Bison Finance Group (HKSE:00888) Beneish M-Score : 43.71 (As of May. 25, 2024)

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What is Bison Finance Group 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 43.71 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Bison Finance Group's Beneish M-Score or its related term are showing as below:

HKSE:00888' s Beneish M-Score Range Over the Past 10 Years
Min: -14.86 Med: -1.96 Max: 43.71
Current: 43.71

During the past 13 years, the highest Beneish M-Score of Bison Finance Group was 43.71. The lowest was -14.86. And the median was -1.96.

Bison Finance Group Beneish M-Score Historical Data

The historical data trend for Bison Finance 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.

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Bison Finance Group Beneish M-Score Chart

Bison Finance Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.33

-4.78

-14.86

19.32

43.71

Bison Finance Group 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															-14.86	-	19.32	-	43.71

Competitive Comparison of Bison Finance Group's Beneish M-Score

For the Financial Conglomerates subindustry, Bison Finance 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.

Bison Finance Group's Beneish M-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, Bison Finance Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bison Finance Group's Beneish M-Score falls into.

Bison Finance 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 Bison Finance Group 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 * 0.0395

0.528 * 55.9441

0.404 * 3.0082

0.892 * 20.4454

0.115 * 2.9743

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0347

4.679 * -0.097391

0.327 * 1.1089

43.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$38.99 Mil.
Revenue was HK$30.34 Mil.
Gross Profit was HK$-15.82 Mil.
Total Current Assets was HK$176.08 Mil.
Total Assets was HK$186.64 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.16 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.99 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5.53 Mil.
Total Current Liabilities was HK$124.12 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3.88 Mil.
Net Income was HK$-20.64 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-2.46 Mil.

Total Receivables was HK$48.32 Mil.
Revenue was HK$1.48 Mil.
Gross Profit was HK$-43.30 Mil.
Total Current Assets was HK$203.62 Mil.
Total Assets was HK$207.78 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.06 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$15.38 Mil.
Selling, General, & Admin. Expense(SGA) was HK$7.78 Mil.
Total Current Liabilities was HK$116.70 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11.81 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)
	=	(38.989 / 30.341)	/	(48.315 / 1.484)
	=	1.285027	/	32.557278
	=	0.0395

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)
	=	(-43.296 / 1.484)	/	(-15.823 / 30.341)
	=	-29.175202	/	-0.521506
	=	55.9441

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 - (176.075 + 2.163) / 186.639)	/	(1 - (203.62 + 1.055) / 207.784)
	=	0.045012	/	0.014963
	=	3.0082

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
	=	30.341	/	1.484
	=	20.4454

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))
	=	(15.384 / (15.384 + 1.055))	/	(0.993 / (0.993 + 2.163))
	=	0.935823	/	0.314639
	=	2.9743

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)
	=	(5.525 / 30.341)	/	(7.78 / 1.484)
	=	0.182097	/	5.242588
	=	0.0347

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)
	=	((3.88 + 124.12) / 186.639)	/	((11.81 + 116.697) / 207.784)
	=	0.685816	/	0.618464
	=	1.1089

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
	=	(-20.636 - 0	-	-2.459)	/	186.639
	=	-0.097391

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.

Bison Finance Group has a M-score of 43.71 signals that the company is likely to be a manipulator.

Bison Finance Group Beneish M-Score Related Terms

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Bison Finance Group (HKSE:00888) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Diversified Financial Services » Bison Finance Group Ltd (HKSE:00888) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

18 King Wah Road, 6th Floor, North Point, Hong Kong, HKG

Website

https://www.bison.com.hk

Bison Finance Group Ltd is an investment holding company. The company's operating segment includes Financial services which comprise loan financing services and licensed businesses including the provision of investment advisory services, advisory services on corporate finance, securities brokerage services, external asset management services and fund management services.

Executives

Wan Hiu Yeung	2201 Interest of corporation controlled by you
Jong Yat Kit (in The Capacity As The Receiver)	2201 Interest of corporation controlled by you
Dong Xing Zheng Quan Xiang Gang Jin Rong Kong Gu You Xian Gong Si	2106 Person having a security interest in shares
Dong Xing Zheng Quan Gu Fen You Xian Gong Si	2201 Interest of corporation controlled by you
Su Li Hong	2201 Interest of corporation controlled by you
Xin Ze Mao Yi You Xian Gong Si	2101 Beneficial owner
Tan Bin
Jiang Feng Yun
Deng Xianzi
Cruiser Determined Limited
China Orient Asset Management Co., Ltd.	2106 Person having a security interest in shares
Bliss Chance Global Limited
Bison Capital Financial Holdings Limited
Xu Peixin
Zhong Guo Hua Rong Zi Chan Guan Li Gu Fen You Xian Gong Si	2201 Interest of corporation controlled by you

Bison Finance Group (HKSE:00888) Headlines

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