Texwinca Holdings Beneish M-Score Historical Data
The historical data trend for Texwinca 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.
Texwinca Holdings Beneish M-Score Chart
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Texwinca Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.90 |
-2.52 |
-3.08 |
-3.14 |
-2.59 |
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Texwinca Holdings Semi-Annual Data
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Mar15 |
Sep15 |
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Mar24 |
Sep24 |
| Beneish M-Score |
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-3.14 |
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-2.59 |
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Competitive Comparison of Texwinca Holdings's Beneish M-Score
For the Textile Manufacturing subindustry, Texwinca 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.
Texwinca Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Texwinca Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Texwinca Holdings's Beneish M-Score falls into.
Texwinca 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 Texwinca 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 * 1.2174 | + | 0.528 * 0.9882 | + | 0.404 * 0.9678 | + | 0.892 * 0.8857 | + | 0.115 * 1.2633 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9184 | + | 4.679 * -0.036073 | - | 0.327 * 1.1918 |
| = | -2.59 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$1,137 Mil.
Revenue was HK$5,367 Mil.
Gross Profit was HK$1,409 Mil.
Total Current Assets was HK$4,275 Mil.
Total Assets was HK$7,108 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,109 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$376 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,403 Mil.
Total Current Liabilities was HK$1,415 Mil.
Long-Term Debt & Capital Lease Obligation was HK$811 Mil.
Net Income was HK$132 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$389 Mil.
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Total Receivables was HK$1,055 Mil.
Revenue was HK$6,059 Mil.
Gross Profit was HK$1,572 Mil.
Total Current Assets was HK$4,601 Mil.
Total Assets was HK$6,947 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,614 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$381 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,725 Mil.
Total Current Liabilities was HK$1,527 Mil.
Long-Term Debt & Capital Lease Obligation was HK$298 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) |
| = | (1137.104 / 5366.54) | / | (1054.52 / 6058.755) |
| = | 0.211888 | / | 0.174049 |
| | = | 1.2174 |
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) |
| = | (1571.965 / 6058.755) | / | (1408.977 / 5366.54) |
| = | 0.259453 | / | 0.262548 |
| | = | 0.9882 |
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 - (4274.918 + 2108.517) / 7108.158) | / | (1 - (4600.708 + 1614.077) / 6946.622) |
| = | 0.101957 | / | 0.105351 |
| | = | 0.9678 |
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 |
| = | 5366.54 | / | 6058.755 |
| | = | 0.8857 |
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)) |
| = | (381.44 / (381.44 + 1614.077)) | / | (375.933 / (375.933 + 2108.517)) |
| = | 0.191148 | / | 0.151314 |
| | = | 1.2633 |
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) |
| = | (1403.371 / 5366.54) | / | (1725.138 / 6058.755) |
| = | 0.261504 | / | 0.284735 |
| | = | 0.9184 |
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) |
| = | ((811.276 + 1414.704) / 7108.158) | / | ((298.152 + 1527.093) / 6946.622) |
| = | 0.313158 | / | 0.262753 |
| | = | 1.1918 |
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 |
| = | (132.334 - 0 | - | 388.744) | / | 7108.158 |
| | = | -0.036073 |
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.
Texwinca Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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