Shenguan Holdings Group Beneish M-Score Historical Data
The historical data trend for Shenguan Holdings Group'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.
Shenguan Holdings Group Beneish M-Score Chart
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Shenguan Holdings Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-3.47 |
-2.53 |
-2.49 |
-2.75 |
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Shenguan Holdings Group Semi-Annual Data
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Jun14 |
Dec14 |
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Dec15 |
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Dec17 |
Jun18 |
Dec18 |
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Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
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-2.49 |
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-2.75 |
Competitive Comparison of Shenguan Holdings Group's Beneish M-Score
For the Packaged Foods subindustry, Shenguan Holdings Group'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.
Shenguan Holdings Group's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Shenguan Holdings Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenguan Holdings Group's Beneish M-Score falls into.
Shenguan Holdings Group 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 Shenguan Holdings Group 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 * 0.8404 | + | 0.528 * 1.0104 | + | 0.404 * 0.9193 | + | 0.892 * 1.0537 | + | 0.115 * 0.9961 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9302 | + | 4.679 * -0.049101 | - | 0.327 * 0.7796 |
| = | -2.75 |
* 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$258 Mil.
Revenue was HK$1,215 Mil.
Gross Profit was HK$187 Mil.
Total Current Assets was HK$1,783 Mil.
Total Assets was HK$3,235 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,215 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$110 Mil.
Selling, General, & Admin. Expense(SGA) was HK$204 Mil.
Total Current Liabilities was HK$606 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 Mil.
Net Income was HK$34 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$193 Mil.
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Total Receivables was HK$291 Mil.
Revenue was HK$1,153 Mil.
Gross Profit was HK$179 Mil.
Total Current Assets was HK$2,200 Mil.
Total Assets was HK$3,746 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,248 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$113 Mil.
Selling, General, & Admin. Expense(SGA) was HK$209 Mil.
Total Current Liabilities was HK$900 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 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) |
| = | (257.935 / 1214.545) | / | (291.267 / 1152.623) |
| = | 0.212372 | / | 0.252699 |
| | = | 0.8404 |
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) |
| = | (179.194 / 1152.623) | / | (186.879 / 1214.545) |
| = | 0.155466 | / | 0.153867 |
| | = | 1.0104 |
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 - (1783.167 + 1215.005) / 3234.628) | / | (1 - (2199.64 + 1248.397) / 3745.92) |
| = | 0.073101 | / | 0.079522 |
| | = | 0.9193 |
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 |
| = | 1214.545 | / | 1152.623 |
| | = | 1.0537 |
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)) |
| = | (112.994 / (112.994 + 1248.397)) | / | (110.44 / (110.44 + 1215.005)) |
| = | 0.082999 | / | 0.083323 |
| | = | 0.9961 |
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) |
| = | (204.47 / 1214.545) | / | (208.615 / 1152.623) |
| = | 0.168351 | / | 0.180992 |
| | = | 0.9302 |
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) |
| = | ((1.372 + 605.885) / 3234.628) | / | ((2.333 + 899.766) / 3745.92) |
| = | 0.187736 | / | 0.240822 |
| | = | 0.7796 |
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 |
| = | (34.172 - 0 | - | 192.994) | / | 3234.628 |
| | = | -0.049101 |
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.
Shenguan Holdings Group has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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