Kaisa Prosperity Holdings Beneish M-Score Historical Data
The historical data trend for Kaisa Prosperity 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.
Kaisa Prosperity Holdings Beneish M-Score Chart
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Kaisa Prosperity Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.44 |
-1.98 |
0.77 |
-1.79 |
-4.18 |
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Kaisa Prosperity Holdings Semi-Annual Data
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Dec15 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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0.77 |
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-1.79 |
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-4.18 |
Competitive Comparison of Kaisa Prosperity Holdings's Beneish M-Score
For the Real Estate Services subindustry, Kaisa Prosperity 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.
Kaisa Prosperity Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Kaisa Prosperity Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kaisa Prosperity Holdings's Beneish M-Score falls into.
Kaisa Prosperity 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 Kaisa Prosperity 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 * 0.5592 | + | 0.528 * 0.9844 | + | 0.404 * 1.3006 | + | 0.892 * 0.9852 | + | 0.115 * 0.9827 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8395 | + | 4.679 * -0.282169 | - | 0.327 * 1.3065 |
| = | -4.18 |
* 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$672 Mil.
Revenue was HK$1,963 Mil.
Gross Profit was HK$526 Mil.
Total Current Assets was HK$986 Mil.
Total Assets was HK$2,000 Mil.
Property, Plant and Equipment(Net PPE) was HK$222 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$33 Mil.
Selling, General, & Admin. Expense(SGA) was HK$221 Mil.
Total Current Liabilities was HK$948 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7 Mil.
Net Income was HK$-492 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$72 Mil.
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Total Receivables was HK$1,220 Mil.
Revenue was HK$1,992 Mil.
Gross Profit was HK$526 Mil.
Total Current Assets was HK$1,497 Mil.
Total Assets was HK$2,511 Mil.
Property, Plant and Equipment(Net PPE) was HK$250 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$36 Mil.
Selling, General, & Admin. Expense(SGA) was HK$268 Mil.
Total Current Liabilities was HK$906 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11 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) |
| = | (672.112 / 1962.531) | / | (1219.971 / 1992.088) |
| = | 0.342472 | / | 0.612408 |
| | = | 0.5592 |
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) |
| = | (526.092 / 1992.088) | / | (526.487 / 1962.531) |
| = | 0.264091 | / | 0.268269 |
| | = | 0.9844 |
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 - (986.271 + 222.355) / 2000.255) | / | (1 - (1496.705 + 250.284) / 2511.116) |
| = | 0.395764 | / | 0.304298 |
| | = | 1.3006 |
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 |
| = | 1962.531 | / | 1992.088 |
| | = | 0.9852 |
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)) |
| = | (36.055 / (36.055 + 250.284)) | / | (32.677 / (32.677 + 222.355)) |
| = | 0.125917 | / | 0.128129 |
| | = | 0.9827 |
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) |
| = | (221.434 / 1962.531) | / | (267.745 / 1992.088) |
| = | 0.112831 | / | 0.134404 |
| | = | 0.8395 |
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) |
| = | ((7.028 + 947.683) / 2000.255) | / | ((11.224 + 906.146) / 2511.116) |
| = | 0.477295 | / | 0.365324 |
| | = | 1.3065 |
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 |
| = | (-492.183 - 0 | - | 72.227) | / | 2000.255 |
| | = | -0.282169 |
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.
Kaisa Prosperity Holdings has a M-score of -4.18 suggests that the company is unlikely to be a manipulator.
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