Betamek Bhd (XKLS:0263) Beneish M-Score : -1.85 (As of Jun. 05, 2024)

View and export this data going back to 2022. Start your Free Trial

What is Betamek 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 -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:0263' s Beneish M-Score Range Over the Past 10 Years
Min: -1.85 Med: -1.85 Max: -1.85
Current: -1.85

During the past 4 years, the highest Beneish M-Score of Betamek Bhd was -1.85. The lowest was -1.85. And the median was -1.85.

Betamek Bhd Beneish M-Score Historical Data

The historical data trend for Betamek 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.

* Premium members only.

Betamek Bhd Beneish M-Score Chart

Betamek Bhd Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Beneish M-Score

Betamek Bhd Quarterly Data
	Mar19	Mar20	Mar21	Mar22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-	-1.85

Competitive Comparison of Betamek Bhd's Beneish M-Score

For the Auto Parts subindustry, Betamek 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.

Betamek Bhd's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Betamek Bhd's Beneish M-Score distribution charts can be found below:

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

Betamek 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 Betamek 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 * 0.6033

0.528 * 0.9795

0.404 * 0.7848

0.892 * 2.1482

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6793

4.679 * -0.000787

0.327 * 0.9501

-1.85

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM32.8 Mil.
Revenue was 59.219 + 63.347 + 43.446 + 55.946 = RM222.0 Mil.
Gross Profit was 9.187 + 9.96 + 7.962 + 11.114 = RM38.2 Mil.
Total Current Assets was RM146.6 Mil.
Total Assets was RM186.9 Mil.
Property, Plant and Equipment(Net PPE) was RM36.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM4.1 Mil.
Selling, General, & Admin. Expense(SGA) was RM9.9 Mil.
Total Current Liabilities was RM25.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.1 Mil.
Net Income was 5.045 + 5.67 + 4.79 + 5.707 = RM21.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 2.072 + 12.23 + 2.649 + 4.408 = RM21.4 Mil.

Total Receivables was RM25.3 Mil.
Revenue was 54.726 + 48.598 + 0 + 0 = RM103.3 Mil.
Gross Profit was 8.81 + 8.618 + 0 + 0 = RM17.4 Mil.
Total Current Assets was RM129.5 Mil.
Total Assets was RM171.7 Mil.
Property, Plant and Equipment(Net PPE) was RM37.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM6.8 Mil.
Total Current Liabilities was RM24.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM10.9 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)
	=	(32.81 / 221.958)	/	(25.315 / 103.324)
	=	0.147821	/	0.245006
	=	0.6033

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)
	=	(17.428 / 103.324)	/	(38.223 / 221.958)
	=	0.168673	/	0.172208
	=	0.9795

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 - (146.641 + 36.107) / 186.865)	/	(1 - (129.492 + 37.353) / 171.664)
	=	0.022032	/	0.028072
	=	0.7848

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
	=	221.958	/	103.324
	=	2.1482

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 + 37.353))	/	(4.118 / (4.118 + 36.107))
	=	0	/	0.102374
	=	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)
	=	(9.853 / 221.958)	/	(6.752 / 103.324)
	=	0.044391	/	0.065348
	=	0.6793

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)
	=	((10.129 + 25.909) / 186.865)	/	((10.891 + 23.955) / 171.664)
	=	0.192856	/	0.20299
	=	0.9501

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
	=	(21.212 - 0	-	21.359)	/	186.865
	=	-0.000787

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.

Betamek Bhd has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.

Betamek Bhd Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Betamek Bhd's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Betamek Bhd (XKLS:0263) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Betamek Bhd (XKLS:0263) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Taman Industri Integrasi Rawang, Lingkaran Taman Industri Integrasi Rawang 2, Lot 137, Rawang, SGR, MYS, 48000

Website

https://www.betamek.com.my

Betamek Bhd is actively involved in automotive electronics product design and manufacturing, working closely with customers in Malaysia, Japan, and Indonesia. It offers products such as CD changers, car clocks, air purifiers, switches, lighter/power sockets, roof-mounted monitors, speakers, USB chargers, digital air-conditioning controllers, and other electronic accessories. The company operates in three segments Vehicle audio and visual products, Vehicle accessories, and Investment holding and the majority of revenue generates from Vehicle audio and visual products.

Betamek Bhd (XKLS:0263) Headlines

No Headlines