HKBN Beneish M-Score Historical Data
The historical data trend for HKBN'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.
HKBN Beneish M-Score Chart
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HKBN Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-1.66 |
-2.00 |
-2.93 |
-2.74 |
-3.33 |
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HKBN Semi-Annual Data
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Aug14 |
Feb15 |
Aug15 |
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Aug16 |
Feb17 |
Aug17 |
Feb18 |
Aug18 |
Feb19 |
Aug19 |
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Feb21 |
Aug21 |
Feb22 |
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Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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-2.74 |
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-3.33 |
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Competitive Comparison of HKBN's Beneish M-Score
For the Telecom Services subindustry, HKBN'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.
HKBN's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, HKBN's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HKBN's Beneish M-Score falls into.
HKBN 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 HKBN 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 * 0.9773 | + | 0.528 * 1.0788 | + | 0.404 * 0.9743 | + | 0.892 * 0.9368 | + | 0.115 * 0.9871 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9668 | + | 4.679 * -0.179103 | - | 0.327 * 1.1056 |
| = | -3.39 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was €199 Mil.
Revenue was €1,370 Mil.
Gross Profit was €488 Mil.
Total Current Assets was €332 Mil.
Total Assets was €2,126 Mil.
Property, Plant and Equipment(Net PPE) was €481 Mil.
Depreciation, Depletion and Amortization(DDA) was €156 Mil.
Selling, General, & Admin. Expense(SGA) was €51 Mil.
Total Current Liabilities was €365 Mil.
Long-Term Debt & Capital Lease Obligation was €1,296 Mil.
Net Income was €-149 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €232 Mil.
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Total Receivables was €217 Mil.
Revenue was €1,462 Mil.
Gross Profit was €562 Mil.
Total Current Assets was €383 Mil.
Total Assets was €2,569 Mil.
Property, Plant and Equipment(Net PPE) was €558 Mil.
Depreciation, Depletion and Amortization(DDA) was €177 Mil.
Selling, General, & Admin. Expense(SGA) was €56 Mil.
Total Current Liabilities was €394 Mil.
Long-Term Debt & Capital Lease Obligation was €1,421 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) |
| = | (198.765 / 1369.961) | / | (217.107 / 1462.439) |
| = | 0.145088 | / | 0.148455 |
| | = | 0.9773 |
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) |
| = | (562.32 / 1462.439) | / | (488.262 / 1369.961) |
| = | 0.384508 | / | 0.356406 |
| | = | 1.0788 |
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 - (331.896 + 481.396) / 2126.337) | / | (1 - (382.806 + 558.129) / 2569.495) |
| = | 0.617515 | / | 0.633805 |
| | = | 0.9743 |
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 |
| = | 1369.961 | / | 1462.439 |
| | = | 0.9368 |
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)) |
| = | (177.286 / (177.286 + 558.129)) | / | (155.557 / (155.557 + 481.396)) |
| = | 0.241069 | / | 0.244221 |
| | = | 0.9871 |
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) |
| = | (50.874 / 1369.961) | / | (56.173 / 1462.439) |
| = | 0.037135 | / | 0.03841 |
| | = | 0.9668 |
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) |
| = | ((1295.533 + 364.646) / 2126.337) | / | ((1420.79 + 393.822) / 2569.495) |
| = | 0.780769 | / | 0.706213 |
| | = | 1.1056 |
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 |
| = | (-148.501 - 0 | - | 232.332) | / | 2126.337 |
| | = | -0.179103 |
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.
HKBN has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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