Kuaishou Technology Beneish M-Score Historical Data
The historical data trend for Kuaishou Technology'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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Kuaishou Technology Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-4.57 |
-2.97 |
-3.06 |
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Kuaishou Technology Quarterly Data
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Dec17 |
Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-3.21 |
-3.20 |
-3.20 |
-3.06 |
Competitive Comparison
For the Internet Content & Information subindustry, Kuaishou Technology'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.
Kuaishou Technology Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, Kuaishou Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kuaishou Technology's Beneish M-Score falls into.
Kuaishou Technology 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 Kuaishou Technology 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 * 0.9361 | + | 0.528 * 0.8839 | + | 0.404 * 1.0022 | + | 0.892 * 1.1451 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8072 | + | 4.679 * -0.135372 | - | 0.327 * 0.972 |
| = | -3.06 |
* 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$12,443 Mil.
Revenue was 35614.534 + 29979.983 + 30345.847 + 28722.035 = HK$124,662 Mil.
Gross Profit was 18913.624 + 15503.818 + 15240.738 + 13339.908 = HK$62,998 Mil.
Total Current Assets was HK$66,022 Mil.
Total Assets was HK$116,264 Mil.
Property, Plant and Equipment(Net PPE) was HK$24,859 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$43,991 Mil.
Total Current Liabilities was HK$53,352 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,193 Mil.
Net Income was 3946.354 + 2339.571 + 1618.795 + -994.343 = HK$6,910 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 5367.173 + 8231.945 + 7005.664 + 2044.496 = HK$22,649 Mil.
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Total Receivables was HK$11,607 Mil.
Revenue was 31595.21 + 25862.372 + 25430.835 + 25975.306 = HK$108,864 Mil.
Gross Profit was 14378.819 + 11968.392 + 11452.374 + 10828.079 = HK$48,628 Mil.
Total Current Assets was HK$51,210 Mil.
Total Assets was HK$99,730 Mil.
Property, Plant and Equipment(Net PPE) was HK$26,793 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$47,591 Mil.
Total Current Liabilities was HK$45,460 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,739 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) |
| = | (12442.829 / 124662.399) | / | (11607.133 / 108863.723) |
| = | 0.099812 | / | 0.106621 |
| | = | 0.9361 |
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) |
| = | (48627.664 / 108863.723) | / | (62998.088 / 124662.399) |
| = | 0.446684 | / | 0.50535 |
| | = | 0.8839 |
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 - (66021.587 + 24859.407) / 116264.32) | / | (1 - (51210.304 + 26793.336) / 99730.441) |
| = | 0.218324 | / | 0.217855 |
| | = | 1.0022 |
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 |
| = | 124662.399 | / | 108863.723 |
| | = | 1.1451 |
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)) |
| = | (0 / (0 + 26793.336)) | / | (0 / (0 + 24859.407)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (43990.786 / 124662.399) | / | (47591.314 / 108863.723) |
| = | 0.352879 | / | 0.437164 |
| | = | 0.8072 |
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) |
| = | ((9193.212 + 53352.346) / 116264.32) | / | ((9738.869 + 45460.339) / 99730.441) |
| = | 0.53796 | / | 0.553484 |
| | = | 0.972 |
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 |
| = | (6910.377 - 0 | - | 22649.278) | / | 116264.32 |
| | = | -0.135372 |
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.
Kuaishou Technology has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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