Deleum Bhd (XKLS:5132) Beneish M-Score : -2.81 (As of May. 22, 2024)

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What is Deleum 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5132' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68 Med: -2.53 Max: -1.88
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Deleum Bhd was -1.88. The lowest was -3.68. And the median was -2.53.

Deleum Bhd Beneish M-Score Historical Data

The historical data trend for Deleum 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.

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Deleum Bhd Beneish M-Score Chart

Deleum Bhd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.62

-3.68

-2.58

-1.88

-2.81

Deleum Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.88	-2.32	-2.41	-2.26	-2.81

Competitive Comparison of Deleum Bhd's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Deleum 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.

Deleum Bhd's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Deleum Bhd's Beneish M-Score distribution charts can be found below:

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

Deleum 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 Deleum 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 * 0.5896

0.528 * 0.9865

0.404 * 1.1761

0.892 * 1.1346

0.115 * 0.8777

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9478

4.679 * -0.053276

0.327 * 0.6532

-2.81

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM206.5 Mil.
Revenue was 238.65 + 241.819 + 188.079 + 123.443 = RM792.0 Mil.
Gross Profit was 48.627 + 48.79 + 38.592 + 29.273 = RM165.3 Mil.
Total Current Assets was RM460.9 Mil.
Total Assets was RM620.6 Mil.
Property, Plant and Equipment(Net PPE) was RM91.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM33.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM95.6 Mil.
Total Current Liabilities was RM160.6 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.9 Mil.
Net Income was 14.668 + 12.211 + 9.732 + 9.124 = RM45.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was -7.977 + 18.155 + 21.64 + 46.982 = RM78.8 Mil.

Total Receivables was RM308.8 Mil.
Revenue was 327.779 + 141.175 + 126.32 + 102.775 = RM698.0 Mil.
Gross Profit was 50.107 + 36.534 + 29.672 + 27.404 = RM143.7 Mil.
Total Current Assets was RM536.4 Mil.
Total Assets was RM713.8 Mil.
Property, Plant and Equipment(Net PPE) was RM110.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM33.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM88.9 Mil.
Total Current Liabilities was RM283.2 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.2 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)
	=	(206.542 / 791.991)	/	(308.756 / 698.049)
	=	0.260788	/	0.442313
	=	0.5896

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)
	=	(143.717 / 698.049)	/	(165.282 / 791.991)
	=	0.205884	/	0.208692
	=	0.9865

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 - (460.883 + 91.145) / 620.634)	/	(1 - (536.433 + 110.291) / 713.816)
	=	0.110542	/	0.093991
	=	1.1761

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
	=	791.991	/	698.049
	=	1.1346

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))
	=	(33.532 / (33.532 + 110.291))	/	(32.969 / (32.969 + 91.145))
	=	0.233148	/	0.265635
	=	0.8777

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)
	=	(95.579 / 791.991)	/	(88.877 / 698.049)
	=	0.120682	/	0.127322
	=	0.9478

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)
	=	((0.895 + 160.624) / 620.634)	/	((1.175 + 283.239) / 713.816)
	=	0.260248	/	0.398442
	=	0.6532

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
	=	(45.735 - 0	-	78.8)	/	620.634
	=	-0.053276

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.

Deleum Bhd has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

Deleum Bhd Beneish M-Score Related Terms

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Deleum Bhd (XKLS:5132) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Deleum Bhd (XKLS:5132) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 2, Jalan Bangsar Utama 9, Bangsar Utama, Kuala Lumpur, SGR, MYS, 59000

Website

https://www.deleum.com

Deleum Bhd is an investment holding company. It has three operating segments. The Power and machinery segment, which is the key revenue driver for the company, includes the sale of gas turbines and related parts, overhaul of turbines, maintenance, technical services, supply, installation, repair, and maintenance of valves, flow regulators, and other production-related equipment. The Oilfield services segment consists of the provision of slackline equipment and services and integrated wellhead maintenance services. The Integrated corrosion solution segment includes the provision of integrated corrosion and inspection services, blasting technology, and services for tanks, vessels, structures, and piping.

Deleum Bhd (XKLS:5132) Headlines

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