Failed to build custom image when Management Module is included

Reproduction Steps:

1. modify cm Dockerfile to use Management Module image:

# escape=`
ARG BASE_IMAGE
ARG SXA_IMAGE
ARG SPE_IMAGE
ARG TOOLING_IMAGE
ARG MANAGEMENT_SERVICES_IMAGE

FROM ${TOOLING_IMAGE} as tooling
FROM ${SPE_IMAGE} as spe
FROM ${SXA_IMAGE} as sxa
FROM ${MANAGEMENT_SERVICES_IMAGE} as management_services
FROM ${BASE_IMAGE}


SHELL ["powershell", "-Command", "$ErrorActionPreference = 'Stop'; $ProgressPreference = 'SilentlyContinue';"]

# Copy development tools and entrypoint
COPY --from=tooling \tools\ \tools\

WORKDIR C:\inetpub\wwwroot

# Add SPE module
COPY --from=spe \module\cm\content .\

# Add SXA module
COPY --from=sxa \module\cm\content .\
COPY --from=sxa \module\tools \module\tools
RUN C:\module\tools\Initialize-Content.ps1 -TargetPath .\; `
    Remove-Item -Path C:\module -Recurse -Force;

#copy the Sitecore Management Services Module
COPY --from=management_services c:\module\cm\content C:\inetpub\wwwroot

# Copy role transforms
COPY .\transforms\ \transforms\role\

# Perform role transforms
#RUN C:\tools\scripts\Invoke-XdtTransform.ps1 -Path .\ -XdtPath C:\transforms\role`

2. modify cm node in docker-compose.xp1.override.yml

`cm:
    image: ${REGISTRY}${COMPOSE_PROJECT_NAME}-xm1-cm:${VERSION:-latest}
    build:
      context: ./docker/build/cm
      args:
        BASE_IMAGE: ${SITECORE_DOCKER_REGISTRY}sitecore-xm1-cm:${SITECORE_VERSION}
        SPE_IMAGE: ${SITECORE_MODULE_REGISTRY}sitecore-spe-assets:${SPE_VERSION}
        SXA_IMAGE: ${SITECORE_MODULE_REGISTRY}sitecore-sxa-xm1-assets:${SXA_VERSION}
        TOOLING_IMAGE: ${SITECORE_TOOLS_REGISTRY}sitecore-docker-tools-assets:${TOOLS_VERSION}
        MANAGEMENT_SERVICES_IMAGE: ${SITECORE_MODULE_REGISTRY}sitecore-management-services-xp1-assets:${SITECORE_MODULE_VERSION}
    depends_on:
      - solution
    volumes:
      - ${LOCAL_DEPLOY_PATH}\website:C:\deploy
      - ${LOCAL_DATA_PATH}\cm:C:\inetpub\wwwroot\App_Data\logs
    environment:
      SITECORE_DEVELOPMENT_PATCHES: CustomErrorsOff
    entrypoint: powershell -Command "& C:\\tools\\entrypoints\\iis\\Development.ps1"`

3. add SITECORE_MODULE_VERSION to .env
   SITECORE_MODULE_VERSION=5.1.25-1809
4. run following command using terminal in administrator mode:
   docker-compose -f docker-compose.xp1.yml -f docker-compose.xp1.override.yml up -d

attempt of building cm image in step COPY --from=managementservices c:\module\cm\content C:\inetpub\wwwroot always ends with following error:
ERROR: Service 'cm' failed to build: invalid from flag value managementservices: pull access denied for managementservices, repository does not exist or may require 'docker login': denied: requested access to the resource is denied
OS: Windows 11 PRO 23H2 22631.3155
Docker version: Docker Desktop 4.27.1(used Docker-compose in version 1.25.1 as well but with the same result)

Start with docker/build/cm/Dockerfile and docker-compose.xp1.override.yml, then compare the Management Services build argument with the image name used by the COPY step. Reproduce with the supplied docker-compose command and verify that the cm image builds successfully with SITECORE_MODULE_VERSION=5.1.25-1809.