Wai Kee Holdings Beneish M-Score Historical Data
The historical data trend for Wai Kee 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.
Wai Kee Holdings Beneish M-Score Chart
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Wai Kee Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.81 |
-2.13 |
-1.77 |
-2.80 |
-2.97 |
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Wai Kee Holdings Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
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Jun19 |
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Dec23 |
Jun24 |
| Beneish M-Score |
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-2.80 |
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-2.97 |
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Competitive Comparison of Wai Kee Holdings's Beneish M-Score
For the Engineering & Construction subindustry, Wai Kee 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.
Wai Kee Holdings's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Wai Kee Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wai Kee Holdings's Beneish M-Score falls into.
Wai Kee 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 Wai Kee 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 * 1.2319 | + | 0.528 * 0.7819 | + | 0.404 * 0.9207 | + | 0.892 * 1.0064 | + | 0.115 * 1.3354 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1235 | + | 4.679 * -0.116304 | - | 0.327 * 1.1104 |
| = | -2.97 |
* 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$4,603 Mil.
Revenue was HK$12,712 Mil.
Gross Profit was HK$1,461 Mil.
Total Current Assets was HK$7,441 Mil.
Total Assets was HK$16,356 Mil.
Property, Plant and Equipment(Net PPE) was HK$560 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$145 Mil.
Selling, General, & Admin. Expense(SGA) was HK$740 Mil.
Total Current Liabilities was HK$5,702 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,145 Mil.
Net Income was HK$-1,590 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$312 Mil.
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Total Receivables was HK$3,712 Mil.
Revenue was HK$12,630 Mil.
Gross Profit was HK$1,135 Mil.
Total Current Assets was HK$7,222 Mil.
Total Assets was HK$17,592 Mil.
Property, Plant and Equipment(Net PPE) was HK$610 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$232 Mil.
Selling, General, & Admin. Expense(SGA) was HK$654 Mil.
Total Current Liabilities was HK$5,288 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,343 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) |
| = | (4602.512 / 12711.557) | / | (3712.266 / 12630.123) |
| = | 0.362073 | / | 0.293922 |
| | = | 1.2319 |
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) |
| = | (1135.289 / 12630.123) | / | (1461.27 / 12711.557) |
| = | 0.089887 | / | 0.114956 |
| | = | 0.7819 |
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 - (7441.388 + 560.099) / 16355.574) | / | (1 - (7221.731 + 610.398) / 17592.094) |
| = | 0.510779 | / | 0.554793 |
| | = | 0.9207 |
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 |
| = | 12711.557 | / | 12630.123 |
| | = | 1.0064 |
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)) |
| = | (231.822 / (231.822 + 610.398)) | / | (145.423 / (145.423 + 560.099)) |
| = | 0.275251 | / | 0.206121 |
| | = | 1.3354 |
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) |
| = | (739.943 / 12711.557) | / | (654.408 / 12630.123) |
| = | 0.05821 | / | 0.051813 |
| | = | 1.1235 |
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) |
| = | ((1144.571 + 5701.937) / 16355.574) | / | ((1343.221 + 5288.446) / 17592.094) |
| = | 0.418604 | / | 0.376969 |
| | = | 1.1104 |
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 |
| = | (-1590.096 - 0 | - | 312.126) | / | 16355.574 |
| | = | -0.116304 |
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.
Wai Kee Holdings has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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