Build King Holdings Beneish M-Score Historical Data
The historical data trend for Build King 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.
Build King Holdings Beneish M-Score Chart
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Build King Holdings Annual Data
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Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.02 |
-1.78 |
-3.02 |
-1.73 |
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Build King Holdings Semi-Annual Data
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Dec14 |
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Jun24 |
| Beneish M-Score |
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-3.02 |
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-1.73 |
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Competitive Comparison of Build King Holdings's Beneish M-Score
For the Engineering & Construction subindustry, Build King 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.
Build King Holdings's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Build King Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Build King Holdings's Beneish M-Score falls into.
Build King 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 Build King 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 * 1.2532 | + | 0.528 * 0.7558 | + | 0.404 * 2.2163 | + | 0.892 * 1.0068 | + | 0.115 * 1.4033 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2382 | + | 4.679 * 0.026418 | - | 0.327 * 0.9466 |
| = | -1.73 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$4,543 Mil.
Revenue was HK$12,507 Mil.
Gross Profit was HK$1,307 Mil.
Total Current Assets was HK$6,625 Mil.
Total Assets was HK$8,318 Mil.
Property, Plant and Equipment(Net PPE) was HK$516 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$117 Mil.
Selling, General, & Admin. Expense(SGA) was HK$544 Mil.
Total Current Liabilities was HK$5,500 Mil.
Long-Term Debt & Capital Lease Obligation was HK$40 Mil.
Net Income was HK$474 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$254 Mil.
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Total Receivables was HK$3,601 Mil.
Revenue was HK$12,423 Mil.
Gross Profit was HK$981 Mil.
Total Current Assets was HK$6,305 Mil.
Total Assets was HK$7,321 Mil.
Property, Plant and Equipment(Net PPE) was HK$548 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$192 Mil.
Selling, General, & Admin. Expense(SGA) was HK$437 Mil.
Total Current Liabilities was HK$5,107 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43 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) |
| = | (4543.148 / 12507.05) | / | (3600.863 / 12422.558) |
| = | 0.363247 | / | 0.289865 |
| | = | 1.2532 |
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) |
| = | (980.9 / 12422.558) | / | (1306.699 / 12507.05) |
| = | 0.078961 | / | 0.104477 |
| | = | 0.7558 |
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 - (6625.288 + 516.359) / 8317.742) | / | (1 - (6305.431 + 548.073) / 7320.533) |
| = | 0.141396 | / | 0.063797 |
| | = | 2.2163 |
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 |
| = | 12507.05 | / | 12422.558 |
| | = | 1.0068 |
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)) |
| = | (191.75 / (191.75 + 548.073)) | / | (116.977 / (116.977 + 516.359)) |
| = | 0.259184 | / | 0.1847 |
| | = | 1.4033 |
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) |
| = | (544.341 / 12507.05) | / | (436.671 / 12422.558) |
| = | 0.043523 | / | 0.035151 |
| | = | 1.2382 |
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) |
| = | ((39.575 + 5500.139) / 8317.742) | / | ((42.858 + 5107.486) / 7320.533) |
| = | 0.666012 | / | 0.703548 |
| | = | 0.9466 |
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 |
| = | (473.518 - 0 | - | 253.784) | / | 8317.742 |
| | = | 0.026418 |
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.
Build King Holdings has a M-score of -1.73 signals that the company is likely to be a manipulator.
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