Onewo Beneish M-Score Historical Data
The historical data trend for Onewo'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.
Onewo Beneish M-Score Chart
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Onewo Annual Data
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|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.17 |
-2.58 |
-2.55 |
|
Onewo Semi-Annual Data
|
|
Dec19 |
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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|
-2.17 |
- |
-2.58 |
- |
-2.55 |
Competitive Comparison of Onewo's Beneish M-Score
For the Real Estate Services subindustry, Onewo'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.
Onewo's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Onewo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onewo's Beneish M-Score falls into.
Onewo 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 Onewo 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 * 0.9828 | + | 0.528 * 0.9691 | + | 0.404 * 0.8852 | + | 0.892 * 1.0796 | + | 0.115 * 0.9835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8957 | + | 4.679 * -0.016036 | - | 0.327 * 0.9962 |
| = | -2.55 |
* 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$8,132 Mil.
Revenue was HK$36,295 Mil.
Gross Profit was HK$5,263 Mil.
Total Current Assets was HK$27,219 Mil.
Total Assets was HK$43,076 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,129 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,111 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,812 Mil.
Total Current Liabilities was HK$20,435 Mil.
Long-Term Debt & Capital Lease Obligation was HK$275 Mil.
Net Income was HK$2,138 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,829 Mil.
|
Total Receivables was HK$7,665 Mil.
Revenue was HK$33,620 Mil.
Gross Profit was HK$4,725 Mil.
Total Current Assets was HK$24,332 Mil.
Total Assets was HK$41,277 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,002 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$954 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,908 Mil.
Total Current Liabilities was HK$19,781 Mil.
Long-Term Debt & Capital Lease Obligation was HK$139 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) |
| = | (8132.372 / 36295.366) | / | (7664.702 / 33619.593) |
| = | 0.224061 | / | 0.227983 |
| | = | 0.9828 |
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) |
| = | (4724.541 / 33619.593) | / | (5263.009 / 36295.366) |
| = | 0.140529 | / | 0.145005 |
| | = | 0.9691 |
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 - (27218.739 + 1129.117) / 43076.422) | / | (1 - (24331.86 + 1001.926) / 41277.109) |
| = | 0.341917 | / | 0.386251 |
| | = | 0.8852 |
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 |
| = | 36295.366 | / | 33619.593 |
| | = | 1.0796 |
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)) |
| = | (954.458 / (954.458 + 1001.926)) | / | (1111.46 / (1111.46 + 1129.117)) |
| = | 0.487868 | / | 0.49606 |
| | = | 0.9835 |
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) |
| = | (2811.754 / 36295.366) | / | (2907.676 / 33619.593) |
| = | 0.077469 | / | 0.086488 |
| | = | 0.8957 |
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) |
| = | ((275.183 + 20434.589) / 43076.422) | / | ((138.591 + 19780.975) / 41277.109) |
| = | 0.480768 | / | 0.482581 |
| | = | 0.9962 |
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 |
| = | (2138.005 - 0 | - | 2828.764) | / | 43076.422 |
| | = | -0.016036 |
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.
Onewo has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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