Phoenix Media Investment (Holdings) (HKSE:02008) Beneish M-Score : -2.88 (As of Apr. 29, 2024)

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What is Phoenix Media 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Phoenix Media Investment (Holdings)'s Beneish M-Score or its related term are showing as below:

HKSE:02008' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.44 Max: -1.62
Current: -2.88

During the past 13 years, the highest Beneish M-Score of Phoenix Media Investment (Holdings) was -1.62. The lowest was -2.88. And the median was -2.44.

Phoenix Media Investment (Holdings) Beneish M-Score Historical Data

The historical data trend for Phoenix Media 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.

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Phoenix Media Investment (Holdings) Beneish M-Score Chart

Phoenix Media Investment (Holdings) Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.62

-2.33

-1.81

-2.74

-2.88

Phoenix Media 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															-1.81	-	-2.74	-	-2.88

Competitive Comparison of Phoenix Media Investment (Holdings)'s Beneish M-Score

For the Internet Content & Information subindustry, Phoenix Media 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.

Phoenix Media Investment (Holdings)'s Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Phoenix Media Investment (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phoenix Media Investment (Holdings)'s Beneish M-Score falls into.

Phoenix Media 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 Phoenix Media 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 * 1.0271

0.528 * 0.7044

0.404 * 1.0687

0.892 * 0.8216

0.115 * 1.0528

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0109

4.679 * -0.032105

0.327 * 0.9678

-2.88

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$1,146 Mil.
Revenue was HK$2,468 Mil.
Gross Profit was HK$140 Mil.
Total Current Assets was HK$3,640 Mil.
Total Assets was HK$6,690 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,435 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$315 Mil.
Selling, General, & Admin. Expense(SGA) was HK$428 Mil.
Total Current Liabilities was HK$1,782 Mil.
Long-Term Debt & Capital Lease Obligation was HK$590 Mil.
Net Income was HK$-259 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-44 Mil.

Total Receivables was HK$1,358 Mil.
Revenue was HK$3,004 Mil.
Gross Profit was HK$120 Mil.
Total Current Assets was HK$3,997 Mil.
Total Assets was HK$7,231 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,600 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$374 Mil.
Selling, General, & Admin. Expense(SGA) was HK$516 Mil.
Total Current Liabilities was HK$1,944 Mil.
Long-Term Debt & Capital Lease Obligation was HK$705 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)
	=	(1146.135 / 2467.957)	/	(1358.129 / 3003.733)
	=	0.464406	/	0.452147
	=	1.0271

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)
	=	(120.187 / 3003.733)	/	(140.197 / 2467.957)
	=	0.040013	/	0.056807
	=	0.7044

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 - (3640.157 + 1434.74) / 6690.395)	/	(1 - (3996.727 + 1600.186) / 7230.616)
	=	0.241465	/	0.225942
	=	1.0687

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
	=	2467.957	/	3003.733
	=	0.8216

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))
	=	(374.317 / (374.317 + 1600.186))	/	(315.104 / (315.104 + 1434.74))
	=	0.189575	/	0.180075
	=	1.0528

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)
	=	(428.177 / 2467.957)	/	(515.52 / 3003.733)
	=	0.173495	/	0.171626
	=	1.0109

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)
	=	((589.76 + 1782.268) / 6690.395)	/	((705.16 + 1943.592) / 7230.616)
	=	0.354542	/	0.366325
	=	0.9678

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
	=	(-258.989 - 0	-	-44.191)	/	6690.395
	=	-0.032105

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.

Phoenix Media Investment (Holdings) has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Phoenix Media Investment (Holdings) Beneish M-Score Related Terms

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Phoenix Media Investment (Holdings) (HKSE:02008) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » Phoenix Media Investment (Holdings) Ltd (HKSE:02008) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 2-6 Dai King Street, Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong, HKG

Website

https://phtv.ifeng.com

Phoenix Media Investment (Holdings) Ltd is engaged in satellite television broadcasting and the provision of new media services. The group mainly operates in five segments; Television broadcasting, Internet media, Outdoor media, Real estate, and Other activities. It generates maximum revenue from the Television broadcasting segment. The Television broadcasting business is engaged in the broadcasting of television programs and commercials and the provision of promotion activities.

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