Tencent Holdings Beneish M-Score Historical Data
The historical data trend for Tencent 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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Tencent Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.22 |
-2.12 |
-2.48 |
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Tencent Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.66 |
-2.41 |
-2.56 |
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Competitive Comparison
For the Internet Content & Information subindustry, Tencent 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.
Tencent Holdings Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Tencent Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tencent Holdings's Beneish M-Score falls into.
Tencent 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 Tencent Holdings 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 * 1.0058 | + | 0.528 * 0.9148 | + | 0.404 * 0.9328 | + | 0.892 * 1.0067 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8874 | + | 4.679 * -0.005704 | - | 0.327 * 1.0251 |
| = | -2.56 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was HK$50,768 Mil.
Revenue was 165867.142 + 163200.808 + 170833.29 + 161872.265 = HK$661,774 Mil.
Gross Profit was 82086.67 + 77483.414 + 77658.951 + 69037.537 = HK$306,267 Mil.
Total Current Assets was HK$542,790 Mil.
Total Assets was HK$1,653,290 Mil.
Property, Plant and Equipment(Net PPE) was HK$89,928 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$146,971 Mil.
Total Current Liabilities was HK$388,689 Mil.
Long-Term Debt & Capital Lease Obligation was HK$329,006 Mil.
Net Income was 38812.643 + 28625.331 + 29429.35 + 118671.04 = HK$215,538 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 69752.698 + 44501.555 + 70955.966 + 39758.394 = HK$224,969 Mil.
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Total Receivables was HK$50,138 Mil.
Revenue was 156655.886 + 157114.386 + 167033.783 + 176553.501 = HK$657,358 Mil.
Gross Profit was 69311.113 + 67831.581 + 70371.416 + 70795.03 = HK$278,309 Mil.
Total Current Assets was HK$463,418 Mil.
Total Assets was HK$1,652,901 Mil.
Property, Plant and Equipment(Net PPE) was HK$95,636 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$164,519 Mil.
Total Current Liabilities was HK$319,083 Mil.
Long-Term Debt & Capital Lease Obligation was HK$380,897 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) |
| = | (50767.95 / 661773.505) | / | (50137.98 / 657357.556) |
| = | 0.076715 | / | 0.076272 |
| | = | 1.0058 |
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) |
| = | (278309.14 / 657357.556) | / | (306266.572 / 661773.505) |
| = | 0.423376 | / | 0.462797 |
| | = | 0.9148 |
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 - (542790.231 + 89928.149) / 1653289.651) | / | (1 - (463418.199 + 95636.432) / 1652900.586) |
| = | 0.617297 | / | 0.661774 |
| | = | 0.9328 |
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 |
| = | 661773.505 | / | 657357.556 |
| | = | 1.0067 |
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)) |
| = | (0 / (0 + 95636.432)) | / | (0 / (0 + 89928.149)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (146970.972 / 661773.505) | / | (164518.887 / 657357.556) |
| = | 0.222087 | / | 0.250273 |
| | = | 0.8874 |
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) |
| = | ((329006.392 + 388688.527) / 1653289.651) | / | ((380897.461 + 319082.946) / 1652900.586) |
| = | 0.434101 | / | 0.423486 |
| | = | 1.0251 |
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 |
| = | (215538.364 - 0 | - | 224968.613) | / | 1653289.651 |
| | = | -0.005704 |
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.
Tencent Holdings has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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