Kaisa Capital Investment Holdings (HKSE:00936) Beneish M-Score : -3.01 (As of May. 16, 2024)

View and export this data going back to 2010. Start your Free Trial

What is Kaisa Capital Investment 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.

Good Sign:

Beneish M-Score -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00936' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18 Med: -2.62 Max: 3.82
Current: -3.01

During the past 13 years, the highest Beneish M-Score of Kaisa Capital Investment Holdings was 3.82. The lowest was -4.18. And the median was -2.62.

Kaisa Capital Investment Holdings Beneish M-Score Historical Data

The historical data trend for Kaisa Capital Investment 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.

Kaisa Capital Investment Holdings Beneish M-Score Chart

Kaisa Capital Investment Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.62

3.82

-2.73

-4.18

-3.01

Kaisa Capital Investment 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															-2.73	-	-4.18	-	-3.01

Competitive Comparison of Kaisa Capital Investment Holdings's Beneish M-Score

For the Rental & Leasing Services subindustry, Kaisa Capital Investment 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.

Kaisa Capital Investment Holdings's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Kaisa Capital Investment Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kaisa Capital Investment Holdings's Beneish M-Score falls into.

Kaisa Capital Investment 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 Kaisa Capital Investment 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 * 1.0185

0.528 * 1.1145

0.404 * 0.243

0.892 * 1.1875

0.115 * 1.2657

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9926

4.679 * -0.11471

0.327 * 0.9033

-3.01

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$65.2 Mil.
Revenue was HK$237.7 Mil.
Gross Profit was HK$134.4 Mil.
Total Current Assets was HK$260.5 Mil.
Total Assets was HK$588.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$327.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$59.0 Mil.
Total Current Liabilities was HK$323.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$76.4 Mil.
Net Income was HK$5.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$72.9 Mil.

Total Receivables was HK$53.9 Mil.
Revenue was HK$200.2 Mil.
Gross Profit was HK$126.1 Mil.
Total Current Assets was HK$261.9 Mil.
Total Assets was HK$559.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$296.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$66.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$50.0 Mil.
Total Current Liabilities was HK$336.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$84.9 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)
	=	(65.186 / 237.7)	/	(53.898 / 200.168)
	=	0.274236	/	0.269264
	=	1.0185

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)
	=	(126.132 / 200.168)	/	(134.389 / 237.7)
	=	0.630131	/	0.565372
	=	1.1145

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 - (260.501 + 327.529) / 588.442)	/	(1 - (261.897 + 296.037) / 559.546)
	=	0.0007	/	0.002881
	=	0.243

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
	=	237.7	/	200.168
	=	1.1875

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))
	=	(66.169 / (66.169 + 296.037))	/	(55.245 / (55.245 + 327.529))
	=	0.182683	/	0.144328
	=	1.2657

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)
	=	(58.953 / 237.7)	/	(50.015 / 200.168)
	=	0.248014	/	0.249865
	=	0.9926

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)
	=	((76.409 + 323.434) / 588.442)	/	((84.873 + 336.024) / 559.546)
	=	0.679494	/	0.752212
	=	0.9033

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
	=	(5.381 - 0	-	72.881)	/	588.442
	=	-0.11471

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.

Kaisa Capital Investment Holdings has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.

Kaisa Capital Investment Holdings Beneish M-Score Related Terms

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

Kaisa Capital Investment Holdings (HKSE:00936) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Kaisa Capital Investment Holdings Ltd (HKSE:00936) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lee Garden One, 33 Hysan Avenue, Room 1901, 19 Floor, Causeway Bay, Hong Kong, HKG

Website

https://www.kaisa-capital.com

Kaisa Capital Investment Holdings Ltd is engaged in property development, construction engineering, operation, management, and service activities in Hong Kong. The company is also involved in the leasing and sale of construction machinery, and spare parts, and the provision of ancillary engineering consultancy, repair, and maintenance services. The Company operates its business through two segments. The Construction Equipment Business segment is engaged in the trading of construction machinery and spare parts, leasing of the construction machinery under operating leases, and providing repair and maintenance services in respect of the construction machinery. The Property Development Business segment is involved in the property development business.

Kaisa Capital Investment Holdings (HKSE:00936) Headlines

No Headlines