Arrail Group Beneish M-Score Historical Data
The historical data trend for Arrail Group'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.
Arrail Group Beneish M-Score Chart
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Arrail Group Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
-3.97 |
-4.03 |
-0.73 |
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Arrail Group Semi-Annual Data
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Mar19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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- |
-4.03 |
- |
-0.73 |
- |
Competitive Comparison of Arrail Group's Beneish M-Score
For the Medical Care Facilities subindustry, Arrail Group'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.
Arrail Group's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Arrail Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arrail Group's Beneish M-Score falls into.
Arrail Group 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 Arrail Group 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 * 3.2697 | + | 0.528 * 1.2364 | + | 0.404 * 1.4628 | + | 0.892 * 0.8385 | + | 0.115 * 0.951 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8354 | + | 4.679 * -0.114829 | - | 0.327 * 0.9639 |
| = | -0.73 |
* 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$321 Mil.
Revenue was HK$1,679 Mil.
Gross Profit was HK$281 Mil.
Total Current Assets was HK$1,747 Mil.
Total Assets was HK$3,487 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,158 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$298 Mil.
Selling, General, & Admin. Expense(SGA) was HK$104 Mil.
Total Current Liabilities was HK$826 Mil.
Long-Term Debt & Capital Lease Obligation was HK$699 Mil.
Net Income was HK$-250 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$150 Mil.
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Total Receivables was HK$117 Mil.
Revenue was HK$2,002 Mil.
Gross Profit was HK$415 Mil.
Total Current Assets was HK$2,009 Mil.
Total Assets was HK$3,687 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,257 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$304 Mil.
Selling, General, & Admin. Expense(SGA) was HK$149 Mil.
Total Current Liabilities was HK$919 Mil.
Long-Term Debt & Capital Lease Obligation was HK$754 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) |
| = | (321.354 / 1678.583) | / | (117.209 / 2001.817) |
| = | 0.191444 | / | 0.058551 |
| | = | 3.2697 |
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) |
| = | (414.97 / 2001.817) | / | (281.427 / 1678.583) |
| = | 0.207297 | / | 0.167657 |
| | = | 1.2364 |
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 - (1746.703 + 1157.525) / 3487.188) | / | (1 - (2008.902 + 1256.801) / 3687.055) |
| = | 0.167172 | / | 0.114279 |
| | = | 1.4628 |
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 |
| = | 1678.583 | / | 2001.817 |
| | = | 0.8385 |
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)) |
| = | (303.688 / (303.688 + 1256.801)) | / | (297.81 / (297.81 + 1157.525)) |
| = | 0.194611 | / | 0.204633 |
| | = | 0.951 |
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) |
| = | (104.175 / 1678.583) | / | (148.708 / 2001.817) |
| = | 0.062061 | / | 0.074287 |
| | = | 0.8354 |
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) |
| = | ((698.745 + 825.641) / 3487.188) | / | ((753.585 + 918.501) / 3687.055) |
| = | 0.437139 | / | 0.453502 |
| | = | 0.9639 |
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 |
| = | (-250.475 - 0 | - | 149.956) | / | 3487.188 |
| | = | -0.114829 |
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.
Arrail Group has a M-score of -0.73 signals that the company is likely to be a manipulator.
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