Matrix Holdings Beneish M-Score Historical Data
The historical data trend for Matrix 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.
Matrix Holdings Beneish M-Score Chart
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Matrix Holdings Annual Data
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Dec13 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.87 |
-2.60 |
-2.88 |
-2.96 |
-3.66 |
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Matrix Holdings Semi-Annual Data
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Dec13 |
Jun14 |
Dec14 |
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Jun23 |
| Beneish M-Score |
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-2.96 |
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-3.66 |
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Competitive Comparison of Matrix Holdings's Beneish M-Score
For the Leisure subindustry, Matrix 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.
Matrix Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Matrix Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Matrix Holdings's Beneish M-Score falls into.
Matrix 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 Matrix 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 * 0.6826 | + | 0.528 * 0.99 | + | 0.404 * 1.0307 | + | 0.892 * 0.9108 | + | 0.115 * 1.0171 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1663 | + | 4.679 * -0.176488 | - | 0.327 * 0.875 |
| = | -3.66 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$120.1 Mil.
Revenue was HK$986.1 Mil.
Gross Profit was HK$406.6 Mil.
Total Current Assets was HK$635.5 Mil.
Total Assets was HK$1,263.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$391.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$67.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$349.3 Mil.
Total Current Liabilities was HK$180.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$44.1 Mil.
Net Income was HK$6.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$229.2 Mil.
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Total Receivables was HK$193.2 Mil.
Revenue was HK$1,082.6 Mil.
Gross Profit was HK$442.0 Mil.
Total Current Assets was HK$724.6 Mil.
Total Assets was HK$1,416.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$434.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$76.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$328.8 Mil.
Total Current Liabilities was HK$227.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$60.5 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) |
| = | (120.131 / 986.094) | / | (193.219 / 1082.637) |
| = | 0.121825 | / | 0.178471 |
| | = | 0.6826 |
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) |
| = | (441.977 / 1082.637) | / | (406.635 / 986.094) |
| = | 0.408241 | / | 0.412369 |
| | = | 0.99 |
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 - (635.529 + 391.507) / 1263.221) | / | (1 - (724.643 + 434.611) / 1416.142) |
| = | 0.18697 | / | 0.1814 |
| | = | 1.0307 |
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 |
| = | 986.094 | / | 1082.637 |
| | = | 0.9108 |
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)) |
| = | (76.659 / (76.659 + 434.611)) | / | (67.692 / (67.692 + 391.507)) |
| = | 0.149938 | / | 0.147413 |
| | = | 1.0171 |
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) |
| = | (349.252 / 986.094) | / | (328.759 / 1082.637) |
| = | 0.354177 | / | 0.303665 |
| | = | 1.1663 |
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) |
| = | ((44.139 + 180.594) / 1263.221) | / | ((60.491 + 227.424) / 1416.142) |
| = | 0.177905 | / | 0.203309 |
| | = | 0.875 |
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 |
| = | (6.228 - 0 | - | 229.171) | / | 1263.221 |
| | = | -0.176488 |
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.
Matrix Holdings has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.
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