A.Plus Group Holdings (HKSE:01841) Beneish M-Score : -2.59 (As of Jun. 06, 2024)

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What is A.Plus Group Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for A.Plus Group Holdings's Beneish M-Score or its related term are showing as below:

HKSE:01841' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.41 Max: 25.73
Current: -2.59

During the past 10 years, the highest Beneish M-Score of A.Plus Group Holdings was 25.73. The lowest was -3.12. And the median was -2.41.

A.Plus Group Holdings Beneish M-Score Historical Data

The historical data trend for A.Plus Group Holdings'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.

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A.Plus Group Holdings Beneish M-Score Chart

A.Plus Group Holdings Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.39

-3.12

-2.59

-2.43

-2.59

A.Plus Group Holdings Semi-Annual Data
	Mar14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial														-	-2.43	-	-2.59	-

Competitive Comparison of A.Plus Group Holdings's Beneish M-Score

For the Specialty Business Services subindustry, A.Plus Group Holdings'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.

A.Plus Group Holdings's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, A.Plus Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where A.Plus Group Holdings's Beneish M-Score falls into.

A.Plus Group Holdings 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 A.Plus Group Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1071

0.528 * 1.0205

0.404 * 1.0228

0.892 * 1.0093

0.115 * 0.6163

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0292

4.679 * -0.044481

0.327 * 0.9361

-2.59

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$41.6 Mil.
Revenue was HK$128.9 Mil.
Gross Profit was HK$63.5 Mil.
Total Current Assets was HK$110.3 Mil.
Total Assets was HK$127.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$47.0 Mil.
Total Current Liabilities was HK$26.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$20.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$25.6 Mil.

Total Receivables was HK$37.3 Mil.
Revenue was HK$127.7 Mil.
Gross Profit was HK$64.2 Mil.
Total Current Assets was HK$117.8 Mil.
Total Assets was HK$145.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$14.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45.2 Mil.
Total Current Liabilities was HK$30.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.7 Mil.

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)
	=	(41.63 / 128.923)	/	(37.259 / 127.739)
	=	0.322906	/	0.291681
	=	1.1071

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)
	=	(64.16 / 127.739)	/	(63.452 / 128.923)
	=	0.502274	/	0.49217
	=	1.0205

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 - (110.274 + 5.409) / 127.2)	/	(1 - (117.797 + 14.875) / 145.557)
	=	0.090542	/	0.088522
	=	1.0228

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
	=	128.923	/	127.739
	=	1.0093

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))
	=	(9.667 / (9.667 + 14.875))	/	(9.578 / (9.578 + 5.409))
	=	0.393896	/	0.639087
	=	0.6163

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)
	=	(46.982 / 128.923)	/	(45.228 / 127.739)
	=	0.364419	/	0.354066
	=	1.0292

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 + 26.518) / 127.2)	/	((1.686 + 30.731) / 145.557)
	=	0.208475	/	0.22271
	=	0.9361

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
	=	(19.991 - 0	-	25.649)	/	127.2
	=	-0.044481

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.

A.Plus Group Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

A.Plus Group Holdings Beneish M-Score Related Terms

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A.Plus Group Holdings (HKSE:01841) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » A.Plus Group Holdings Ltd (HKSE:01841) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

35-45B Bonham Strand, 2nd Floor, Sheung Wan, Hong Kong, HKG

Website

https://aplushk.com/aplus_grp

A.Plus Group Holdings Ltd is a Hong Kong-based investment holding company. It is principally engaged in the provision of financial printing services. Geographically, it derives revenue from Hong Kong. The company provides typesetting, design, translation, printing and delivery services in relation to financial reports, company announcements, shareholders circulars, debt offering documents, IPO prospectuses, and other documents.

Executives

Allied Group Limited
Lee Seng Hui
Lee Seng Huang
Lee Su Hwei
Brilliant Ray Global Limited	2101 Beneficial owner
Sunny Apex Holdings Limited	2101 Beneficial owner
Fong Wing Kong	2201 Interest of corporation controlled by you
Lam Kim Wan	2201 Interest of corporation controlled by you
Long Set Investments Limited	2101 Beneficial owner
Shk Hong Kong Industries Limited	2201 Interest of corporation controlled by you

A.Plus Group Holdings (HKSE:01841) Headlines

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