Asia Orient Holdings Beneish M-Score Historical Data
The historical data trend for Asia Orient Holdings'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.
Asia Orient Holdings Beneish M-Score Chart
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Asia Orient Holdings Annual Data
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| Beneish M-Score |
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-2.28 |
-2.19 |
-2.59 |
-3.24 |
4.79 |
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Asia Orient Holdings Semi-Annual Data
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| Beneish M-Score |
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-3.24 |
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4.79 |
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Competitive Comparison of Asia Orient Holdings's Beneish M-Score
For the Asset Management subindustry, Asia Orient Holdings'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.
Asia Orient Holdings's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Asia Orient Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asia Orient Holdings's Beneish M-Score falls into.
Asia Orient Holdings 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 Asia Orient Holdings 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 * 9.1953 | + | 0.528 * 1.017 | + | 0.404 * 0.9903 | + | 0.892 * 0.8258 | + | 0.115 * 0.9861 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.565 | + | 4.679 * -0.011431 | - | 0.327 * 0.8854 |
| = | 4.79 |
* 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$1,222 Mil.
Revenue was HK$2,303 Mil.
Gross Profit was HK$2,198 Mil.
Total Current Assets was HK$14,679 Mil.
Total Assets was HK$42,680 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,914 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$223 Mil.
Selling, General, & Admin. Expense(SGA) was HK$317 Mil.
Total Current Liabilities was HK$5,078 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,865 Mil.
Net Income was HK$429 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$917 Mil.
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Total Receivables was HK$161 Mil.
Revenue was HK$2,789 Mil.
Gross Profit was HK$2,707 Mil.
Total Current Assets was HK$12,657 Mil.
Total Assets was HK$39,519 Mil.
Property, Plant and Equipment(Net PPE) was HK$8,081 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$224 Mil.
Selling, General, & Admin. Expense(SGA) was HK$246 Mil.
Total Current Liabilities was HK$5,214 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13,550 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) |
| = | (1222.427 / 2302.948) | / | (160.979 / 2788.673) |
| = | 0.53081 | / | 0.057726 |
| | = | 9.1953 |
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) |
| = | (2707.123 / 2788.673) | / | (2198.315 / 2302.948) |
| = | 0.970757 | / | 0.954566 |
| | = | 1.017 |
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 - (14679.312 + 7914.098) / 42679.957) | / | (1 - (12656.644 + 8081.261) / 39519.422) |
| = | 0.470632 | / | 0.475248 |
| | = | 0.9903 |
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 |
| = | 2302.948 | / | 2788.673 |
| | = | 0.8258 |
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)) |
| = | (224.163 / (224.163 + 8081.261)) | / | (222.707 / (222.707 + 7914.098)) |
| = | 0.02699 | / | 0.02737 |
| | = | 0.9861 |
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) |
| = | (317.292 / 2302.948) | / | (245.502 / 2788.673) |
| = | 0.137776 | / | 0.088035 |
| | = | 1.565 |
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) |
| = | ((12865.355 + 5078.235) / 42679.957) | / | ((13550.242 + 5214.304) / 39519.422) |
| = | 0.420422 | / | 0.474818 |
| | = | 0.8854 |
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 |
| = | (428.738 - 0 | - | 916.618) | / | 42679.957 |
| | = | -0.011431 |
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.
Asia Orient Holdings has a M-score of 4.79 signals that the company is likely to be a manipulator.
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