Haitian International Holdings Beneish M-Score Historical Data
The historical data trend for Haitian International 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.
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Haitian International Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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0.04 |
-2.35 |
-2.28 |
-2.56 |
-2.47 |
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Haitian International Holdings 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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|
|
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|
|
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|
|
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|
|
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-2.28 |
- |
-2.56 |
- |
-2.47 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, Haitian International 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.
Haitian International Holdings Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Haitian International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Haitian International Holdings's Beneish M-Score falls into.
Haitian International 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 Haitian International 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 * 0.9341 | + | 0.528 * 0.9904 | + | 0.404 * 0.9736 | + | 0.892 * 1.04 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0551 | + | 4.679 * 0.016462 | - | 0.327 * 1.0624 |
| = | -2.47 |
* 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$3,754 Mil.
Revenue was HK$14,295 Mil.
Gross Profit was HK$4,594 Mil.
Total Current Assets was HK$20,195 Mil.
Total Assets was HK$31,822 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,398 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,204 Mil.
Total Current Liabilities was HK$8,206 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,737 Mil.
Net Income was HK$2,725 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,201 Mil.
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Total Receivables was HK$3,865 Mil.
Revenue was HK$13,745 Mil.
Gross Profit was HK$4,375 Mil.
Total Current Assets was HK$18,641 Mil.
Total Assets was HK$28,801 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,229 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$403 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,009 Mil.
Total Current Liabilities was HK$9,196 Mil.
Long-Term Debt & Capital Lease Obligation was HK$127 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) |
| = | (3754.408 / 14294.932) | / | (3864.573 / 13744.732) |
| = | 0.262639 | / | 0.281168 |
| | = | 0.9341 |
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) |
| = | (4374.762 / 13744.732) | / | (4594.17 / 14294.932) |
| = | 0.318286 | / | 0.321385 |
| | = | 0.9904 |
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 - (20195.043 + 7397.653) / 31822.248) | / | (1 - (18640.87 + 6228.796) / 28801.414) |
| = | 0.132912 | / | 0.136512 |
| | = | 0.9736 |
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 |
| = | 14294.932 | / | 13744.732 |
| | = | 1.04 |
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)) |
| = | (402.998 / (402.998 + 6228.796)) | / | (0 / (0 + 7397.653)) |
| = | 0.060768 | / | 0 |
| | = | 1 |
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) |
| = | (2204.282 / 14294.932) | / | (2008.713 / 13744.732) |
| = | 0.1542 | / | 0.146144 |
| | = | 1.0551 |
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) |
| = | ((2737.21 + 8205.644) / 31822.248) | / | ((126.778 + 9195.915) / 28801.414) |
| = | 0.343874 | / | 0.323689 |
| | = | 1.0624 |
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 |
| = | (2725.181 - 0 | - | 2201.33) | / | 31822.248 |
| | = | 0.016462 |
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.
Haitian International Holdings has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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