Bumi Armada Bhd Beneish M-Score Historical Data
The historical data trend for Bumi Armada 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.
Bumi Armada Bhd Beneish M-Score Chart
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Bumi Armada 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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-3.24 |
-2.76 |
-2.94 |
-2.60 |
-2.64 |
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Bumi Armada 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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-2.60 |
-2.80 |
-3.05 |
-3.03 |
-2.64 |
Competitive Comparison of Bumi Armada Bhd's Beneish M-Score
For the Oil & Gas Equipment & Services subindustry, Bumi Armada 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.
Bumi Armada Bhd's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Bumi Armada Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bumi Armada Bhd's Beneish M-Score falls into.
Bumi Armada 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 Bumi Armada 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 * 1.3655 | + | 0.528 * 0.9616 | + | 0.404 * 1.077 | + | 0.892 * 0.8867 | + | 0.115 * 0.8471 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7646 | + | 4.679 * -0.05906 | - | 0.327 * 0.9302 |
| = | -2.64 |
* 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 RM700 Mil.
Revenue was 622.983 + 524.795 + 441.324 + 543.987 = RM2,133 Mil.
Gross Profit was 405.005 + 241.328 + 120.701 + 275.175 = RM1,042 Mil.
Total Current Assets was RM1,848 Mil.
Total Assets was RM11,116 Mil.
Property, Plant and Equipment(Net PPE) was RM3,256 Mil.
Depreciation, Depletion and Amortization(DDA) was RM333 Mil.
Selling, General, & Admin. Expense(SGA) was RM141 Mil.
Total Current Liabilities was RM3,265 Mil.
Long-Term Debt & Capital Lease Obligation was RM2,129 Mil.
Net Income was -165.487 + 177.766 + 118.77 + 201.01 = RM332 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 210.825 + 213.072 + 276.366 + 288.318 = RM989 Mil.
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Total Receivables was RM578 Mil.
Revenue was 605.028 + 653.073 + 618.431 + 529.007 = RM2,406 Mil.
Gross Profit was 276.329 + 279.724 + 303.049 + 271.038 = RM1,130 Mil.
Total Current Assets was RM1,826 Mil.
Total Assets was RM11,726 Mil.
Property, Plant and Equipment(Net PPE) was RM4,012 Mil.
Depreciation, Depletion and Amortization(DDA) was RM343 Mil.
Selling, General, & Admin. Expense(SGA) was RM90 Mil.
Total Current Liabilities was RM1,628 Mil.
Long-Term Debt & Capital Lease Obligation was RM4,489 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) |
| = | (700.338 / 2133.089) | / | (578.406 / 2405.539) |
| = | 0.328321 | / | 0.240448 |
| | = | 1.3655 |
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) |
| = | (1130.14 / 2405.539) | / | (1042.209 / 2133.089) |
| = | 0.469807 | / | 0.488591 |
| | = | 0.9616 |
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 - (1848.221 + 3256.254) / 11116.112) | / | (1 - (1826.117 + 4011.548) / 11726.018) |
| = | 0.540804 | / | 0.502161 |
| | = | 1.077 |
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 |
| = | 2133.089 | / | 2405.539 |
| | = | 0.8867 |
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)) |
| = | (342.661 / (342.661 + 4011.548)) | / | (333.47 / (333.47 + 3256.254)) |
| = | 0.078696 | / | 0.092896 |
| | = | 0.8471 |
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) |
| = | (141.43 / 2133.089) | / | (90.385 / 2405.539) |
| = | 0.066303 | / | 0.037574 |
| | = | 1.7646 |
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) |
| = | ((2129.495 + 3264.876) / 11116.112) | / | ((4489.31 + 1627.897) / 11726.018) |
| = | 0.485275 | / | 0.521678 |
| | = | 0.9302 |
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 |
| = | (332.059 - 0 | - | 988.581) | / | 11116.112 |
| | = | -0.05906 |
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.
Bumi Armada Bhd has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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