Sheen Tai Holdings Group Co (HKSE:01335) Beneish M-Score : 2.37 (As of May. 04, 2024)

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What is Sheen Tai Holdings Group Co 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 2.37 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Sheen Tai Holdings Group Co's Beneish M-Score or its related term are showing as below:

HKSE:01335' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -0.64 Max: 2.37
Current: 2.37

During the past 13 years, the highest Beneish M-Score of Sheen Tai Holdings Group Co was 2.37. The lowest was -3.32. And the median was -0.64.

Sheen Tai Holdings Group Co Beneish M-Score Historical Data

The historical data trend for Sheen Tai Holdings Group Co'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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Sheen Tai Holdings Group Co Beneish M-Score Chart

Sheen Tai Holdings Group Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.06

-3.14

-2.29

2.37

Sheen Tai Holdings Group Co 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															-2.29	-	2.37	-	-

Competitive Comparison of Sheen Tai Holdings Group Co's Beneish M-Score

For the Utilities - Renewable subindustry, Sheen Tai Holdings Group Co'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.

Sheen Tai Holdings Group Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Sheen Tai Holdings Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sheen Tai Holdings Group Co's Beneish M-Score falls into.

Sheen Tai Holdings Group Co 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 Sheen Tai Holdings Group Co 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 * 1.0752

0.528 * 1.3725

0.404 * 1.1586

0.892 * 1.3421

0.115 * 0.9539

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7902

4.679 * -0.036606

0.327 * 1.0192

-1.99

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$244.1 Mil.
Revenue was HK$423.7 Mil.
Gross Profit was HK$37.7 Mil.
Total Current Assets was HK$487.1 Mil.
Total Assets was HK$769.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$248.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$28.9 Mil.
Total Current Liabilities was HK$25.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.3 Mil.
Net Income was HK$-13.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$14.8 Mil.

Total Receivables was HK$169.2 Mil.
Revenue was HK$315.7 Mil.
Gross Profit was HK$38.5 Mil.
Total Current Assets was HK$525.2 Mil.
Total Assets was HK$828.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$271.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$19.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$27.3 Mil.
Total Current Liabilities was HK$26.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13.2 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)
	=	(244.087 / 423.708)	/	(169.152 / 315.701)
	=	0.576074	/	0.535798
	=	1.0752

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)
	=	(38.54 / 315.701)	/	(37.688 / 423.708)
	=	0.122078	/	0.088948
	=	1.3725

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 - (487.06 + 248.483) / 769.693)	/	(1 - (525.235 + 271.298) / 828.252)
	=	0.044368	/	0.038296
	=	1.1586

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
	=	423.708	/	315.701
	=	1.3421

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))
	=	(19.353 / (19.353 + 271.298))	/	(18.646 / (18.646 + 248.483))
	=	0.066585	/	0.069801
	=	0.9539

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)
	=	(28.94 / 423.708)	/	(27.287 / 315.701)
	=	0.068302	/	0.086433
	=	0.7902

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)
	=	((12.262 + 25.7) / 769.693)	/	((13.245 + 26.835) / 828.252)
	=	0.049321	/	0.048391
	=	1.0192

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
	=	(-13.389 - 0	-	14.786)	/	769.693
	=	-0.036606

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.

Sheen Tai Holdings Group Co has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.

Sheen Tai Holdings Group Co Beneish M-Score Related Terms

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Sheen Tai Holdings Group Co (HKSE:01335) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Sheen Tai Holdings Group Co Ltd (HKSE:01335) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 18 Fenwick Street, Unit 1903, 19th Floor, Jubilee Centre, Wan Chai, Hong Kong, HKG

Website

http://www.sheentai.com

Sheen Tai Holdings Group Co Ltd is an investment holding company. The company operates through four segments namely Sales of sub-processing cigarette films segment engages in trading of sub-processing cigarette films; the Properties development and related services segment engages in the development and sales of properties and providing property management services; the Generation of photovoltaic power segment engages in generating and sales of electricity; and Sales of semi-conductors engages in trading of semi-conductors. It derives a majority of its revenue from the sales of the semi-conductors segment.

Sheen Tai Holdings Group Co (HKSE:01335) Headlines

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