Golden Heaven Group Holdings (Golden Heaven Group Holdings) Beneish M-Score : -0.34 (As of May. 11, 2024)

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What is Golden Heaven 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.

Warning Sign:

Beneish M-Score -0.34 higher than -1.78, which implies that the company might have manipulated its financial results.

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

GDHG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -1.54 Max: -0.34
Current: -0.34

During the past 4 years, the highest Beneish M-Score of Golden Heaven Group Holdings was -0.34. The lowest was -2.74. And the median was -1.54.

Golden Heaven Group Holdings Beneish M-Score Historical Data

The historical data trend for Golden Heaven 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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Golden Heaven Group Holdings Beneish M-Score Chart

Golden Heaven Group Holdings Annual Data

Trend

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

-2.74

-0.34

Golden Heaven Group Holdings Semi-Annual Data
	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial			-	-	-2.74	-	-0.34

Competitive Comparison of Golden Heaven Group Holdings's Beneish M-Score

For the Leisure subindustry, Golden Heaven 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.

Golden Heaven Group Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Golden Heaven Group Holdings's Beneish M-Score distribution charts can be found below:

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

Golden Heaven 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 Golden Heaven 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 * 1.467

0.528 * 1.1881

0.404 * 1.8204

0.892 * 0.7607

0.115 * 1.0558

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2582

4.679 * 0.314945

0.327 * 0.8107

-0.34

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $0.06 Mil.
Revenue was $31.79 Mil.
Gross Profit was $19.31 Mil.
Total Current Assets was $14.74 Mil.
Total Assets was $82.23 Mil.
Property, Plant and Equipment(Net PPE) was $38.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.37 Mil.
Selling, General, & Admin. Expense(SGA) was $8.59 Mil.
Total Current Liabilities was $14.53 Mil.
Long-Term Debt & Capital Lease Obligation was $5.81 Mil.
Net Income was $6.55 Mil.
Gross Profit was $-0.00 Mil.
Cash Flow from Operations was $-19.34 Mil.

Total Receivables was $0.05 Mil.
Revenue was $41.79 Mil.
Gross Profit was $30.17 Mil.
Total Current Assets was $24.49 Mil.
Total Assets was $73.09 Mil.
Property, Plant and Equipment(Net PPE) was $34.43 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.20 Mil.
Selling, General, & Admin. Expense(SGA) was $8.97 Mil.
Total Current Liabilities was $16.07 Mil.
Long-Term Debt & Capital Lease Obligation was $6.22 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)
	=	(0.058 / 31.787)	/	(0.052 / 41.788)
	=	0.001825	/	0.001244
	=	1.467

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)
	=	(30.166 / 41.788)	/	(19.314 / 31.787)
	=	0.721882	/	0.607607
	=	1.1881

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 - (14.737 + 38.473) / 82.227)	/	(1 - (24.487 + 34.43) / 73.085)
	=	0.352889	/	0.193856
	=	1.8204

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
	=	31.787	/	41.788
	=	0.7607

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))
	=	(3.197 / (3.197 + 34.43))	/	(3.367 / (3.367 + 38.473))
	=	0.084966	/	0.080473
	=	1.0558

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)
	=	(8.588 / 31.787)	/	(8.973 / 41.788)
	=	0.270173	/	0.214727
	=	1.2582

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)
	=	((5.805 + 14.527) / 82.227)	/	((6.221 + 16.07) / 73.085)
	=	0.247267	/	0.305001
	=	0.8107

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
	=	(6.55 - -0.004	-	-19.343)	/	82.227
	=	0.314945

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.

Golden Heaven Group Holdings has a M-score of -0.34 signals that the company is likely to be a manipulator.

Golden Heaven Group Holdings Beneish M-Score Related Terms

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Golden Heaven Group Holdings (Golden Heaven Group Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Golden Heaven Group Holdings Ltd (NAS:GDHG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 8 Banhouhaichuan Road, Xiqin Town, Yanping District, Fujian Province, Nanping City, CHN, 353001

Website

http://www.jsyoule.com

Golden Heaven Group Holdings Ltd is an offshore holding company. Through the operating entities in China, It manages and operates six properties consisting of amusement parks, water parks, and complementary recreational facilities. The parks offer a broad selection of exhilarating and recreational experiences, including both thrilling and family-friendly rides, water attractions, gourmet festivals, circus performances, and high-tech facilities. The parks collectively contain nearly 159 rides and attractions. The firm's revenue is primarily generated from selling access to rides and attractions, charging fees for special event rentals, and collecting regular rental payments from commercial tenants.