Beisen Holding Beneish M-Score Historical Data
The historical data trend for Beisen Holding'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.
Beisen Holding Beneish M-Score Chart
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Beisen Holding Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-12.24 |
-5.66 |
-8.11 |
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Beisen Holding Semi-Annual Data
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|
Mar19 |
Mar20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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- |
-5.66 |
- |
-8.11 |
- |
Competitive Comparison of Beisen Holding's Beneish M-Score
For the Software - Application subindustry, Beisen Holding'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.
Beisen Holding's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Beisen Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beisen Holding's Beneish M-Score falls into.
Beisen Holding 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 Beisen Holding 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 * 1.359 | + | 0.528 * 1.0649 | + | 0.404 * 1.4858 | + | 0.892 * 1.0207 | + | 0.115 * 0.82 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9068 | + | 4.679 * -1.308079 | - | 0.327 * 1.2585 |
| = | -8.11 |
* 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$44.4 Mil.
Revenue was HK$855.3 Mil.
Gross Profit was HK$473.3 Mil.
Total Current Assets was HK$1,903.2 Mil.
Total Assets was HK$2,130.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$121.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$71.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$135.7 Mil.
Total Current Liabilities was HK$873.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$25.4 Mil.
Net Income was HK$-2,960.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-173.0 Mil.
|
Total Receivables was HK$32.0 Mil.
Revenue was HK$838.0 Mil.
Gross Profit was HK$493.8 Mil.
Total Current Assets was HK$2,279.3 Mil.
Total Assets was HK$2,508.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$145.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$63.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$146.6 Mil.
Total Current Liabilities was HK$792.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$48.6 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) |
| = | (44.351 / 855.287) | / | (31.975 / 837.97) |
| = | 0.051855 | / | 0.038158 |
| | = | 1.359 |
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) |
| = | (493.824 / 837.97) | / | (473.325 / 855.287) |
| = | 0.58931 | / | 0.553411 |
| | = | 1.0649 |
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 - (1903.219 + 121.88) / 2130.807) | / | (1 - (2279.348 + 145.649) / 2508.762) |
| = | 0.049609 | / | 0.033389 |
| | = | 1.4858 |
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 |
| = | 855.287 | / | 837.97 |
| | = | 1.0207 |
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)) |
| = | (62.98 / (62.98 + 145.649)) | / | (71.011 / (71.011 + 121.88)) |
| = | 0.301876 | / | 0.368141 |
| | = | 0.82 |
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) |
| = | (135.688 / 855.287) | / | (146.612 / 837.97) |
| = | 0.158646 | / | 0.174961 |
| | = | 0.9068 |
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) |
| = | ((25.413 + 873.223) / 2130.807) | / | ((48.578 + 792.129) / 2508.762) |
| = | 0.421735 | / | 0.335108 |
| | = | 1.2585 |
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 |
| = | (-2960.239 - 0 | - | -172.976) | / | 2130.807 |
| | = | -1.308079 |
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.
Beisen Holding has a M-score of -8.11 suggests that the company is unlikely to be a manipulator.
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