Capital Estate (HKSE:00193) Beneish M-Score : -0.80 (As of May. 25, 2024)

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What is Capital Estate 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.

Warning Sign:

Beneish M-Score -0.8 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Capital Estate's Beneish M-Score or its related term are showing as below:

HKSE:00193' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -1.65 Max: 2.53
Current: -0.8

During the past 13 years, the highest Beneish M-Score of Capital Estate was 2.53. The lowest was -3.67. And the median was -1.65.

Capital Estate Beneish M-Score Historical Data

The historical data trend for Capital Estate'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.

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Capital Estate Beneish M-Score Chart

Capital Estate Annual Data

Trend

Jul14

Jul15

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Beneish M-Score

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-1.99

2.53

-0.62

-3.67

-0.80

Capital Estate Semi-Annual Data
	Jul14	Jan15	Jul15	Jan16	Jul16	Jan17	Jul17	Jan18	Jul18	Jan19	Jul19	Jan20	Jul20	Jan21	Jul21	Jan22	Jul22	Jan23	Jul23	Jan24
Beneish M-Score	Get a 7-Day Free Trial															-	-3.67	-	-0.80	-

Competitive Comparison of Capital Estate's Beneish M-Score

For the Lodging subindustry, Capital Estate'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.

Capital Estate's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Capital Estate's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Capital Estate's Beneish M-Score falls into.

Capital Estate 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 Capital Estate 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 * 2.7273

0.528 * 0.6634

0.404 * 1.2271

0.892 * 0.4225

0.115 * 1.2547

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.5357

4.679 * 0.139552

0.327 * 0.1499

-0.80

This Year (Jul23) TTM:

Last Year (Jul22) TTM:

Total Receivables was HK$90.01 Mil.
Revenue was HK$36.88 Mil.
Gross Profit was HK$33.30 Mil.
Total Current Assets was HK$413.00 Mil.
Total Assets was HK$803.94 Mil.
Property, Plant and Equipment(Net PPE) was HK$216.99 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11.59 Mil.
Selling, General, & Admin. Expense(SGA) was HK$50.92 Mil.
Total Current Liabilities was HK$17.13 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$-29.97 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-142.16 Mil.

Total Receivables was HK$78.11 Mil.
Revenue was HK$87.27 Mil.
Gross Profit was HK$52.27 Mil.
Total Current Assets was HK$563.63 Mil.
Total Assets was HK$980.88 Mil.
Property, Plant and Equipment(Net PPE) was HK$244.30 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.59 Mil.
Selling, General, & Admin. Expense(SGA) was HK$47.53 Mil.
Total Current Liabilities was HK$139.46 Mil.
Long-Term Debt & Capital Lease Obligation was HK$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)
	=	(90.011 / 36.876)	/	(78.108 / 87.273)
	=	2.44091	/	0.894985
	=	2.7273

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)
	=	(52.273 / 87.273)	/	(33.296 / 36.876)
	=	0.59896	/	0.902918
	=	0.6634

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 - (413.003 + 216.994) / 803.942)	/	(1 - (563.633 + 244.298) / 980.884)
	=	0.216365	/	0.176324
	=	1.2271

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
	=	36.876	/	87.273
	=	0.4225

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))
	=	(16.594 / (16.594 + 244.298))	/	(11.588 / (11.588 + 216.994))
	=	0.063605	/	0.050695
	=	1.2547

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)
	=	(50.92 / 36.876)	/	(47.526 / 87.273)
	=	1.380844	/	0.544567
	=	2.5357

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 + 17.131) / 803.942)	/	((0 + 139.455) / 980.884)
	=	0.021309	/	0.142173
	=	0.1499

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
	=	(-29.967 - 0	-	-142.159)	/	803.942
	=	0.139552

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.

Capital Estate has a M-score of -0.80 signals that the company is likely to be a manipulator.

Capital Estate Beneish M-Score Related Terms

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Capital Estate (HKSE:00193) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Capital Estate Ltd (HKSE:00193) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

13th Floor, Bonham Majoris, 40 Bonham Strand, Sheung Wan, Hong Kong, HKG

Website

http://www.capitalestate.com.hk

Capital Estate Ltd is a Hong Kong-based investment holding company. The company operates through three segments: Hotel Operations which is engaged in hotel businesses and the provision of related services; Financial Investment segment which is involved in the trading of listed securities and other financial instruments; Property segment which engages in leasing and sales of properties and Consumer finance which involves provision of consumer finance service. The majority of its revenue is derived from the Financial Investment. Geographically, it generates maximum revenue from Mainland China.

Executives

Nichrome Limited	2101 Beneficial owner
Sio Lai Na	2201 Interest of corporation controlled by you
Supervalue Holdings Limited	2101 Beneficial owner
Chu Nin Yiu, Stephen	2201 Interest of corporation controlled by you
Ae Majoris Global Investment Limited	2101 Beneficial owner
Lao Im Ha	2202 Interest of your spouse
Sio Tak Hong	2101 Beneficial owner
Tsui Wing Tak	2201 Interest of corporation controlled by you

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