Justin Allen Holdings Beneish M-Score Historical Data
The historical data trend for Justin Allen 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.
Justin Allen Holdings Beneish M-Score Chart
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Justin Allen Holdings Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.12 |
-1.66 |
-2.03 |
-2.65 |
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Justin Allen Holdings Semi-Annual Data
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Dec16 |
Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.66 |
- |
-2.03 |
- |
-2.65 |
Competitive Comparison of Justin Allen Holdings's Beneish M-Score
For the Apparel Manufacturing subindustry, Justin Allen 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.
Justin Allen Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Justin Allen Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Justin Allen Holdings's Beneish M-Score falls into.
Justin Allen 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 Justin Allen 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 * 0.7397 | + | 0.528 * 0.9592 | + | 0.404 * 2.7829 | + | 0.892 * 0.9127 | + | 0.115 * 0.9431 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2827 | + | 4.679 * -0.104016 | - | 0.327 * 1.0186 |
| = | -2.65 |
* 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$105 Mil.
Revenue was HK$1,114 Mil.
Gross Profit was HK$355 Mil.
Total Current Assets was HK$736 Mil.
Total Assets was HK$940 Mil.
Property, Plant and Equipment(Net PPE) was HK$195 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$19 Mil.
Selling, General, & Admin. Expense(SGA) was HK$124 Mil.
Total Current Liabilities was HK$195 Mil.
Long-Term Debt & Capital Lease Obligation was HK$15 Mil.
Net Income was HK$175 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$273 Mil.
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Total Receivables was HK$156 Mil.
Revenue was HK$1,221 Mil.
Gross Profit was HK$373 Mil.
Total Current Assets was HK$635 Mil.
Total Assets was HK$823 Mil.
Property, Plant and Equipment(Net PPE) was HK$185 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17 Mil.
Selling, General, & Admin. Expense(SGA) was HK$106 Mil.
Total Current Liabilities was HK$175 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 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) |
| = | (105.137 / 1114.213) | / | (155.733 / 1220.76) |
| = | 0.09436 | / | 0.127571 |
| | = | 0.7397 |
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) |
| = | (373.267 / 1220.76) | / | (355.187 / 1114.213) |
| = | 0.305766 | / | 0.318778 |
| | = | 0.9592 |
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 - (735.567 + 195.048) / 940.413) | / | (1 - (634.59 + 185.177) / 822.848) |
| = | 0.010419 | / | 0.003744 |
| | = | 2.7829 |
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 |
| = | 1114.213 | / | 1220.76 |
| | = | 0.9127 |
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)) |
| = | (17.253 / (17.253 + 185.177)) | / | (19.377 / (19.377 + 195.048)) |
| = | 0.085229 | / | 0.090367 |
| | = | 0.9431 |
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) |
| = | (123.791 / 1114.213) | / | (105.734 / 1220.76) |
| = | 0.111102 | / | 0.086613 |
| | = | 1.2827 |
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) |
| = | ((14.531 + 195.083) / 940.413) | / | ((5.422 + 174.64) / 822.848) |
| = | 0.222896 | / | 0.218828 |
| | = | 1.0186 |
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 |
| = | (175.42 - 0 | - | 273.238) | / | 940.413 |
| | = | -0.104016 |
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.
Justin Allen Holdings has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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