Oshidori International Holdings Beneish M-Score Historical Data
The historical data trend for Oshidori International 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.
Oshidori International Holdings Beneish M-Score Chart
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Oshidori International Holdings Annual Data
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| Beneish M-Score |
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2.08 |
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-3.48 |
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Oshidori International Holdings Semi-Annual Data
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| Beneish M-Score |
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-3.48 |
Competitive Comparison of Oshidori International Holdings's Beneish M-Score
For the Capital Markets subindustry, Oshidori International 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.
Oshidori International Holdings's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Oshidori International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oshidori International Holdings's Beneish M-Score falls into.
Oshidori International 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 Oshidori International 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 * 0.7856 | + | 0.528 * 1.0099 | + | 0.404 * 1.022 | + | 0.892 * 0.5843 | + | 0.115 * 0.981 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5329 | + | 4.679 * -0.11185 | - | 0.327 * 0.4893 |
| = | -3.48 |
* 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$462.75 Mil.
Revenue was HK$70.23 Mil.
Gross Profit was HK$55.38 Mil.
Total Current Assets was HK$1,144.45 Mil.
Total Assets was HK$3,888.39 Mil.
Property, Plant and Equipment(Net PPE) was HK$141.86 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$29.38 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.42 Mil.
Total Current Liabilities was HK$152.02 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.32 Mil.
Net Income was HK$-84.49 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$350.43 Mil.
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Total Receivables was HK$1,008.01 Mil.
Revenue was HK$120.19 Mil.
Gross Profit was HK$95.71 Mil.
Total Current Assets was HK$1,832.81 Mil.
Total Assets was HK$5,754.13 Mil.
Property, Plant and Equipment(Net PPE) was HK$153.54 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$31.07 Mil.
Selling, General, & Admin. Expense(SGA) was HK$19.45 Mil.
Total Current Liabilities was HK$474.51 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.31 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) |
| = | (462.75 / 70.234) | / | (1008.008 / 120.193) |
| = | 6.588689 | / | 8.386578 |
| | = | 0.7856 |
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) |
| = | (95.712 / 120.193) | / | (55.38 / 70.234) |
| = | 0.796319 | / | 0.788507 |
| | = | 1.0099 |
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 - (1144.449 + 141.861) / 3888.39) | / | (1 - (1832.813 + 153.538) / 5754.134) |
| = | 0.669192 | / | 0.654796 |
| | = | 1.022 |
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 |
| = | 70.234 | / | 120.193 |
| | = | 0.5843 |
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)) |
| = | (31.067 / (31.067 + 153.538)) | / | (29.375 / (29.375 + 141.861)) |
| = | 0.168289 | / | 0.171547 |
| | = | 0.981 |
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) |
| = | (17.42 / 70.234) | / | (19.448 / 120.193) |
| = | 0.248028 | / | 0.161806 |
| | = | 1.5329 |
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) |
| = | ((5.323 + 152.022) / 3888.39) | / | ((1.311 + 474.508) / 5754.134) |
| = | 0.040465 | / | 0.082692 |
| | = | 0.4893 |
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 |
| = | (-84.486 - 0 | - | 350.431) | / | 3888.39 |
| | = | -0.11185 |
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.
Oshidori International Holdings has a M-score of -3.48 suggests that the company is unlikely to be a manipulator.
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