Fujikon Industrial Holdings (HKSE:00927) Beneish M-Score : -2.23 (As of Dec. 13, 2024)

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What is Fujikon Industrial 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00927' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8 Med: -2.56 Max: -1.68
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Fujikon Industrial Holdings was -1.68. The lowest was -3.80. And the median was -2.56.

Fujikon Industrial Holdings Beneish M-Score Historical Data

The historical data trend for Fujikon Industrial 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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Fujikon Industrial Holdings Beneish M-Score Chart

Fujikon Industrial Holdings Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-3.80

-3.14

-1.68

-2.61

-2.23

Fujikon Industrial Holdings 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															-	-2.61	-	-2.23	-

Competitive Comparison of Fujikon Industrial Holdings's Beneish M-Score

For the Consumer Electronics subindustry, Fujikon Industrial 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.

Fujikon Industrial Holdings's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Fujikon Industrial Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fujikon Industrial Holdings's Beneish M-Score falls into.

Fujikon Industrial 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 Fujikon Industrial 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 * 1.37

0.528 * 1.0937

0.404 * 1.062

0.892 * 0.915

0.115 * 1.1291

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9484

4.679 * -0.013943

0.327 * 1.1367

-2.23

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$321 Mil.
Revenue was HK$993 Mil.
Gross Profit was HK$176 Mil.
Total Current Assets was HK$800 Mil.
Total Assets was HK$942 Mil.
Property, Plant and Equipment(Net PPE) was HK$124 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25 Mil.
Selling, General, & Admin. Expense(SGA) was HK$137 Mil.
Total Current Liabilities was HK$266 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 Mil.
Net Income was HK$17 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$30 Mil.

Total Receivables was HK$256 Mil.
Revenue was HK$1,085 Mil.
Gross Profit was HK$210 Mil.
Total Current Assets was HK$776 Mil.
Total Assets was HK$900 Mil.
Property, Plant and Equipment(Net PPE) was HK$107 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25 Mil.
Selling, General, & Admin. Expense(SGA) was HK$158 Mil.
Total Current Liabilities was HK$220 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 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)
	=	(320.92 / 992.521)	/	(256.009 / 1084.736)
	=	0.323338	/	0.23601
	=	1.37

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)
	=	(210.367 / 1084.736)	/	(175.993 / 992.521)
	=	0.193934	/	0.177319
	=	1.0937

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 - (799.783 + 123.763) / 942.027)	/	(1 - (776.194 + 107.384) / 900.207)
	=	0.019618	/	0.018472
	=	1.062

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
	=	992.521	/	1084.736
	=	0.915

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))
	=	(24.992 / (24.992 + 107.384))	/	(24.848 / (24.848 + 123.763))
	=	0.188796	/	0.167202
	=	1.1291

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)
	=	(137.117 / 992.521)	/	(158.015 / 1084.736)
	=	0.13815	/	0.145671
	=	0.9484

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)
	=	((1.614 + 266.159) / 942.027)	/	((4.985 + 220.128) / 900.207)
	=	0.284252	/	0.250068
	=	1.1367

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
	=	(17.168 - 0	-	30.303)	/	942.027
	=	-0.013943

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.

Fujikon Industrial Holdings has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.

Fujikon Industrial Holdings Beneish M-Score Related Terms

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Fujikon Industrial Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Fujikon Industrial Holdings Ltd (HKSE:00927) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

138 Shatin Rural Committee Road, 16th Floor, Tower 1, New Territories, Grand Central Plaza, Shatin, Hong Kong, HKG

Website

https://www.fujikon.com

Fujikon Industrial Holdings Ltd is engaged in the design, manufacture, marketing and trading of electro-acoustic products, accessories and other electronic products. The company operates through two segments which include Headsets and headphones and Accessories and components. The Headsets and headphones segment is involved in the manufacture and sales of headsets and headphone products. The accessories and Components segment includes the manufacture and sales of electric-acoustic accessories and components. It earns majority of the revenue from Headsets and headphones segment.

Executives

Cai Liting	2202 Interest of your spouse
Chow Man Yan	2101 Beneficial owner
Yeung Siu Chung	2201 Interest of corporation controlled by you
Zong Xiaocui	2202 Interest of your spouse
Leung Woon Yee	2202 Interest of your spouse
Yuen Yee Sai	2101 Beneficial owner
Webb David Michael	2201 Interest of corporation controlled by you
Yan Yau Tai Ellen	2202 Interest of your spouse
Yeung Chi Hung	2101 Beneficial owner

Fujikon Industrial Holdings Headlines

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