WH Group Beneish M-Score Historical Data
The historical data trend for WH Group'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.
WH Group Beneish M-Score Chart
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WH Group Annual Data
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Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.60 |
-2.54 |
-2.58 |
-2.94 |
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WH Group Quarterly Data
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Jun16 |
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Sep24 |
| Beneish M-Score |
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-2.94 |
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Competitive Comparison of WH Group's Beneish M-Score
For the Packaged Foods subindustry, WH Group'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.
WH Group's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, WH Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WH Group's Beneish M-Score falls into.
WH Group 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 WH Group 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 * 0.8262 | + | 0.528 * 0.9419 | + | 0.404 * 1.0387 | + | 0.892 * 0.9354 | + | 0.115 * 1.0248 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0511 | + | 4.679 * -0.051515 | - | 0.327 * 0.9352 |
| = | -2.94 |
* 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$10,746 Mil.
Revenue was HK$204,898 Mil.
Gross Profit was HK$40,025 Mil.
Total Current Assets was HK$57,121 Mil.
Total Assets was HK$149,784 Mil.
Property, Plant and Equipment(Net PPE) was HK$56,926 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,084 Mil.
Selling, General, & Admin. Expense(SGA) was HK$22,383 Mil.
Total Current Liabilities was HK$36,378 Mil.
Long-Term Debt & Capital Lease Obligation was HK$19,626 Mil.
Net Income was HK$4,912 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$12,628 Mil.
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Total Receivables was HK$13,905 Mil.
Revenue was HK$219,050 Mil.
Gross Profit was HK$40,305 Mil.
Total Current Assets was HK$62,353 Mil.
Total Assets was HK$154,579 Mil.
Property, Plant and Equipment(Net PPE) was HK$56,717 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,228 Mil.
Selling, General, & Admin. Expense(SGA) was HK$22,765 Mil.
Total Current Liabilities was HK$38,810 Mil.
Long-Term Debt & Capital Lease Obligation was HK$22,990 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) |
| = | (10746.285 / 204897.913) | / | (13904.724 / 219050.014) |
| = | 0.052447 | / | 0.063477 |
| | = | 0.8262 |
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) |
| = | (40305.016 / 219050.014) | / | (40025.225 / 204897.913) |
| = | 0.183999 | / | 0.195342 |
| | = | 0.9419 |
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 - (57120.877 + 56925.632) / 149784.154) | / | (1 - (62353.269 + 56716.639) / 154579.117) |
| = | 0.238594 | / | 0.229715 |
| | = | 1.0387 |
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 |
| = | 204897.913 | / | 219050.014 |
| | = | 0.9354 |
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)) |
| = | (6228.32 / (6228.32 + 56716.639)) | / | (6083.834 / (6083.834 + 56925.632)) |
| = | 0.098949 | / | 0.096554 |
| | = | 1.0248 |
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) |
| = | (22382.887 / 204897.913) | / | (22764.51 / 219050.014) |
| = | 0.109239 | / | 0.103924 |
| | = | 1.0511 |
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) |
| = | ((19626.027 + 36378.048) / 149784.154) | / | ((22990.286 + 38810.219) / 154579.117) |
| = | 0.373899 | / | 0.399799 |
| | = | 0.9352 |
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 |
| = | (4912.364 - 0 | - | 12628.447) | / | 149784.154 |
| | = | -0.051515 |
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.
WH Group has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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