Ka Shui International Holdings Beneish M-Score Historical Data
The historical data trend for Ka Shui 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.
Ka Shui International Holdings Beneish M-Score Chart
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Ka Shui International Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.57 |
-2.13 |
-1.87 |
-2.05 |
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Ka Shui International Holdings Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.13 |
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-1.87 |
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-2.05 |
Competitive Comparison of Ka Shui International Holdings's Beneish M-Score
For the Metal Fabrication subindustry, Ka Shui 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.
Ka Shui International Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ka Shui International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ka Shui International Holdings's Beneish M-Score falls into.
Ka Shui 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 Ka Shui 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 * 1.2026 | + | 0.528 * 1.1991 | + | 0.404 * 2.6848 | + | 0.892 * 0.8525 | + | 0.115 * 1.1275 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1134 | + | 4.679 * -0.079563 | - | 0.327 * 1.0965 |
| = | -2.05 |
* 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$473 Mil.
Revenue was HK$1,282 Mil.
Gross Profit was HK$238 Mil.
Total Current Assets was HK$837 Mil.
Total Assets was HK$1,720 Mil.
Property, Plant and Equipment(Net PPE) was HK$772 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$93 Mil.
Selling, General, & Admin. Expense(SGA) was HK$266 Mil.
Total Current Liabilities was HK$399 Mil.
Long-Term Debt & Capital Lease Obligation was HK$27 Mil.
Net Income was HK$-28 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$108 Mil.
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Total Receivables was HK$461 Mil.
Revenue was HK$1,504 Mil.
Gross Profit was HK$335 Mil.
Total Current Assets was HK$906 Mil.
Total Assets was HK$1,711 Mil.
Property, Plant and Equipment(Net PPE) was HK$763 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$106 Mil.
Selling, General, & Admin. Expense(SGA) was HK$280 Mil.
Total Current Liabilities was HK$373 Mil.
Long-Term Debt & Capital Lease Obligation was HK$14 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) |
| = | (472.92 / 1282.495) | / | (461.318 / 1504.439) |
| = | 0.36875 | / | 0.306638 |
| | = | 1.2026 |
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) |
| = | (335.334 / 1504.439) | / | (238.395 / 1282.495) |
| = | 0.222896 | / | 0.185884 |
| | = | 1.1991 |
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 - (837.175 + 772.207) / 1720.491) | / | (1 - (906.171 + 763.34) / 1710.66) |
| = | 0.06458 | / | 0.024054 |
| | = | 2.6848 |
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 |
| = | 1282.495 | / | 1504.439 |
| | = | 0.8525 |
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)) |
| = | (105.649 / (105.649 + 763.34)) | / | (93.327 / (93.327 + 772.207)) |
| = | 0.121577 | / | 0.107826 |
| | = | 1.1275 |
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) |
| = | (265.996 / 1282.495) | / | (280.258 / 1504.439) |
| = | 0.207405 | / | 0.186287 |
| | = | 1.1134 |
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) |
| = | ((27.227 + 398.871) / 1720.491) | / | ((13.633 + 372.742) / 1710.66) |
| = | 0.247661 | / | 0.225863 |
| | = | 1.0965 |
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 |
| = | (-28.435 - 0 | - | 108.453) | / | 1720.491 |
| | = | -0.079563 |
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.
Ka Shui International Holdings has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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