C Banner International Holdings (HKSE:01028) Beneish M-Score : -2.76 (As of Apr. 30, 2024)

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What is C Banner International 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01028' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48 Med: -2.6 Max: -0.56
Current: -2.76

During the past 13 years, the highest Beneish M-Score of C Banner International Holdings was -0.56. The lowest was -4.48. And the median was -2.60.

C Banner International Holdings Beneish M-Score Historical Data

The historical data trend for C Banner International 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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C Banner International Holdings Beneish M-Score Chart

C Banner International Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.48

-2.29

-2.53

-2.76

C Banner International Holdings Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.53	-	-2.76	-	-

Competitive Comparison of C Banner International Holdings's Beneish M-Score

For the Footwear & Accessories subindustry, C Banner International 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.

C Banner International Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, C Banner International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C Banner International Holdings's Beneish M-Score falls into.

C Banner International 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 C Banner International 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 * 0.4215

0.528 * 1.043

0.404 * 3.0941

0.892 * 0.7735

0.115 * 0.9013

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.998

4.679 * -0.09307

0.327 * 0.8949

-2.76

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was HK$172 Mil.
Revenue was HK$1,543 Mil.
Gross Profit was HK$857 Mil.
Total Current Assets was HK$1,252 Mil.
Total Assets was HK$1,919 Mil.
Property, Plant and Equipment(Net PPE) was HK$253 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$88 Mil.
Selling, General, & Admin. Expense(SGA) was HK$896 Mil.
Total Current Liabilities was HK$354 Mil.
Long-Term Debt & Capital Lease Obligation was HK$30 Mil.
Net Income was HK$17 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$195 Mil.

Total Receivables was HK$528 Mil.
Revenue was HK$1,995 Mil.
Gross Profit was HK$1,155 Mil.
Total Current Assets was HK$1,690 Mil.
Total Assets was HK$2,137 Mil.
Property, Plant and Equipment(Net PPE) was HK$298 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$90 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,160 Mil.
Total Current Liabilities was HK$435 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43 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)
	=	(172.263 / 1543.012)	/	(528.394 / 1994.804)
	=	0.111641	/	0.264885
	=	0.4215

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)
	=	(1155.023 / 1994.804)	/	(856.587 / 1543.012)
	=	0.579016	/	0.55514
	=	1.043

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 - (1251.921 + 252.585) / 1919.191)	/	(1 - (1690.468 + 297.754) / 2137.494)
	=	0.216073	/	0.069835
	=	3.0941

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
	=	1543.012	/	1994.804
	=	0.7735

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))
	=	(90.331 / (90.331 + 297.754))	/	(87.936 / (87.936 + 252.585))
	=	0.232761	/	0.25824
	=	0.9013

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)
	=	(895.677 / 1543.012)	/	(1160.277 / 1994.804)
	=	0.580473	/	0.58165
	=	0.998

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)
	=	((30.339 + 354.42) / 1919.191)	/	((43.438 + 435.4) / 2137.494)
	=	0.20048	/	0.224018
	=	0.8949

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
	=	(16.515 - 0	-	195.134)	/	1919.191
	=	-0.09307

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.

C Banner International Holdings has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

C Banner International Holdings Beneish M-Score Related Terms

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C Banner International Holdings (HKSE:01028) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » C Banner International Holdings Ltd (HKSE:01028) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

18 Harcourt Road, Suite 1503, Level 15, Admiralty Centre Tower 1, Admiralty, Hong Kong, HKG

Website

https://www.cbanner.com.cn

C Banner International Holdings Ltd is a footwear retailer in China that sells mid-to-premium women's formal and casual footwear. Most of the company's revenue comes from its Retail and Wholesale of Shoe segment. The company generates revenue in that segment by selling self-developed and licensed footwear brands through department stores, independent retail stores, and online. Brands include C.banner, Eblan, Sundance, Mio, Natursun, Badgley Mischka, and United Nude. Other segments include Contract Manufacturing of Footwear, where C Banner manufactures shoes for export for international companies, and Retail of Toys, where the company sells through Hamleys toy stores. Most of the company's sales are generated in China.

C Banner International Holdings (HKSE:01028) Headlines

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