Asia Cassava Resources Holdings (HKSE:00841) Beneish M-Score : -4.59 (As of Jun. 23, 2024)

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What is Asia Cassava Resources Holdings 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 -4.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Asia Cassava Resources Holdings's Beneish M-Score or its related term are showing as below:

HKSE:00841' s Beneish M-Score Range Over the Past 10 Years
Min: -4.59 Med: -2.14 Max: 3.25
Current: -4.59

During the past 13 years, the highest Beneish M-Score of Asia Cassava Resources Holdings was 3.25. The lowest was -4.59. And the median was -2.14.

Asia Cassava Resources Holdings Beneish M-Score Historical Data

The historical data trend for Asia Cassava Resources 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.

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Asia Cassava Resources Holdings Beneish M-Score Chart

Asia Cassava Resources Holdings Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-1.70

-1.98

-1.60

-2.29

-4.59

Asia Cassava Resources Holdings Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.29	-	-4.59	-

Competitive Comparison of Asia Cassava Resources Holdings's Beneish M-Score

For the Packaged Foods subindustry, Asia Cassava Resources 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.

Asia Cassava Resources Holdings's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Asia Cassava Resources Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asia Cassava Resources Holdings's Beneish M-Score falls into.

Asia Cassava Resources 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 Asia Cassava Resources Holdings 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 * 0.3959

0.528 * 1.0758

0.404 * 1.1337

0.892 * 1.1072

0.115 * 0.9341

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0757

4.679 * -0.377252

0.327 * 0.8709

-4.59

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$268 Mil.
Revenue was HK$3,969 Mil.
Gross Profit was HK$451 Mil.
Total Current Assets was HK$934 Mil.
Total Assets was HK$2,042 Mil.
Property, Plant and Equipment(Net PPE) was HK$560 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18 Mil.
Selling, General, & Admin. Expense(SGA) was HK$433 Mil.
Total Current Liabilities was HK$679 Mil.
Long-Term Debt & Capital Lease Obligation was HK$412 Mil.
Net Income was HK$-95 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$676 Mil.

Total Receivables was HK$612 Mil.
Revenue was HK$3,585 Mil.
Gross Profit was HK$438 Mil.
Total Current Assets was HK$1,595 Mil.
Total Assets was HK$2,921 Mil.
Property, Plant and Equipment(Net PPE) was HK$634 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$19 Mil.
Selling, General, & Admin. Expense(SGA) was HK$364 Mil.
Total Current Liabilities was HK$1,373 Mil.
Long-Term Debt & Capital Lease Obligation was HK$420 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)
	=	(268.21 / 3969.276)	/	(611.951 / 3585.019)
	=	0.067572	/	0.170697
	=	0.3959

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)
	=	(437.903 / 3585.019)	/	(450.686 / 3969.276)
	=	0.122148	/	0.113544
	=	1.0758

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 - (933.51 + 559.699) / 2041.779)	/	(1 - (1594.725 + 633.861) / 2920.781)
	=	0.268673	/	0.23699
	=	1.1337

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
	=	3969.276	/	3585.019
	=	1.1072

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))
	=	(18.902 / (18.902 + 633.861))	/	(17.905 / (17.905 + 559.699))
	=	0.028957	/	0.030999
	=	0.9341

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)
	=	(433.12 / 3969.276)	/	(363.656 / 3585.019)
	=	0.109118	/	0.101438
	=	1.0757

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)
	=	((412 + 679.343) / 2041.779)	/	((420.045 + 1372.557) / 2920.781)
	=	0.534506	/	0.613741
	=	0.8709

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
	=	(-94.711 - 0	-	675.555)	/	2041.779
	=	-0.377252

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.

Asia Cassava Resources Holdings has a M-score of -4.59 suggests that the company is unlikely to be a manipulator.

Asia Cassava Resources Holdings Beneish M-Score Related Terms

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Asia Cassava Resources Holdings (HKSE:00841) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Asia Cassava Resources Holdings Ltd (HKSE:00841) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

63 Mody Road, Unit 612-613, 6th Floor, Houston Centre, Tsim Sha Tsui East, Kowloon, Hong Kong, HKG

Website

http://www.asiacassava.com

Asia Cassava Resources Holdings Ltd is an investment holding company, which engages in the trade of dried cassava chips. It operates through the following segments: Procurement and Sale of Dried Cassava Chips; Property Investment; and Hotel Operations. The Procurement and Sale of Dried Cassava Chips segment which generates majority revenue offer procurement and sale of dried cassava chips. The Property Investment segment invests in office space and industrial properties for its rental income potential. The Hotel Operations segment involves in hotel operations in the People's Republic of China. The company operates in four geographical markets Hong Kong, Mainland China, Laos and Thailand out of which Mainland China acts as a major revenue contributor.

Asia Cassava Resources Holdings (HKSE:00841) Headlines

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