Yip's Chemical Holdings Beneish M-Score Historical Data
The historical data trend for Yip's Chemical 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.
Yip's Chemical Holdings Beneish M-Score Chart
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Yip's Chemical Holdings Annual Data
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Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.25 |
-1.06 |
-0.93 |
-2.79 |
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Yip's Chemical Holdings Semi-Annual Data
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Dec24 |
| Beneish M-Score |
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-0.93 |
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-2.79 |
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Competitive Comparison of Yip's Chemical Holdings's Beneish M-Score
For the Specialty Chemicals subindustry, Yip's Chemical 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.
Yip's Chemical Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Yip's Chemical Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yip's Chemical Holdings's Beneish M-Score falls into.
Yip's Chemical 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 Yip's Chemical 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 * 1.0173 | + | 0.528 * 1.034 | + | 0.404 * 1.0732 | + | 0.892 * 0.983 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.935 | + | 4.679 * 0.001701 | - | 0.327 * 0.9558 |
| = | -2.40 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$1,404 Mil.
Revenue was HK$3,162 Mil.
Gross Profit was HK$744 Mil.
Total Current Assets was HK$2,359 Mil.
Total Assets was HK$6,076 Mil.
Property, Plant and Equipment(Net PPE) was HK$979 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$714 Mil.
Total Current Liabilities was HK$1,927 Mil.
Long-Term Debt & Capital Lease Obligation was HK$304 Mil.
Net Income was HK$97 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$87 Mil.
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Total Receivables was HK$1,404 Mil.
Revenue was HK$3,217 Mil.
Gross Profit was HK$782 Mil.
Total Current Assets was HK$2,654 Mil.
Total Assets was HK$6,419 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,070 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$127 Mil.
Selling, General, & Admin. Expense(SGA) was HK$777 Mil.
Total Current Liabilities was HK$1,967 Mil.
Long-Term Debt & Capital Lease Obligation was HK$499 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) |
| = | (1404.426 / 3162.391) | / | (1404.484 / 3217.138) |
| = | 0.444103 | / | 0.436563 |
| | = | 1.0173 |
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) |
| = | (782.27 / 3217.138) | / | (743.646 / 3162.391) |
| = | 0.243157 | / | 0.235153 |
| | = | 1.034 |
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 - (2359.065 + 978.724) / 6075.778) | / | (1 - (2653.508 + 1070.19) / 6419.027) |
| = | 0.45064 | / | 0.419897 |
| | = | 1.0732 |
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 |
| = | 3162.391 | / | 3217.138 |
| | = | 0.983 |
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)) |
| = | (126.929 / (126.929 + 1070.19)) | / | (0 / (0 + 978.724)) |
| = | 0.106029 | / | 0 |
| | = | 1 |
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) |
| = | (714.229 / 3162.391) | / | (777.114 / 3217.138) |
| = | 0.225851 | / | 0.241554 |
| | = | 0.935 |
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) |
| = | ((303.864 + 1927.09) / 6075.778) | / | ((498.695 + 1967.212) / 6419.027) |
| = | 0.367188 | / | 0.384156 |
| | = | 0.9558 |
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 |
| = | (96.882 - 0 | - | 86.546) | / | 6075.778 |
| | = | 0.001701 |
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.
Yip's Chemical Holdings has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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