Sound Global Beneish M-Score Historical Data
The historical data trend for Sound Global'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.
Sound Global Beneish M-Score Chart
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Sound Global Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.46 |
-1.04 |
-1.98 |
-1.14 |
-2.16 |
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Sound Global Semi-Annual Data
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Dec09 |
Jun10 |
Dec10 |
Jun11 |
Dec11 |
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Dec12 |
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Dec13 |
Jun14 |
Dec14 |
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Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
| Beneish M-Score |
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-1.14 |
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-2.16 |
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Competitive Comparison of Sound Global's Beneish M-Score
For the Utilities - Regulated Water subindustry, Sound Global'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.
Sound Global's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Sound Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sound Global's Beneish M-Score falls into.
Sound Global 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 Sound Global 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 * 0.9986 | + | 0.528 * 0.8894 | + | 0.404 * 0.9483 | + | 0.892 * 1.1192 | + | 0.115 * 0.8569 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9985 | + | 4.679 * 0.112302 | - | 0.327 * 1.1383 |
| = | -2.16 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was HK$3,619 Mil.
Revenue was HK$5,464 Mil.
Gross Profit was HK$2,063 Mil.
Total Current Assets was HK$12,651 Mil.
Total Assets was HK$25,388 Mil.
Property, Plant and Equipment(Net PPE) was HK$303 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$46 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,054 Mil.
Total Current Liabilities was HK$13,209 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6,103 Mil.
Net Income was HK$-1,138 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-3,989 Mil.
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Total Receivables was HK$3,238 Mil.
Revenue was HK$4,882 Mil.
Gross Profit was HK$1,639 Mil.
Total Current Assets was HK$10,281 Mil.
Total Assets was HK$21,829 Mil.
Property, Plant and Equipment(Net PPE) was HK$275 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$35 Mil.
Selling, General, & Admin. Expense(SGA) was HK$471 Mil.
Total Current Liabilities was HK$7,779 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6,808 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) |
| = | (3619.187 / 5463.909) | / | (3238.256 / 4881.976) |
| = | 0.662381 | / | 0.663308 |
| | = | 0.9986 |
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) |
| = | (1639.471 / 4881.976) | / | (2063.004 / 5463.909) |
| = | 0.335821 | / | 0.377569 |
| | = | 0.8894 |
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 - (12650.729 + 303.213) / 25387.876) | / | (1 - (10280.538 + 275.128) / 21829.249) |
| = | 0.489759 | / | 0.516444 |
| | = | 0.9483 |
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 |
| = | 5463.909 | / | 4881.976 |
| | = | 1.1192 |
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)) |
| = | (34.902 / (34.902 + 275.128)) | / | (45.859 / (45.859 + 303.213)) |
| = | 0.112576 | / | 0.131374 |
| | = | 0.8569 |
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) |
| = | (1053.971 / 5463.909) | / | (471.217 / 4881.976) |
| = | 0.192897 | / | 0.096522 |
| | = | 1.9985 |
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) |
| = | ((6103.351 + 13208.635) / 25387.876) | / | ((6807.829 + 7779.333) / 21829.249) |
| = | 0.760677 | / | 0.668239 |
| | = | 1.1383 |
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 |
| = | (-1137.689 - 0 | - | -3988.8) | / | 25387.876 |
| | = | 0.112302 |
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.
Sound Global has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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