OCI International Holdings (HKSE:00329) Beneish M-Score : -0.44 (As of May. 25, 2024)

View and export this data going back to 2001. Start your Free Trial

What is OCI International 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 -0.44 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:00329' s Beneish M-Score Range Over the Past 10 Years
Min: -8.69 Med: -2.32 Max: 61.29
Current: -0.44

During the past 13 years, the highest Beneish M-Score of OCI International Holdings was 61.29. The lowest was -8.69. And the median was -2.32.

OCI International Holdings Beneish M-Score Historical Data

The historical data trend for OCI International 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.

* Premium members only.

OCI International Holdings Beneish M-Score Chart

OCI International Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.32

-3.37

9.39

-0.44

OCI International Holdings 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															9.39	-	-	-	-0.44

Competitive Comparison of OCI International Holdings's Beneish M-Score

For the Capital Markets subindustry, OCI International 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.

OCI International Holdings's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, OCI International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where OCI International Holdings's Beneish M-Score falls into.

OCI International 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 OCI International 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 * 1.4512

0.528 * -0.2531

0.404 * 1.6258

0.892 * 2.9221

0.115 * 0.6504

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5096

4.679 * 0.021364

0.327 * 0.454

-0.44

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$47.95 Mil.
Revenue was HK$89.55 Mil.
Gross Profit was HK$55.58 Mil.
Total Current Assets was HK$300.99 Mil.
Total Assets was HK$323.58 Mil.
Property, Plant and Equipment(Net PPE) was HK$14.80 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.64 Mil.
Selling, General, & Admin. Expense(SGA) was HK$76.78 Mil.
Total Current Liabilities was HK$37.63 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.96 Mil.
Net Income was HK$-13.12 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-20.03 Mil.

Total Receivables was HK$11.31 Mil.
Revenue was HK$30.65 Mil.
Gross Profit was HK$-4.81 Mil.
Total Current Assets was HK$389.02 Mil.
Total Assets was HK$417.56 Mil.
Property, Plant and Equipment(Net PPE) was HK$22.36 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.36 Mil.
Selling, General, & Admin. Expense(SGA) was HK$51.56 Mil.
Total Current Liabilities was HK$114.79 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9.14 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)
	=	(47.949 / 89.548)	/	(11.307 / 30.645)
	=	0.535456	/	0.368967
	=	1.4512

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)
	=	(-4.814 / 30.645)	/	(55.58 / 89.548)
	=	-0.157089	/	0.620673
	=	-0.2531

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 - (300.988 + 14.795) / 323.578)	/	(1 - (389.015 + 22.36) / 417.562)
	=	0.02409	/	0.014817
	=	1.6258

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
	=	89.548	/	30.645
	=	2.9221

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))
	=	(6.359 / (6.359 + 22.36))	/	(7.637 / (7.637 + 14.795))
	=	0.221421	/	0.340451
	=	0.6504

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)
	=	(76.781 / 89.548)	/	(51.557 / 30.645)
	=	0.857428	/	1.682395
	=	0.5096

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)
	=	((5.961 + 37.634) / 323.578)	/	((9.135 + 114.787) / 417.562)
	=	0.134728	/	0.296775
	=	0.454

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
	=	(-13.118 - 0	-	-20.031)	/	323.578
	=	0.021364

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.

OCI International Holdings has a M-score of -0.44 signals that the company is likely to be a manipulator.

OCI International Holdings Beneish M-Score Related Terms

Thank you for viewing the detailed overview of OCI International Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

OCI International Holdings (HKSE:00329) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » OCI International Holdings Ltd (HKSE:00329) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

28 Hennessy Road, Level 23, Hong Kong, HKG

Website

http://www.oci-intl.com

OCI International Holdings Ltd operates as an investment holding company. It operates through the following segments: Securities trading and Investments, Trading of wines, Investment, and financial advisory services, and asset management. The Securities Trading and Investments segment focuses on investing and trading in listed equity securities, fixed-income products, private funds, and private equity opportunities. The Investment and Financial Advisory Services segment provides business consulting and advisory services. The firm derives the majority revenue from the Asset management segment in Hong Kong.

Executives

Central Huijin Investment Ltd.	2201 Interest of corporation controlled by you
China Construction Bank Corporation	2201 Interest of corporation controlled by you
Jz International Ltd.	2201 Interest of corporation controlled by you
Jz Investment Fund L.p.	2101 Beneficial owner
Dong Fang Zheng Quan Gu Fen You Xian Gong Si	2201 Interest of corporation controlled by you

OCI International Holdings (HKSE:00329) Headlines

No Headlines