Agile Group Holdings Beneish M-Score Historical Data
The historical data trend for Agile Group 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.
Agile Group Holdings Beneish M-Score Chart
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Agile Group Holdings Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-1.63 |
-1.90 |
-1.89 |
4.07 |
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Agile Group Holdings Semi-Annual Data
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| Beneish M-Score |
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-1.89 |
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4.07 |
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Competitive Comparison of Agile Group Holdings's Beneish M-Score
For the Real Estate - Development subindustry, Agile Group 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.
Agile Group Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Agile Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agile Group Holdings's Beneish M-Score falls into.
Agile Group 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 Agile Group 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 * 1.407 | + | 0.528 * 14.0601 | + | 0.404 * 1.0717 | + | 0.892 * 0.6748 | + | 0.115 * 1.0422 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0533 | + | 4.679 * -0.096567 | - | 0.327 * 0.9978 |
| = | 4.07 |
* 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$73,332 Mil.
Revenue was HK$60,341 Mil.
Gross Profit was HK$1,118 Mil.
Total Current Assets was HK$201,135 Mil.
Total Assets was HK$305,290 Mil.
Property, Plant and Equipment(Net PPE) was HK$18,623 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,458 Mil.
Selling, General, & Admin. Expense(SGA) was HK$6,185 Mil.
Total Current Liabilities was HK$170,026 Mil.
Long-Term Debt & Capital Lease Obligation was HK$39,750 Mil.
Net Income was HK$-15,618 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$13,863 Mil.
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Total Receivables was HK$77,237 Mil.
Revenue was HK$89,420 Mil.
Gross Profit was HK$23,291 Mil.
Total Current Assets was HK$266,763 Mil.
Total Assets was HK$387,617 Mil.
Property, Plant and Equipment(Net PPE) was HK$19,524 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,598 Mil.
Selling, General, & Admin. Expense(SGA) was HK$8,702 Mil.
Total Current Liabilities was HK$200,132 Mil.
Long-Term Debt & Capital Lease Obligation was HK$66,802 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) |
| = | (73331.509 / 60340.928) | / | (77236.779 / 89420.113) |
| = | 1.215286 | / | 0.863752 |
| | = | 1.407 |
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) |
| = | (23290.678 / 89420.113) | / | (1117.812 / 60340.928) |
| = | 0.260464 | / | 0.018525 |
| | = | 14.0601 |
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 - (201135.154 + 18622.624) / 305289.943) | / | (1 - (266763.443 + 19523.914) / 387617.07) |
| = | 0.280167 | / | 0.261417 |
| | = | 1.0717 |
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 |
| = | 60340.928 | / | 89420.113 |
| | = | 0.6748 |
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)) |
| = | (1598.411 / (1598.411 + 19523.914)) | / | (1458.115 / (1458.115 + 18622.624)) |
| = | 0.075674 | / | 0.072613 |
| | = | 1.0422 |
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) |
| = | (6184.698 / 60340.928) | / | (8701.654 / 89420.113) |
| = | 0.102496 | / | 0.097312 |
| | = | 1.0533 |
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) |
| = | ((39750.153 + 170025.651) / 305289.943) | / | ((66801.602 + 200132.468) / 387617.07) |
| = | 0.687136 | / | 0.688654 |
| | = | 0.9978 |
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 |
| = | (-15618.203 - 0 | - | 13862.683) | / | 305289.943 |
| | = | -0.096567 |
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.
Agile Group Holdings has a M-score of 4.07 signals that the company is likely to be a manipulator.
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