Yoho Group Holdings (HKSE:02347) Beneish M-Score : -2.19 (As of May. 14, 2024)

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What is Yoho Group 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02347' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.19 Max: -1.41
Current: -2.19

During the past 5 years, the highest Beneish M-Score of Yoho Group Holdings was -1.41. The lowest was -3.03. And the median was -2.19.

Yoho Group Holdings Beneish M-Score Historical Data

The historical data trend for Yoho Group 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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Yoho Group Holdings Beneish M-Score Chart

Yoho Group Holdings Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

-1.41

-3.03

-2.19

Yoho Group Holdings Semi-Annual Data
	Mar19	Mar20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial			-	-3.03	-	-2.19	-

Competitive Comparison of Yoho Group Holdings's Beneish M-Score

For the Specialty Retail subindustry, Yoho Group 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.

Yoho Group Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Yoho Group Holdings's Beneish M-Score distribution charts can be found below:

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

Yoho Group 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 Yoho Group 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 * 0.8171

0.528 * 1.0126

0.404 * 0.8808

0.892 * 1.0823

0.115 * 1.1015

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1324

4.679 * 0.049191

0.327 * 0.3517

-2.19

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$17.0 Mil.
Revenue was HK$855.1 Mil.
Gross Profit was HK$131.2 Mil.
Total Current Assets was HK$303.8 Mil.
Total Assets was HK$346.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$37.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$12.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$112.2 Mil.
Total Current Liabilities was HK$59.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$22.8 Mil.
Net Income was HK$6.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-10.8 Mil.

Total Receivables was HK$19.2 Mil.
Revenue was HK$790.1 Mil.
Gross Profit was HK$122.7 Mil.
Total Current Assets was HK$211.7 Mil.
Total Assets was HK$240.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$24.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$91.5 Mil.
Total Current Liabilities was HK$148.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.7 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)
	=	(16.975 / 855.076)	/	(19.195 / 790.054)
	=	0.019852	/	0.024296
	=	0.8171

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)
	=	(122.748 / 790.054)	/	(131.2 / 855.076)
	=	0.155367	/	0.153437
	=	1.0126

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 - (303.761 + 37.694) / 346.935)	/	(1 - (211.733 + 24.245) / 240.287)
	=	0.015795	/	0.017933
	=	0.8808

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
	=	855.076	/	790.054
	=	1.0823

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))
	=	(8.875 / (8.875 + 24.245))	/	(12.118 / (12.118 + 37.694))
	=	0.267965	/	0.243275
	=	1.1015

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)
	=	(112.153 / 855.076)	/	(91.511 / 790.054)
	=	0.131161	/	0.115829
	=	1.1324

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)
	=	((22.835 + 59.07) / 346.935)	/	((12.721 + 148.581) / 240.287)
	=	0.236082	/	0.671289
	=	0.3517

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
	=	(6.303 - 0	-	-10.763)	/	346.935
	=	0.049191

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.

Yoho Group Holdings has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.

Yoho Group Holdings Beneish M-Score Related Terms

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Yoho Group Holdings (HKSE:02347) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Yoho Group Holdings Ltd (HKSE:02347) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

52 Hung To Road, 9A, Bamboos Centre, Kwun Tong, Kowloon, Hong Kong, HKG

Website

https://www.yohohongkong.com

Yoho Group Holdings Ltd is involved in the provision of both online and offline e-commerce retail services and offline wholesale and trading of consumer electronics and home appliances. Geographically the company earns the majority of its revenue from Hong Kong and also has a presence in the People's Republic of China.

Yoho Group Holdings (HKSE:02347) Headlines

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