Kretam Holdings Bhd Beneish M-Score Historical Data
The historical data trend for Kretam 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.
Kretam Holdings Bhd Beneish M-Score Chart
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Kretam 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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-5.12 |
-2.88 |
-1.70 |
-2.48 |
-1.84 |
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Kretam Holdings Bhd Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.00 |
-1.82 |
-1.32 |
-1.84 |
Competitive Comparison of Kretam Holdings Bhd's Beneish M-Score
For the Farm Products subindustry, Kretam 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.
Kretam Holdings Bhd's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kretam Holdings Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kretam Holdings Bhd's Beneish M-Score falls into.
Kretam 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 Kretam 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 * 1.3136 | + | 0.528 * 1.1369 | + | 0.404 * 1.925 | + | 0.892 * 0.9215 | + | 0.115 * 1.0658 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0712 | + | 4.679 * -0.005461 | - | 0.327 * 0.9878 |
| = | -1.84 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was RM92.4 Mil.
Revenue was 237.027 + 170.785 + 197.509 + 178.969 = RM784.3 Mil.
Gross Profit was 36.626 + 26.698 + 13.636 + 32.601 = RM109.6 Mil.
Total Current Assets was RM407.7 Mil.
Total Assets was RM1,127.0 Mil.
Property, Plant and Equipment(Net PPE) was RM561.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM45.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.9 Mil.
Total Current Liabilities was RM115.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM34.8 Mil.
Net Income was 56.081 + 24.813 + 2.951 + 24.494 = RM108.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 67.273 + -11.615 + 52.447 + 6.389 = RM114.5 Mil.
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Total Receivables was RM76.3 Mil.
Revenue was 176.673 + 159.596 + 268.317 + 246.504 = RM851.1 Mil.
Gross Profit was 33.737 + -15.03 + 56.886 + 59.577 = RM135.2 Mil.
Total Current Assets was RM399.0 Mil.
Total Assets was RM1,024.9 Mil.
Property, Plant and Equipment(Net PPE) was RM551.2 Mil.
Depreciation, Depletion and Amortization(DDA) was RM48.2 Mil.
Selling, General, & Admin. Expense(SGA) was RM19.2 Mil.
Total Current Liabilities was RM99.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM38.6 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) |
| = | (92.379 / 784.29) | / | (76.314 / 851.09) |
| = | 0.117787 | / | 0.089666 |
| | = | 1.3136 |
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) |
| = | (135.17 / 851.09) | / | (109.561 / 784.29) |
| = | 0.15882 | / | 0.139695 |
| | = | 1.1369 |
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 - (407.669 + 561.233) / 1126.982) | / | (1 - (398.966 + 551.207) / 1024.851) |
| = | 0.140268 | / | 0.072867 |
| | = | 1.925 |
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 |
| = | 784.29 | / | 851.09 |
| | = | 0.9215 |
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)) |
| = | (48.193 / (48.193 + 551.207)) | / | (45.792 / (45.792 + 561.233)) |
| = | 0.080402 | / | 0.075437 |
| | = | 1.0658 |
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) |
| = | (18.947 / 784.29) | / | (19.195 / 851.09) |
| = | 0.024158 | / | 0.022553 |
| | = | 1.0712 |
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) |
| = | ((34.814 + 115.351) / 1126.982) | / | ((38.553 + 99.692) / 1024.851) |
| = | 0.133245 | / | 0.134893 |
| | = | 0.9878 |
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 |
| = | (108.339 - 0 | - | 114.494) | / | 1126.982 |
| | = | -0.005461 |
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.
Kretam Holdings Bhd has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.
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