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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.
Good Sign:
Beneish M-Score -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Cheer Holding's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Cheer Holding was -1.73. The lowest was -2.97. And the median was -2.01.
The historical data trend for Cheer 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.
Cheer Holding Annual Data | |||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.95 | -2.97 | -1.73 | -2.96 | -2.06 |
Cheer Holding Semi-Annual Data | |||||||||||||||
Dec17 | Jun18 | Dec18 | Jun19 | Dec19 | Jun20 | Dec20 | Jun21 | Dec21 | Jun22 | Dec22 | Jun23 | Dec23 | Jun24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-1.73 | - | -2.96 | - | -2.06 |
For the Advertising Agencies subindustry, Cheer 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.
For the Media - Diversified industry and Communication Services sector, Cheer Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cheer Holding's Beneish M-Score falls into.
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 Cheer 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 * 0.9826 | + | 0.528 * 1.0109 | + | 0.404 * 1.8918 | + | 0.892 * 0.9663 | + | 0.115 * 0.9853 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.996 | + | 4.679 * 0.008687 | - | 0.327 * 0.8241 | |||||||
= | -2.06 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $77.1 Mil. Revenue was $147.2 Mil. Gross Profit was $107.8 Mil. Total Current Assets was $305.6 Mil. Total Assets was $346.6 Mil. Property, Plant and Equipment(Net PPE) was $0.4 Mil. Depreciation, Depletion and Amortization(DDA) was $3.8 Mil. Selling, General, & Admin. Expense(SGA) was $78.8 Mil. Total Current Liabilities was $39.9 Mil. Long-Term Debt & Capital Lease Obligation was $1.6 Mil. Net Income was $26.0 Mil. Gross Profit was $0.1 Mil. Cash Flow from Operations was $22.9 Mil. |
Total Receivables was $81.2 Mil. Revenue was $152.3 Mil. Gross Profit was $112.8 Mil. Total Current Assets was $306.9 Mil. Total Assets was $327.6 Mil. Property, Plant and Equipment(Net PPE) was $0.5 Mil. Depreciation, Depletion and Amortization(DDA) was $3.8 Mil. Selling, General, & Admin. Expense(SGA) was $81.9 Mil. Total Current Liabilities was $46.2 Mil. Long-Term Debt & Capital Lease Obligation was $1.4 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) |
= | (77.074 / 147.196) | / | (81.17 / 152.327) | |
= | 0.523615 | / | 0.532867 | |
= | 0.9826 |
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) | |
= | (112.778 / 152.327) | / | (107.808 / 147.196) | |
= | 0.740368 | / | 0.732411 | |
= | 1.0109 |
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 - (305.568 + 0.404) / 346.591) | / | (1 - (306.874 + 0.462) / 327.632) | |
= | 0.117196 | / | 0.061948 | |
= | 1.8918 |
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 | |
= | 147.196 | / | 152.327 | |
= | 0.9663 |
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)) |
= | (3.779 / (3.779 + 0.462)) | / | (3.822 / (3.822 + 0.404)) | |
= | 0.891063 | / | 0.904401 | |
= | 0.9853 |
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) |
= | (78.788 / 147.196) | / | (81.858 / 152.327) | |
= | 0.535259 | / | 0.537383 | |
= | 0.996 |
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) |
= | ((1.62 + 39.901) / 346.591) | / | ((1.408 + 46.217) / 327.632) | |
= | 0.119798 | / | 0.145361 | |
= | 0.8241 |
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 | |
= | (25.966 - 0.08 | - | 22.875) | / | 346.591 | |
= | 0.008687 |
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.
Cheer Holding has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Cheer Holding's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jia Lu | director, 10 percent owner | 22F, BLOCK B, XINHUA TECHNOLOGY TOWER, TUOFANGYING SOUTH ROAD, CHAOYANG DISTRICT, BEIJING F4 100022 |
Ran Zhang | director | 22F, BLOCK B, XINHUA TECHNOLOGY TOWER, TUOFANGYING SOUTH ROAD, CHAOYANG DISTRICT, BEIJING F4 100022 |
Bing Zhang | director, 10 percent owner, officer: Chief Executive Officer | 22F, BLOCK B, XINHUA TECH TOWER, TUOFANGYING SOUTH ROAD, JIUXIAMQIAO, CHAOYANG DISTRICT, BEIJING F4 100022 |
Shu Ming Leung | director | 22/F, BLOCK B, XINHUA TECHNOLOGY, NO. 8 TUOFANGYING ROAD, CHAOYANG DISTRICT, BEIJING F4 100022 |
Yong Li | director | 22/F, BLOCK B, XINHUA TECHNOLOGY, NO. 8 TUOFANGYING ROAD, CHAOYING DISTRICT, BEIJING F4 100022 |
Giant Fortune International Ltd | 10 percent owner | 510 KINGS ROAD, 10TH ISLAND PLACE TOWER, HONG KONG F4 999077 |
Sing Wang | director, 10 percent owner, officer: CEO | SUITE 1003-1004, 10/F, ICBC TOWER, THREE GARDEN ROAD, CENTRAL, HONG KONG F4 00000 |
Ian Lee | director, officer: CFO | UNIT 1631 LEVEL 16 MAN YEE BLDG, 60-68 DES VOEUX ROAD CENTRAL, HONG KONG F4 518000 |
Ng Joanne Sin Ting | officer: Sr Dir of Business Development | UNIT 1631 LEVEL 16 MAN YEE BLDG, 60-68 DES VOEUX ROAD CENTRAL, HONG KONG F4 518000 |
Symphony Sponsor 1 Tkk | 10 percent owner | UNIT 1631, LEVEL 16, MAN YEE BUILDING, 6068 DES VOEUX ROAD CENTRAL, HONG KONG F4 518000 |
Stephen Markscheid | director | C/O ENER-CORE, INC., 9400 TOLEDO WAY, IRVINE CA 92618 |
Zhe Zhang | director | UNIT 1631 LEVEL 16 MAN YEE BLDG, 60-68 DES VOEUX RD CENTRAL, HONG KONG F4 518000 |
James Heimowitz | director | UNIT 1631 LEVEL 16 MAN YEE BLDG, 60-68 VOEUX ROAD CENTRAL, HONG KONG F4 518000 |
Ronald Issen | officer: Chief Investment Officer | UNIT 1631 LEVEL 16 MAN YEE BLDG, 60-68 DES VOEUX ROAD CENTRAL, HONG KONG F4 518000 |
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