Wasco Bhd Beneish M-Score Historical Data
The historical data trend for Wasco 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.
Wasco Bhd Beneish M-Score Chart
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Wasco 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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-2.61 |
-3.45 |
-3.06 |
-2.37 |
-2.74 |
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Wasco 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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-2.37 |
-2.44 |
-2.24 |
-2.31 |
-2.74 |
Competitive Comparison of Wasco Bhd's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Wasco 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.
Wasco Bhd's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Wasco Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wasco Bhd's Beneish M-Score falls into.
Wasco 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 Wasco 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 * 0.9406 | + | 0.528 * 0.9608 | + | 0.404 * 0.8173 | + | 0.892 * 1.1013 | + | 0.115 * 0.9304 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9957 | + | 4.679 * -0.04455 | - | 0.327 * 0.953 |
| = | -2.74 |
* 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 RM912 Mil.
Revenue was 504.963 + 783.917 + 677.133 + 639.674 = RM2,606 Mil.
Gross Profit was 138.712 + 115.344 + 89.483 + 102.3 = RM446 Mil.
Total Current Assets was RM1,755 Mil.
Total Assets was RM2,947 Mil.
Property, Plant and Equipment(Net PPE) was RM840 Mil.
Depreciation, Depletion and Amortization(DDA) was RM83 Mil.
Selling, General, & Admin. Expense(SGA) was RM243 Mil.
Total Current Liabilities was RM1,809 Mil.
Long-Term Debt & Capital Lease Obligation was RM257 Mil.
Net Income was 35.224 + 27.408 + 24.009 + 21.761 = RM108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 231.537 + 32.363 + -81.627 + 57.401 = RM240 Mil.
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Total Receivables was RM880 Mil.
Revenue was 474.199 + 695.991 + 737.058 + 458.833 = RM2,366 Mil.
Gross Profit was 92.38 + 93.287 + 140.654 + 62.656 = RM389 Mil.
Total Current Assets was RM1,544 Mil.
Total Assets was RM2,713 Mil.
Property, Plant and Equipment(Net PPE) was RM773 Mil.
Depreciation, Depletion and Amortization(DDA) was RM71 Mil.
Selling, General, & Admin. Expense(SGA) was RM221 Mil.
Total Current Liabilities was RM1,700 Mil.
Long-Term Debt & Capital Lease Obligation was RM297 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) |
| = | (911.963 / 2605.687) | / | (880.368 / 2366.081) |
| = | 0.349989 | / | 0.372079 |
| | = | 0.9406 |
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) |
| = | (388.977 / 2366.081) | / | (445.839 / 2605.687) |
| = | 0.164397 | / | 0.171102 |
| | = | 0.9608 |
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 - (1754.808 + 840.254) / 2946.65) | / | (1 - (1544.075 + 773.239) / 2713.45) |
| = | 0.119318 | / | 0.14599 |
| | = | 0.8173 |
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 |
| = | 2605.687 | / | 2366.081 |
| | = | 1.1013 |
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)) |
| = | (70.56 / (70.56 + 773.239)) | / | (82.973 / (82.973 + 840.254)) |
| = | 0.083622 | / | 0.089873 |
| | = | 0.9304 |
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) |
| = | (242.62 / 2605.687) | / | (221.253 / 2366.081) |
| = | 0.093112 | / | 0.09351 |
| | = | 0.9957 |
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) |
| = | ((257.443 + 1809.335) / 2946.65) | / | ((297.045 + 1700.038) / 2713.45) |
| = | 0.701399 | / | 0.735994 |
| | = | 0.953 |
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 |
| = | (108.402 - 0 | - | 239.674) | / | 2946.65 |
| | = | -0.04455 |
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.
Wasco Bhd has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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