Golden Resources Development International (HKSE:00677) Beneish M-Score : -2.32 (As of Mar. 23, 2025)

View and export this data going back to 1991. Start your Free Trial

What is Golden Resources Development International Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Golden Resources Development International's Beneish M-Score or its related term are showing as below:

HKSE:00677' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74 Med: -2.81 Max: -2.18
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Golden Resources Development International was -2.18. The lowest was -3.74. And the median was -2.81.

Golden Resources Development International Beneish M-Score Historical Data

The historical data trend for Golden Resources Development International'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.

* Premium members only.

Golden Resources Development International Beneish M-Score Chart

Golden Resources Development International Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

-3.74

-3.63

-2.49

-3.11

-2.32

Golden Resources Development International Semi-Annual Data
	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-3.11	-	-2.32	-

Competitive Comparison of Golden Resources Development International's Beneish M-Score

For the Food Distribution subindustry, Golden Resources Development International'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.

Golden Resources Development International's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Golden Resources Development International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Golden Resources Development International's Beneish M-Score falls into.

Golden Resources Development International 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 Golden Resources Development International for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1545

0.528 * 0.9853

0.404 * 1.6927

0.892 * 1.0061

0.115 * 0.97

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1163

4.679 * -0.05019

0.327 * 1.0096

-2.32

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$157 Mil.
Revenue was HK$2,072 Mil.
Gross Profit was HK$805 Mil.
Total Current Assets was HK$748 Mil.
Total Assets was HK$2,081 Mil.
Property, Plant and Equipment(Net PPE) was HK$825 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$166 Mil.
Selling, General, & Admin. Expense(SGA) was HK$704 Mil.
Total Current Liabilities was HK$401 Mil.
Long-Term Debt & Capital Lease Obligation was HK$294 Mil.
Net Income was HK$107 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$211 Mil.

Total Receivables was HK$135 Mil.
Revenue was HK$2,060 Mil.
Gross Profit was HK$788 Mil.
Total Current Assets was HK$898 Mil.
Total Assets was HK$1,894 Mil.
Property, Plant and Equipment(Net PPE) was HK$722 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$140 Mil.
Selling, General, & Admin. Expense(SGA) was HK$627 Mil.
Total Current Liabilities was HK$370 Mil.
Long-Term Debt & Capital Lease Obligation was HK$257 Mil.

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)
	=	(157.051 / 2072.294)	/	(135.214 / 2059.774)
	=	0.075786	/	0.065645
	=	1.1545

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)
	=	(787.905 / 2059.774)	/	(804.527 / 2072.294)
	=	0.38252	/	0.38823
	=	0.9853

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 - (747.634 + 825.109) / 2081.22)	/	(1 - (898.207 + 722.148) / 1893.678)
	=	0.244317	/	0.144334
	=	1.6927

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
	=	2072.294	/	2059.774
	=	1.0061

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))
	=	(140.255 / (140.255 + 722.148))	/	(166.21 / (166.21 + 825.109))
	=	0.162633	/	0.167666
	=	0.97

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)
	=	(703.943 / 2072.294)	/	(626.767 / 2059.774)
	=	0.339693	/	0.304289
	=	1.1163

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)
	=	((294.209 + 401.026) / 2081.22)	/	((256.751 + 369.837) / 1893.678)
	=	0.334052	/	0.330884
	=	1.0096

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
	=	(106.848 - 0	-	211.304)	/	2081.22
	=	-0.05019

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.

Golden Resources Development International has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Golden Resources Development International Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Golden Resources Development International's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Golden Resources Development International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Golden Resources Development International Ltd (HKSE:00677) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 218 Jaffe Road, 29th Floor, Golden Resources Centre, Wan Chai, Hong Kong, HKG

Website

http://www.grdil.com

Golden Resources Development International Ltd is an investment holding company. The company is engaged in the business of sourcing, importing, wholesaling, processing, packaging, marketing and distribution of rice and food products, convenience store operation, packaging materials operation, securities investment, property investment retailtainment and investment holding. The company's operating segment includes Convenience store operation; Food operation; Packaging materials operation; Securities investment; Property investment; Retailtainment; and Corporate and others. It generates maximum revenue from the Convenience store operation segment. Geographically, it derives a majority of revenue from Vietnam and also has a presence in Hong Kong and Mainland China and Other regions.

Executives

Lam Sai Mann

2201 Interest of corporation controlled by you

Golden Resources Development International Headlines

No Headlines