NetDragon Websoft Beneish M-Score Historical Data
The historical data trend for NetDragon Websoft'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.
NetDragon Websoft Beneish M-Score Chart
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NetDragon Websoft Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.78 |
-2.07 |
-2.57 |
-2.62 |
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NetDragon Websoft Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.07 |
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-2.57 |
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-2.62 |
Competitive Comparison of NetDragon Websoft's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, NetDragon Websoft'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.
NetDragon Websoft's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, NetDragon Websoft's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NetDragon Websoft's Beneish M-Score falls into.
NetDragon Websoft 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 NetDragon Websoft 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 * 1.1635 | + | 0.528 * 0.8857 | + | 0.404 * 1.357 | + | 0.892 * 0.8842 | + | 0.115 * 1.1082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1573 | + | 4.679 * -0.054421 | - | 0.327 * 1.0032 |
| = | -2.62 |
* 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$1,392 Mil.
Revenue was HK$7,767 Mil.
Gross Profit was HK$4,810 Mil.
Total Current Assets was HK$5,458 Mil.
Total Assets was HK$11,356 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,065 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$460 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,194 Mil.
Total Current Liabilities was HK$3,758 Mil.
Long-Term Debt & Capital Lease Obligation was HK$716 Mil.
Net Income was HK$602 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,220 Mil.
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Total Receivables was HK$1,353 Mil.
Revenue was HK$8,784 Mil.
Gross Profit was HK$4,819 Mil.
Total Current Assets was HK$7,467 Mil.
Total Assets was HK$12,318 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,586 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$438 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,144 Mil.
Total Current Liabilities was HK$3,310 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,529 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) |
| = | (1392.381 / 7766.924) | / | (1353.458 / 8784.078) |
| = | 0.179271 | / | 0.154081 |
| | = | 1.1635 |
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) |
| = | (4818.624 / 8784.078) | / | (4810.44 / 7766.924) |
| = | 0.548563 | / | 0.619349 |
| | = | 0.8857 |
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 - (5457.957 + 3064.768) / 11355.612) | / | (1 - (7467.471 + 2586.311) / 12318.48) |
| = | 0.24947 | / | 0.183846 |
| | = | 1.357 |
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 |
| = | 7766.924 | / | 8784.078 |
| | = | 0.8842 |
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)) |
| = | (437.752 / (437.752 + 2586.311)) | / | (460.481 / (460.481 + 3064.768)) |
| = | 0.144756 | / | 0.130624 |
| | = | 1.1082 |
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) |
| = | (2194.12 / 7766.924) | / | (2144.092 / 8784.078) |
| = | 0.282495 | / | 0.244088 |
| | = | 1.1573 |
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) |
| = | ((716.425 + 3758.224) / 11355.612) | / | ((1528.782 + 3309.942) / 12318.48) |
| = | 0.394047 | / | 0.392802 |
| | = | 1.0032 |
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 |
| = | (601.578 - 0 | - | 1219.563) | / | 11355.612 |
| | = | -0.054421 |
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.
NetDragon Websoft has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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