Shandong Hi-Speed Holdings Group Beneish M-Score Historical Data
The historical data trend for Shandong Hi-Speed Holdings Group'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.
Shandong Hi-Speed Holdings Group Beneish M-Score Chart
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Shandong Hi-Speed Holdings Group Annual Data
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Mar14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.82 |
-1.80 |
-2.19 |
0.12 |
-2.45 |
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Shandong Hi-Speed Holdings Group Semi-Annual Data
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Mar14 |
Sep14 |
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Dec23 |
| Beneish M-Score |
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-2.19 |
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0.12 |
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-2.45 |
Competitive Comparison of Shandong Hi-Speed Holdings Group's Beneish M-Score
For the Asset Management subindustry, Shandong Hi-Speed Holdings Group'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.
Shandong Hi-Speed Holdings Group's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Shandong Hi-Speed Holdings Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shandong Hi-Speed Holdings Group's Beneish M-Score falls into.
Shandong Hi-Speed Holdings Group 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 Shandong Hi-Speed Holdings Group for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.8171 | + | 0.528 * 1.2059 | + | 0.404 * 1.0399 | + | 0.892 * 1.3185 | + | 0.115 * 0.6152 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8855 | + | 4.679 * -0.04128 | - | 0.327 * 0.9803 |
| = | -2.45 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$16,144 Mil.
Revenue was HK$5,529 Mil.
Gross Profit was HK$2,473 Mil.
Total Current Assets was HK$27,200 Mil.
Total Assets was HK$72,738 Mil.
Property, Plant and Equipment(Net PPE) was HK$27,886 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,917 Mil.
Selling, General, & Admin. Expense(SGA) was HK$796 Mil.
Total Current Liabilities was HK$21,098 Mil.
Long-Term Debt & Capital Lease Obligation was HK$32,227 Mil.
Net Income was HK$325 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$3,327 Mil.
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Total Receivables was HK$14,985 Mil.
Revenue was HK$4,193 Mil.
Gross Profit was HK$2,262 Mil.
Total Current Assets was HK$27,755 Mil.
Total Assets was HK$68,958 Mil.
Property, Plant and Equipment(Net PPE) was HK$25,109 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,035 Mil.
Selling, General, & Admin. Expense(SGA) was HK$681 Mil.
Total Current Liabilities was HK$18,302 Mil.
Long-Term Debt & Capital Lease Obligation was HK$33,267 Mil.
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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) |
| = | (16144.469 / 5529.05) | / | (14985.316 / 4193.421) |
| = | 2.919935 | / | 3.57353 |
| | = | 0.8171 |
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) |
| = | (2261.532 / 4193.421) | / | (2472.735 / 5529.05) |
| = | 0.539305 | / | 0.447226 |
| | = | 1.2059 |
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 - (27200 + 27886.268) / 72737.804) | / | (1 - (27755.419 + 25109.352) / 68957.609) |
| = | 0.242673 | / | 0.233373 |
| | = | 1.0399 |
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 |
| = | 5529.05 | / | 4193.421 |
| | = | 1.3185 |
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)) |
| = | (1034.67 / (1034.67 + 25109.352)) | / | (1917.231 / (1917.231 + 27886.268)) |
| = | 0.039576 | / | 0.064329 |
| | = | 0.6152 |
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) |
| = | (795.599 / 5529.05) | / | (681.405 / 4193.421) |
| = | 0.143894 | / | 0.162494 |
| | = | 0.8855 |
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) |
| = | ((32227.456 + 21098.322) / 72737.804) | / | ((33267.353 + 18301.999) / 68957.609) |
| = | 0.733123 | / | 0.747841 |
| | = | 0.9803 |
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 |
| = | (324.559 - 0 | - | 3327.149) | / | 72737.804 |
| | = | -0.04128 |
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.
Shandong Hi-Speed Holdings Group has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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