Dickson Concepts (International) (HKSE:00113) Beneish M-Score : -2.55 (As of May. 21, 2024)

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What is Dickson Concepts (International) 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dickson Concepts (International)'s Beneish M-Score or its related term are showing as below:

HKSE:00113' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.63 Max: -2.15
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Dickson Concepts (International) was -2.15. The lowest was -3.54. And the median was -2.63.

Dickson Concepts (International) Beneish M-Score Historical Data

The historical data trend for Dickson Concepts (International)'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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Dickson Concepts (International) Beneish M-Score Chart

Dickson Concepts (International) Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.64

-2.22

-2.48

-3.54

-2.55

Dickson Concepts (International) Semi-Annual Data
	Mar14	Sep14	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															-	-3.54	-	-2.55	-

Competitive Comparison of Dickson Concepts (International)'s Beneish M-Score

For the Luxury Goods subindustry, Dickson Concepts (International)'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.

Dickson Concepts (International)'s Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Dickson Concepts (International)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dickson Concepts (International)'s Beneish M-Score falls into.

Dickson Concepts (International) 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 Dickson Concepts (International) 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 * 1.1352

0.528 * 1.0027

0.404 * 0.7687

0.892 * 1.0547

0.115 * 1.0385

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9123

4.679 * -0.043555

0.327 * 0.9111

-2.55

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$147 Mil.
Revenue was HK$2,131 Mil.
Gross Profit was HK$996 Mil.
Total Current Assets was HK$3,886 Mil.
Total Assets was HK$5,600 Mil.
Property, Plant and Equipment(Net PPE) was HK$353 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$128 Mil.
Selling, General, & Admin. Expense(SGA) was HK$629 Mil.
Total Current Liabilities was HK$1,690 Mil.
Long-Term Debt & Capital Lease Obligation was HK$446 Mil.
Net Income was HK$253 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$497 Mil.

Total Receivables was HK$123 Mil.
Revenue was HK$2,020 Mil.
Gross Profit was HK$947 Mil.
Total Current Assets was HK$3,649 Mil.
Total Assets was HK$5,808 Mil.
Property, Plant and Equipment(Net PPE) was HK$322 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$123 Mil.
Selling, General, & Admin. Expense(SGA) was HK$654 Mil.
Total Current Liabilities was HK$1,882 Mil.
Long-Term Debt & Capital Lease Obligation was HK$549 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)
	=	(146.992 / 2130.785)	/	(122.778 / 2020.334)
	=	0.068985	/	0.060771
	=	1.1352

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)
	=	(947.044 / 2020.334)	/	(996.112 / 2130.785)
	=	0.468756	/	0.467486
	=	1.0027

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 - (3885.715 + 352.577) / 5599.964)	/	(1 - (3649.312 + 321.584) / 5808.155)
	=	0.243157	/	0.316324
	=	0.7687

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
	=	2130.785	/	2020.334
	=	1.0547

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))
	=	(123.217 / (123.217 + 321.584))	/	(128.258 / (128.258 + 352.577))
	=	0.277016	/	0.26674
	=	1.0385

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)
	=	(629.288 / 2130.785)	/	(654.045 / 2020.334)
	=	0.295332	/	0.323731
	=	0.9123

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)
	=	((445.721 + 1689.61) / 5599.964)	/	((548.771 + 1882.129) / 5808.155)
	=	0.381312	/	0.418532
	=	0.9111

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
	=	(252.637 - 0	-	496.542)	/	5599.964
	=	-0.043555

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.

Dickson Concepts (International) has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Dickson Concepts (International) Beneish M-Score Related Terms

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Dickson Concepts (International) (HKSE:00113) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Dickson Concepts (International) Ltd (HKSE:00113) » Definitions » Beneish M-Score

Traded in Other Exchanges

DCOHF:USA

Address

98 Granville Road, 4th Floor East Ocean Centre, Tsimshatsui East, Kowloon, Hong Kong, HKG

Website

https://www.dickson.com.hk

Dickson Concepts (International) Ltd is a Hong Kong-based investment holding company engaged in the manufacturing and distribution of luxury lighters, writing instruments, leather goods, accessories, ready-to-wear clothing, watches and fragrances. The group manages its businesses under two divisions namely, the Luxury Goods and Securities Investment business, of which it generates a majority of revenue from the Luxury goods segment. Geographically the firm has its presence in Hong Kong, Taiwan and other territories, of which key revenue is generated from Hong Kong. The Luxury goods segment includes the sale of luxury goods to retail and wholesale customers and net income from concession and consignment sales.

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