Dapai International Holdings Co (SGX:FP1) Beneish M-Score : -22.63 (As of May. 26, 2024)

View and export this data going back to 2008. Start your Free Trial

What is Dapai International Holdings Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Dapai International Holdings Co's Beneish M-Score or its related term are showing as below:

SGX:FP1' s Beneish M-Score Range Over the Past 10 Years
Min: -91.45 Med: -3.19 Max: -0.23
Current: -22.63

During the past 11 years, the highest Beneish M-Score of Dapai International Holdings Co was -0.23. The lowest was -91.45. And the median was -3.19.

Dapai International Holdings Co Beneish M-Score Historical Data

The historical data trend for Dapai International Holdings Co'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.

* Premium members only.

Dapai International Holdings Co Beneish M-Score Chart

Dapai International Holdings Co Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Beneish M-Score

Get a 7-Day Free Trial

-9.75

-2.96

-1.80

-2.93

-3.20

Dapai International Holdings Co Quarterly Data
	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17
Beneish M-Score	Get a 7-Day Free Trial															-1.38	-2.87	-3.20	-22.63	-

Competitive Comparison of Dapai International Holdings Co's Beneish M-Score

For the Footwear & Accessories subindustry, Dapai International Holdings Co'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.

Dapai International Holdings Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Dapai International Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dapai International Holdings Co's Beneish M-Score falls into.

Dapai International Holdings Co 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 Dapai International Holdings Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6714

0.528 * -1.7658

0.404 * 1.7923

0.892 * 0.419

0.115 * 0.5653

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.694

4.679 * -0.697174

0.327 * 1.6911

-7.69

This Year (Jun17) TTM:

Last Year (Jun16) TTM:

Total Receivables was S$11.13 Mil.
Revenue was 5.438 + 2.275 + 6.027 + 3.425 = S$17.17 Mil.
Gross Profit was 0.589 + 0.164 + -3.673 + 0.519 = S$-2.40 Mil.
Total Current Assets was S$21.04 Mil.
Total Assets was S$45.62 Mil.
Property, Plant and Equipment(Net PPE) was S$12.70 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.64 Mil.
Selling, General, & Admin. Expense(SGA) was S$12.98 Mil.
Total Current Liabilities was S$46.20 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.00 Mil.
Net Income was -0.956 + -1.341 + -24.251 + -5.358 = S$-31.91 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Cash Flow from Operations was 0.529 + -0.155 + -0.701 + 0.224 = S$-0.10 Mil.

Total Receivables was S$15.89 Mil.
Revenue was 13.076 + 7.739 + 12.064 + 8.09 = S$40.97 Mil.
Gross Profit was 2.808 + 1.913 + 3.14 + 2.258 = S$10.12 Mil.
Total Current Assets was S$35.31 Mil.
Total Assets was S$77.62 Mil.
Property, Plant and Equipment(Net PPE) was S$31.03 Mil.
Depreciation, Depletion and Amortization(DDA) was S$3.35 Mil.
Selling, General, & Admin. Expense(SGA) was S$6.60 Mil.
Total Current Liabilities was S$46.49 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.00 Mil.

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)
	=	(11.13 / 17.165)	/	(15.894 / 40.969)
	=	0.648412	/	0.387952
	=	1.6714

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)
	=	(10.119 / 40.969)	/	(-2.401 / 17.165)
	=	0.246992	/	-0.139878
	=	-1.7658

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 - (21.037 + 12.695) / 45.617)	/	(1 - (35.305 + 31.032) / 77.62)
	=	0.260539	/	0.145362
	=	1.7923

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
	=	17.165	/	40.969
	=	0.419

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))
	=	(3.35 / (3.35 + 31.032))	/	(2.644 / (2.644 + 12.695))
	=	0.097435	/	0.172371
	=	0.5653

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)
	=	(12.982 / 17.165)	/	(6.601 / 40.969)
	=	0.756306	/	0.161122
	=	4.694

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)
	=	((0 + 46.198) / 45.617)	/	((0 + 46.485) / 77.62)
	=	1.012736	/	0.598879
	=	1.6911

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
	=	(-31.906 - 0	-	-0.103)	/	45.617
	=	-0.697174

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.

Dapai International Holdings Co has a M-score of -7.69 suggests that the company is unlikely to be a manipulator.

Dapai International Holdings Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Dapai International Holdings Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Dapai International Holdings Co (SGX:FP1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Dapai International Holdings Co Ltd (SGX:FP1) » Definitions » Beneish M-Score

Comparable Companies

SGX:FQ8

Traded in Other Exchanges

N/A

Address

Website

http://www.dapai-bag.com

Dapai International Holdings Co Ltd is backpack company in China. The group designs, manufactures and sells backpacks under the DAPAI brand. Its product collections are suited for sports, fashion, business, and leisure. The company's products are targeted at the mid-range mass market consumer segment and are sold by distributor-own concessionary retail outlets in different provinces, autonomous regions and municipalities located within department stores, supermarkets and hypermarkets in China. The group's business segments are Manufacturing and sales of the backpack to distributors and retailers and Manufacturing and sales of luggage to distributors and retailers. The majority of its revenue is generated from the sales of bagpacks worldwide.

Dapai International Holdings Co (SGX:FP1) Headlines

No Headlines