Continental Holdings Beneish M-Score Historical Data
The historical data trend for Continental 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.
Continental Holdings Beneish M-Score Chart
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Continental Holdings Annual Data
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Trend |
Jun14 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.35 |
-2.60 |
-2.42 |
-2.14 |
-2.59 |
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Continental Holdings Semi-Annual Data
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Jun14 |
Dec14 |
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Dec18 |
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Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.14 |
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-2.59 |
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Competitive Comparison of Continental Holdings's Beneish M-Score
For the Luxury Goods subindustry, Continental 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.
Continental Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Continental Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Continental Holdings's Beneish M-Score falls into.
Continental 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 Continental 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 * 0.8781 | + | 0.528 * 1.6524 | + | 0.404 * 1.0167 | + | 0.892 * 0.7544 | + | 0.115 * 0.9792 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3541 | + | 4.679 * -0.010658 | - | 0.327 * 1.0508 |
| = | -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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was HK$79.9 Mil.
Revenue was HK$455.6 Mil.
Gross Profit was HK$66.3 Mil.
Total Current Assets was HK$1,027.1 Mil.
Total Assets was HK$3,724.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$43.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$135.8 Mil.
Total Current Liabilities was HK$1,022.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$216.1 Mil.
Net Income was HK$-98.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-58.6 Mil.
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Total Receivables was HK$120.5 Mil.
Revenue was HK$603.9 Mil.
Gross Profit was HK$145.1 Mil.
Total Current Assets was HK$1,110.0 Mil.
Total Assets was HK$3,865.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$46.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$132.9 Mil.
Total Current Liabilities was HK$1,063.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$159.0 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) |
| = | (79.853 / 455.608) | / | (120.545 / 603.926) |
| = | 0.175267 | / | 0.199602 |
| | = | 0.8781 |
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) |
| = | (145.113 / 603.926) | / | (66.253 / 455.608) |
| = | 0.240283 | / | 0.145417 |
| | = | 1.6524 |
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 - (1027.066 + 43.48) / 3724.643) | / | (1 - (1110.006 + 46.181) / 3865.024) |
| = | 0.712578 | / | 0.700859 |
| | = | 1.0167 |
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 |
| = | 455.608 | / | 603.926 |
| | = | 0.7544 |
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)) |
| = | (10.152 / (10.152 + 46.181)) | / | (9.807 / (9.807 + 43.48)) |
| = | 0.180214 | / | 0.184041 |
| | = | 0.9792 |
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) |
| = | (135.772 / 455.608) | / | (132.905 / 603.926) |
| = | 0.298002 | / | 0.220068 |
| | = | 1.3541 |
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) |
| = | ((216.101 + 1022.162) / 3724.643) | / | ((159.036 + 1063.782) / 3865.024) |
| = | 0.332451 | / | 0.31638 |
| | = | 1.0508 |
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 |
| = | (-98.286 - 0 | - | -58.588) | / | 3724.643 |
| | = | -0.010658 |
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.
Continental Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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