Pokfulam Development Co Beneish M-Score Historical Data
The historical data trend for Pokfulam Development Co'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.
Pokfulam Development Co Beneish M-Score Chart
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Pokfulam Development Co Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.70 |
-2.41 |
-2.59 |
-2.50 |
-2.83 |
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Pokfulam Development Co Semi-Annual Data
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Mar14 |
Sep14 |
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Sep15 |
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Sep17 |
Mar18 |
Sep18 |
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Mar23 |
Sep23 |
| Beneish M-Score |
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-2.59 |
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-2.50 |
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-2.83 |
Competitive Comparison of Pokfulam Development Co's Beneish M-Score
For the Real Estate Services subindustry, Pokfulam Development Co'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.
Pokfulam Development Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Pokfulam Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pokfulam Development Co's Beneish M-Score falls into.
Pokfulam Development Co 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 Pokfulam Development Co 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 * 0.8705 | + | 0.528 * 0.835 | + | 0.404 * 0.9857 | + | 0.892 * 1.1007 | + | 0.115 * 1.4804 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.044634 | - | 0.327 * 1.2142 |
| = | -2.83 |
* 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 HK$13.4 Mil.
Revenue was HK$180.0 Mil.
Gross Profit was HK$66.4 Mil.
Total Current Assets was HK$178.8 Mil.
Total Assets was HK$5,749.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$13.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$441.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-181.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$74.8 Mil.
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Total Receivables was HK$14.0 Mil.
Revenue was HK$163.6 Mil.
Gross Profit was HK$50.3 Mil.
Total Current Assets was HK$105.9 Mil.
Total Assets was HK$5,908.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$8.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$373.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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) |
| = | (13.369 / 180.022) | / | (13.952 / 163.55) |
| = | 0.074263 | / | 0.085307 |
| | = | 0.8705 |
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) |
| = | (50.338 / 163.55) | / | (66.356 / 180.022) |
| = | 0.307784 | / | 0.368599 |
| | = | 0.835 |
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 - (178.782 + 13.001) / 5749.1) | / | (1 - (105.907 + 8.172) / 5908.025) |
| = | 0.966641 | / | 0.980691 |
| | = | 0.9857 |
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 |
| = | 180.022 | / | 163.55 |
| | = | 1.1007 |
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)) |
| = | (1.409 / (1.409 + 8.172)) | / | (1.434 / (1.434 + 13.001)) |
| = | 0.147062 | / | 0.099342 |
| | = | 1.4804 |
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) |
| = | (0 / 180.022) | / | (0 / 163.55) |
| = | 0 | / | 0 |
| | = | 1 |
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 + 441.17) / 5749.1) | / | ((0 + 373.382) / 5908.025) |
| = | 0.076737 | / | 0.063199 |
| | = | 1.2142 |
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 |
| = | (-181.785 - 0 | - | 74.818) | / | 5749.1 |
| | = | -0.044634 |
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.
Pokfulam Development Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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