Keck Seng Investments (Hong Kong) (HKSE:00184) Beneish M-Score : -2.33 (As of May. 12, 2024)

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What is Keck Seng Investments (Hong Kong) 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Keck Seng Investments (Hong Kong)'s Beneish M-Score or its related term are showing as below:

HKSE:00184' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.56 Max: -1.41
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Keck Seng Investments (Hong Kong) was -1.41. The lowest was -2.86. And the median was -2.56.

Keck Seng Investments (Hong Kong) Beneish M-Score Historical Data

The historical data trend for Keck Seng Investments (Hong Kong)'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.

* Premium members only.

Keck Seng Investments (Hong Kong) Beneish M-Score Chart

Keck Seng Investments (Hong Kong) Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.55

-2.71

-2.56

-1.41

-2.33

Keck Seng Investments (Hong Kong) Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.56	-	-1.41	-	-2.33

Competitive Comparison of Keck Seng Investments (Hong Kong)'s Beneish M-Score

For the Lodging subindustry, Keck Seng Investments (Hong Kong)'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.

Keck Seng Investments (Hong Kong)'s Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Keck Seng Investments (Hong Kong)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Keck Seng Investments (Hong Kong)'s Beneish M-Score falls into.

Keck Seng Investments (Hong Kong) 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 Keck Seng Investments (Hong Kong) 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 * 1.048

0.528 * 0.9887

0.404 * 0.9999

0.892 * 1.2161

0.115 * 0.9934

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9673

4.679 * -0.021714

0.327 * 0.96

-2.33

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$96 Mil.
Revenue was HK$1,738 Mil.
Gross Profit was HK$1,595 Mil.
Total Current Assets was HK$1,994 Mil.
Total Assets was HK$5,796 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,209 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$141 Mil.
Selling, General, & Admin. Expense(SGA) was HK$509 Mil.
Total Current Liabilities was HK$799 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,165 Mil.
Net Income was HK$220 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$346 Mil.

Total Receivables was HK$76 Mil.
Revenue was HK$1,429 Mil.
Gross Profit was HK$1,297 Mil.
Total Current Assets was HK$1,737 Mil.
Total Assets was HK$5,636 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,350 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$149 Mil.
Selling, General, & Admin. Expense(SGA) was HK$432 Mil.
Total Current Liabilities was HK$1,839 Mil.
Long-Term Debt & Capital Lease Obligation was HK$150 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)
	=	(96.438 / 1738.354)	/	(75.674 / 1429.488)
	=	0.055477	/	0.052938
	=	1.048

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)
	=	(1296.748 / 1429.488)	/	(1594.889 / 1738.354)
	=	0.907142	/	0.917471
	=	0.9887

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 - (1994.198 + 2209.186) / 5796.137)	/	(1 - (1736.983 + 2350.028) / 5635.896)
	=	0.274796	/	0.274825
	=	0.9999

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
	=	1738.354	/	1429.488
	=	1.2161

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))
	=	(149.291 / (149.291 + 2350.028))	/	(141.334 / (141.334 + 2209.186))
	=	0.059733	/	0.060129
	=	0.9934

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)
	=	(508.724 / 1738.354)	/	(432.462 / 1429.488)
	=	0.292647	/	0.302529
	=	0.9673

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)
	=	((1164.907 + 798.735) / 5796.137)	/	((149.764 + 1839.2) / 5635.896)
	=	0.338785	/	0.35291
	=	0.96

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
	=	(219.656 - 0	-	345.514)	/	5796.137
	=	-0.021714

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.

Keck Seng Investments (Hong Kong) has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.

Keck Seng Investments (Hong Kong) Beneish M-Score Related Terms

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Keck Seng Investments (Hong Kong) (HKSE:00184) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Keck Seng Investments (Hong Kong) Ltd (HKSE:00184) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

KCKSF:USA KEC:Germany

Address

168-200 Connaught Road Central, Room 2902 West Tower, Shun Tak Centre, Central, Hong Kong, HKG

Website

https://www.keckseng.com.hk

Keck Seng Investments (Hong Kong) Ltd is an investment holding company engaged in hotel and club operations, property investment and development and the provision of management services. It has three operating segments: Hotel segment; Property segment and Investment and corporate segment. Majority of the revenue is derived from Hotel segment that is engaged in the businesses of hotel room accommodation, provision of food and beverage at hotel restaurant outlets and operation of slot machines at one of the Group's hotels.

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