Keep Beneish M-Score Historical Data
The historical data trend for Keep'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.
Keep Beneish M-Score Chart
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Keep Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-5.21 |
-1.06 |
- |
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Keep Semi-Annual Data
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Dec19 |
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-5.21 |
- |
-1.06 |
- |
- |
Competitive Comparison of Keep's Beneish M-Score
For the Software - Application subindustry, Keep'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.
Keep's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Keep's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Keep's Beneish M-Score falls into.
Keep 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 Keep 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 * 0.5938 | + | 0.528 * 1.0262 | + | 0.404 * 3.3726 | + | 0.892 * 1.2454 | + | 0.115 * 0.8852 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.556 | + | 4.679 * 0.133445 | - | 0.327 * 1.266 |
| = | -1.06 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$281 Mil.
Revenue was HK$2,470 Mil.
Gross Profit was HK$1,005 Mil.
Total Current Assets was HK$2,713 Mil.
Total Assets was HK$2,941 Mil.
Property, Plant and Equipment(Net PPE) was HK$135 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$64 Mil.
Selling, General, & Admin. Expense(SGA) was HK$996 Mil.
Total Current Liabilities was HK$745 Mil.
Long-Term Debt & Capital Lease Obligation was HK$66 Mil.
Net Income was HK$-117 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-509 Mil.
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Total Receivables was HK$380 Mil.
Revenue was HK$1,983 Mil.
Gross Profit was HK$829 Mil.
Total Current Assets was HK$3,625 Mil.
Total Assets was HK$3,821 Mil.
Property, Plant and Equipment(Net PPE) was HK$160 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$63 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,438 Mil.
Total Current Liabilities was HK$743 Mil.
Long-Term Debt & Capital Lease Obligation was HK$89 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) |
| = | (281.05 / 2469.672) | / | (380.035 / 1983.071) |
| = | 0.113801 | / | 0.19164 |
| | = | 0.5938 |
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) |
| = | (828.509 / 1983.071) | / | (1005.468 / 2469.672) |
| = | 0.417791 | / | 0.407126 |
| | = | 1.0262 |
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 - (2712.723 + 135.415) / 2940.914) | / | (1 - (3624.887 + 160.367) / 3820.997) |
| = | 0.031547 | / | 0.009354 |
| | = | 3.3726 |
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 |
| = | 2469.672 | / | 1983.071 |
| | = | 1.2454 |
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)) |
| = | (63.293 / (63.293 + 160.367)) | / | (63.632 / (63.632 + 135.415)) |
| = | 0.282988 | / | 0.319683 |
| | = | 0.8852 |
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) |
| = | (995.876 / 2469.672) | / | (1438.132 / 1983.071) |
| = | 0.403242 | / | 0.725204 |
| | = | 0.556 |
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) |
| = | ((65.963 + 744.977) / 2940.914) | / | ((89.166 + 743.088) / 3820.997) |
| = | 0.275744 | / | 0.217811 |
| | = | 1.266 |
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 |
| = | (-116.754 - 0 | - | -509.203) | / | 2940.914 |
| | = | 0.133445 |
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.
Keep has a M-score of -1.06 signals that the company is likely to be a manipulator.
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