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Comfort Gloves Bhd (XKLS:2127) Beneish M-Score : -3.61 (As of May. 03, 2024)


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What is Comfort Gloves 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 -3.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:2127' s Beneish M-Score Range Over the Past 10 Years
Min: -126.85   Med: -2.49   Max: 819.88
Current: -3.61

During the past 13 years, the highest Beneish M-Score of Comfort Gloves Bhd was 819.88. The lowest was -126.85. And the median was -2.49.


Comfort Gloves Bhd Beneish M-Score Historical Data

The historical data trend for Comfort Gloves 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.

Comfort Gloves Bhd Beneish M-Score Chart

Comfort Gloves Bhd Annual Data
Trend Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - -2.85 -2.26 768.44

Comfort Gloves Bhd Quarterly Data
Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 542.65 768.44 819.88 -4.28 -3.61

Competitive Comparison of Comfort Gloves Bhd's Beneish M-Score

For the Medical Instruments & Supplies subindustry, Comfort Gloves 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.


Comfort Gloves Bhd's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Comfort Gloves Bhd's Beneish M-Score distribution charts can be found below:

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



Comfort Gloves 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 Comfort Gloves 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 * 1.1462+0.528 * -0.569+0.404 * 1.5967+0.892 * 0.4917+0.115 * 0.8791
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1701+4.679 * -0.061101-0.327 * 0.6845
=-3.61

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was RM56.4 Mil.
Revenue was 72.449 + 90.228 + 89.562 + 103.704 = RM355.9 Mil.
Gross Profit was -0.876 + -8.627 + -27.966 + -27.048 = RM-64.5 Mil.
Total Current Assets was RM485.8 Mil.
Total Assets was RM942.0 Mil.
Property, Plant and Equipment(Net PPE) was RM419.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM45.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM30.8 Mil.
Total Current Liabilities was RM77.8 Mil.
Long-Term Debt & Capital Lease Obligation was RM9.1 Mil.
Net Income was -7.913 + -4.178 + -29.144 + -17.533 = RM-58.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 23.173 + -13.729 + 10.952 + -21.606 = RM-1.2 Mil.
Total Receivables was RM100.0 Mil.
Revenue was 126.787 + 199.771 + 176.418 + 220.93 = RM723.9 Mil.
Gross Profit was -2.614 + 15.124 + -3.343 + 65.489 = RM74.7 Mil.
Total Current Assets was RM615.1 Mil.
Total Assets was RM1,091.4 Mil.
Property, Plant and Equipment(Net PPE) was RM449.9 Mil.
Depreciation, Depletion and Amortization(DDA) was RM42.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM53.6 Mil.
Total Current Liabilities was RM135.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM11.9 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)
=(56.36 / 355.943) / (100.005 / 723.906)
=0.15834 / 0.138146
=1.1462

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)
=(74.656 / 723.906) / (-64.517 / 355.943)
=0.103129 / -0.181257
=-0.569

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 - (485.816 + 419.748) / 942.007) / (1 - (615.084 + 449.898) / 1091.426)
=0.038687 / 0.024229
=1.5967

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
=355.943 / 723.906
=0.4917

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))
=(42.579 / (42.579 + 449.898)) / (45.788 / (45.788 + 419.748))
=0.086459 / 0.098355
=0.8791

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)
=(30.849 / 355.943) / (53.618 / 723.906)
=0.086668 / 0.074068
=1.1701

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)
=((9.083 + 77.767) / 942.007) / ((11.894 + 135.12) / 1091.426)
=0.092197 / 0.134699
=0.6845

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
=(-58.768 - 0 - -1.21) / 942.007
=-0.061101

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.

Comfort Gloves Bhd has a M-score of -3.61 suggests that the company is unlikely to be a manipulator.


Comfort Gloves Bhd Beneish M-Score Related Terms

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Comfort Gloves Bhd (XKLS:2127) Business Description

Traded in Other Exchanges
N/A
Address
Lot 821, Jalan Matang, Matang, Taiping, PRK, MYS, 34750
Comfort Gloves Bhd is engaged in the manufacture and trading of natural and synthetic specialty examination gloves. It has four segments. The manufacturing segment, which is the key revenue driver, is engaged in the manufacture and trading of latex gloves. The investment holding segment comprises investment holding and the provision of management services. Its Trading segment is involved in the trading of latex gloves. The company has two manufacturing plants located in Simpang and Matang, Taiping. Its key markets are Malaysia, the United States of America and Canada, Asia, Europe, and others.

Comfort Gloves Bhd (XKLS:2127) Headlines

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