KRP Development Holdings Beneish M-Score Historical Data
The historical data trend for KRP Development 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.
KRP Development Holdings Beneish M-Score Chart
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KRP Development Holdings Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-3.06 |
-3.00 |
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KRP Development Holdings Semi-Annual Data
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Mar20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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- |
-3.06 |
- |
-3.00 |
- |
Competitive Comparison of KRP Development Holdings's Beneish M-Score
For the Real Estate - Development subindustry, KRP Development 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.
KRP Development Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, KRP Development Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KRP Development Holdings's Beneish M-Score falls into.
KRP Development 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 KRP Development 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 * 0.0227 | + | 0.528 * 1.026 | + | 0.404 * 1.0047 | + | 0.892 * 0.8347 | + | 0.115 * 0.6234 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7393 | + | 4.679 * 0.125825 | - | 0.327 * 0.7186 |
| = | -3.00 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was HK$0.9 Mil.
Revenue was HK$798.2 Mil.
Gross Profit was HK$588.8 Mil.
Total Current Assets was HK$1,520.7 Mil.
Total Assets was HK$1,722.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$4.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$71.8 Mil.
Total Current Liabilities was HK$754.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.7 Mil.
Net Income was HK$206.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-10.8 Mil.
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Total Receivables was HK$44.9 Mil.
Revenue was HK$956.2 Mil.
Gross Profit was HK$723.8 Mil.
Total Current Assets was HK$2,152.0 Mil.
Total Assets was HK$2,435.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$49.5 Mil.
Total Current Liabilities was HK$1,486.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.3 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) |
| = | (0.851 / 798.152) | / | (44.899 / 956.248) |
| = | 0.001066 | / | 0.046953 |
| | = | 0.0227 |
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) |
| = | (723.764 / 956.248) | / | (588.783 / 798.152) |
| = | 0.756879 | / | 0.737683 |
| | = | 1.026 |
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 - (1520.693 + 4.393) / 1722.724) | / | (1 - (2152.028 + 5.282) / 2435.392) |
| = | 0.114724 | / | 0.114184 |
| | = | 1.0047 |
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 |
| = | 798.152 | / | 956.248 |
| | = | 0.8347 |
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)) |
| = | (0.947 / (0.947 + 5.282)) | / | (1.417 / (1.417 + 4.393)) |
| = | 0.152031 | / | 0.24389 |
| | = | 0.6234 |
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) |
| = | (71.835 / 798.152) | / | (49.483 / 956.248) |
| = | 0.090002 | / | 0.051747 |
| | = | 1.7393 |
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) |
| = | ((1.665 + 754.909) / 1722.724) | / | ((2.292 + 1486.053) / 2435.392) |
| = | 0.439173 | / | 0.611132 |
| | = | 0.7186 |
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 |
| = | (205.983 - 0 | - | -10.779) | / | 1722.724 |
| | = | 0.125825 |
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.
KRP Development Holdings has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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