DPC Dash Beneish M-Score Historical Data
The historical data trend for DPC Dash'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.
DPC Dash Beneish M-Score Chart
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DPC Dash Annual Data
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|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-3.55 |
4.05 |
-2.59 |
|
DPC Dash Semi-Annual Data
|
|
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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|
-3.55 |
- |
4.05 |
- |
-2.59 |
Competitive Comparison of DPC Dash's Beneish M-Score
For the Restaurants subindustry, DPC Dash'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.
DPC Dash's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, DPC Dash's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DPC Dash's Beneish M-Score falls into.
DPC Dash 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 DPC Dash 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 * 1.0472 | + | 0.528 * 1.0031 | + | 0.404 * 0.7994 | + | 0.892 * 1.4787 | + | 0.115 * 1.0106 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9346 | + | 4.679 * -0.135727 | - | 0.327 * 0.638 |
| = | -2.59 |
* 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 HK$134 Mil.
Revenue was HK$3,337 Mil.
Gross Profit was HK$2,422 Mil.
Total Current Assets was HK$1,329 Mil.
Total Assets was HK$4,535 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,742 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$489 Mil.
Selling, General, & Admin. Expense(SGA) was HK$242 Mil.
Total Current Liabilities was HK$1,112 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,103 Mil.
Net Income was HK$-29 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$586 Mil.
|
Total Receivables was HK$86 Mil.
Revenue was HK$2,257 Mil.
Gross Profit was HK$1,643 Mil.
Total Current Assets was HK$769 Mil.
Total Assets was HK$3,651 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,408 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$401 Mil.
Selling, General, & Admin. Expense(SGA) was HK$175 Mil.
Total Current Liabilities was HK$888 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,908 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) |
| = | (133.908 / 3336.808) | / | (86.48 / 2256.645) |
| = | 0.040131 | / | 0.038322 |
| | = | 1.0472 |
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) |
| = | (1642.763 / 2256.645) | / | (2421.538 / 3336.808) |
| = | 0.727967 | / | 0.725705 |
| | = | 1.0031 |
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 - (1328.942 + 1742.197) / 4534.539) | / | (1 - (769.172 + 1407.975) / 3651.22) |
| = | 0.322723 | / | 0.403721 |
| | = | 0.7994 |
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 |
| = | 3336.808 | / | 2256.645 |
| | = | 1.4787 |
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)) |
| = | (400.678 / (400.678 + 1407.975)) | / | (489.112 / (489.112 + 1742.197)) |
| = | 0.221534 | / | 0.219204 |
| | = | 1.0106 |
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) |
| = | (242.09 / 3336.808) | / | (175.184 / 2256.645) |
| = | 0.072551 | / | 0.07763 |
| | = | 0.9346 |
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) |
| = | ((1103.382 + 1112.468) / 4534.539) | / | ((1908.319 + 888.27) / 3651.22) |
| = | 0.48866 | / | 0.765933 |
| | = | 0.638 |
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 |
| = | (-29.098 - 0 | - | 586.36) | / | 4534.539 |
| | = | -0.135727 |
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.
DPC Dash has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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