Topsports International Holdings Beneish M-Score Historical Data
The historical data trend for Topsports International 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.
Topsports International Holdings Beneish M-Score Chart
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Topsports International Holdings Annual Data
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Trend |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
| Beneish M-Score |
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-3.07 |
-3.70 |
-2.06 |
-3.25 |
-3.50 |
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Topsports International Holdings Semi-Annual Data
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Feb17 |
Feb18 |
Aug18 |
Feb19 |
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
| Beneish M-Score |
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- |
-3.25 |
- |
-3.50 |
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Competitive Comparison of Topsports International Holdings's Beneish M-Score
For the Apparel Retail subindustry, Topsports International 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.
Topsports International Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Topsports International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Topsports International Holdings's Beneish M-Score falls into.
Topsports International 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 Topsports International 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 * 1.0149 | + | 0.528 * 1.0405 | + | 0.404 * 0.6103 | + | 0.892 * 0.7927 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0042 | + | 4.679 * -0.149465 | - | 0.327 * 1.0436 |
| = | -3.50 |
* 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 (Feb23) TTM: | Last Year (Feb22) TTM: |
Total Receivables was HK$2,514 Mil.
Revenue was HK$31,068 Mil.
Gross Profit was HK$12,949 Mil.
Total Current Assets was HK$13,887 Mil.
Total Assets was HK$19,303 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,624 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10,504 Mil.
Total Current Liabilities was HK$6,046 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,700 Mil.
Net Income was HK$2,108 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$4,993 Mil.
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Total Receivables was HK$3,125 Mil.
Revenue was HK$39,191 Mil.
Gross Profit was HK$16,997 Mil.
Total Current Assets was HK$13,500 Mil.
Total Assets was HK$21,880 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,052 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,108 Mil.
Selling, General, & Admin. Expense(SGA) was HK$13,194 Mil.
Total Current Liabilities was HK$5,991 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,422 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) |
| = | (2513.872 / 31068.457) | / | (3124.549 / 39190.869) |
| = | 0.080914 | / | 0.079726 |
| | = | 1.0149 |
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) |
| = | (16996.541 / 39190.869) | / | (12949.436 / 31068.457) |
| = | 0.433686 | / | 0.416803 |
| | = | 1.0405 |
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 - (13887.118 + 3623.804) / 19302.971) | / | (1 - (13499.712 + 5051.604) / 21879.832) |
| = | 0.092838 | / | 0.152127 |
| | = | 0.6103 |
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 |
| = | 31068.457 | / | 39190.869 |
| | = | 0.7927 |
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)) |
| = | (3108.197 / (3108.197 + 5051.604)) | / | (0 / (0 + 3623.804)) |
| = | 0.380916 | / | 0 |
| | = | 1 |
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) |
| = | (10504.074 / 31068.457) | / | (13194.315 / 39190.869) |
| = | 0.338094 | / | 0.336668 |
| | = | 1.0042 |
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) |
| = | ((1700.014 + 6045.756) / 19302.971) | / | ((2422.281 + 5990.542) / 21879.832) |
| = | 0.401273 | / | 0.384501 |
| | = | 1.0436 |
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 |
| = | (2107.631 - 0 | - | 4992.743) | / | 19302.971 |
| | = | -0.149465 |
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.
Topsports International Holdings has a M-score of -3.50 suggests that the company is unlikely to be a manipulator.
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