M-Score

For the Engineering & Construction subindustry, Rimbaco Group Global'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.

Rimbaco Group Global's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Rimbaco Group Global's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rimbaco Group Global's Beneish M-Score falls into.

Rimbaco Group Global 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 Rimbaco Group Global 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 * 1.5642

0.528 * 0.1573

0.404 * 0.9907

0.892 * 1.0585

0.115 * 1.4446

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1101

4.679 * 0.094057

0.327 * 1.2494

-1.97

This Year (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was HK$408.7 Mil.
Revenue was HK$841.6 Mil.
Gross Profit was HK$55.6 Mil.
Total Current Assets was HK$536.7 Mil.
Total Assets was HK$574.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$22.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$14.9 Mil.
Total Current Liabilities was HK$318.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.8 Mil.
Net Income was HK$33.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-21.0 Mil.

Total Receivables was HK$246.9 Mil.
Revenue was HK$795.1 Mil.
Gross Profit was HK$8.3 Mil.
Total Current Assets was HK$445.0 Mil.
Total Assets was HK$474.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$17.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12.7 Mil.
Total Current Liabilities was HK$211.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
	=	(408.738 / 841.579)	/	(246.856 / 795.053)
	=	0.48568	/	0.31049
	=	1.5642

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)
	=	(8.26 / 795.053)	/	(55.571 / 841.579)
	=	0.010389	/	0.066032
	=	0.1573

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 - (536.745 + 22.858) / 574.043)	/	(1 - (444.968 + 17.312) / 474.323)
	=	0.025155	/	0.02539
	=	0.9907

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
	=	841.579	/	795.053
	=	1.0585

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))
	=	(6.854 / (6.854 + 17.312))	/	(5.584 / (5.584 + 22.858))
	=	0.283622	/	0.196329
	=	1.4446

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)
	=	(14.88 / 841.579)	/	(12.664 / 795.053)
	=	0.017681	/	0.015928
	=	1.1101

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)
	=	((0.849 + 318.75) / 574.043)	/	((0 + 211.361) / 474.323)
	=	0.556751	/	0.445606
	=	1.2494

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
	=	(32.986 - 0	-	-21.007)	/	574.043
	=	0.094057

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.

Rimbaco Group Global has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.

Rimbaco Group Global Beneish M-Score Related Terms

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Rimbaco Group Global (HKSE:01953) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Rimbaco Group Global Ltd (HKSE:01953) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Silver Square, Perak Road, 309-E, 1st floor, George Town, MYS, 10150

Website

https://www.rimbaco.com.my

Rimbaco Group Global Ltd is a Malaysia-based building construction contractor focusing on the provision of building construction services for factories, including low-rise processing facilities and manufacturing plants; and institutional, commercial, and/or residential buildings such as private hospitals, hotels, shopping malls, high-rise residential buildings, and commercial/residential complex. The company also undertakes small-scale ancillary construction works, including but not limited to renovation works, repair works, and electrical works.

Executives

Lai Swee Yin
Low Seah Sun	2201 Interest of corporation controlled by you
Rbc Venture Limited

Rimbaco Group Global (HKSE:01953) Headlines

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