Da Yu Financial Holdings (HKSE:01073) Beneish M-Score : -4.07 (As of Jun. 09, 2024)

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What is Da Yu Financial 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 -4.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01073' s Beneish M-Score Range Over the Past 10 Years
Min: -4.73 Med: -4.07 Max: -2
Current: -4.07

During the past 13 years, the highest Beneish M-Score of Da Yu Financial Holdings was -2.00. The lowest was -4.73. And the median was -4.07.

Da Yu Financial Holdings Beneish M-Score Historical Data

The historical data trend for Da Yu Financial 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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Da Yu Financial Holdings Beneish M-Score Chart

Da Yu Financial Holdings Annual Data

Trend

Jun11

Jun12

Jun13

Jun17

Jun18

Jun19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.73

-2.00

-4.07

Da Yu Financial Holdings Semi-Annual Data
	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-4.73	-	-2.00	-	-4.07

Competitive Comparison of Da Yu Financial Holdings's Beneish M-Score

For the Capital Markets subindustry, Da Yu Financial 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.

Da Yu Financial Holdings's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Da Yu Financial Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Da Yu Financial Holdings's Beneish M-Score falls into.

Da Yu Financial 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 Da Yu Financial 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 * 1.7634

0.528 * 1.2368

0.404 * 0.8107

0.892 * 0.5653

0.115 * 1.385

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6334

4.679 * -0.381212

0.327 * 1.3271

-4.07

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$14.47 Mil.
Revenue was HK$43.36 Mil.
Gross Profit was HK$27.85 Mil.
Total Current Assets was HK$260.50 Mil.
Total Assets was HK$492.53 Mil.
Property, Plant and Equipment(Net PPE) was HK$3.67 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.98 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.14 Mil.
Total Current Liabilities was HK$172.73 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.37 Mil.
Net Income was HK$-161.79 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$25.97 Mil.

Total Receivables was HK$14.52 Mil.
Revenue was HK$76.70 Mil.
Gross Profit was HK$60.93 Mil.
Total Current Assets was HK$279.64 Mil.
Total Assets was HK$655.34 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.90 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.82 Mil.
Selling, General, & Admin. Expense(SGA) was HK$18.57 Mil.
Total Current Liabilities was HK$173.54 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 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)
	=	(14.471 / 43.36)	/	(14.516 / 76.7)
	=	0.333741	/	0.189257
	=	1.7634

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)
	=	(60.933 / 76.7)	/	(27.851 / 43.36)
	=	0.794433	/	0.64232
	=	1.2368

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 - (260.503 + 3.674) / 492.532)	/	(1 - (279.636 + 0.9) / 655.336)
	=	0.463635	/	0.57192
	=	0.8107

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
	=	43.36	/	76.7
	=	0.5653

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))
	=	(8.824 / (8.824 + 0.9))	/	(6.981 / (6.981 + 3.674))
	=	0.907445	/	0.655185
	=	1.385

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)
	=	(17.144 / 43.36)	/	(18.566 / 76.7)
	=	0.395387	/	0.24206
	=	1.6334

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)
	=	((0.367 + 172.733) / 492.532)	/	((0 + 173.544) / 655.336)
	=	0.351449	/	0.264817
	=	1.3271

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
	=	(-161.791 - 0	-	25.968)	/	492.532
	=	-0.381212

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.

Da Yu Financial Holdings has a M-score of -4.07 suggests that the company is unlikely to be a manipulator.

Da Yu Financial Holdings Beneish M-Score Related Terms

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Da Yu Financial Holdings (HKSE:01073) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Da Yu Financial Holdings Ltd (HKSE:01073) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

138 Gloucester Road, Room 1801, 18th Floor, Allied Kajima Building, Wanchai, Hong Kong, HKG

Website

http://www.chinagrotech.com

Da Yu Financial Holdings Ltd is an investment holding company and is engaged in providing financial advisory services. It operates in four segments. The corporate finance advisory services include services incidental to financial advisory, compliance advisory services, placing agency and underwriting services, investment business, and others. The Asset management services include investment advisory services and sundry income derived from the provision of the services. The Securities and related services include the provision of securities broking, underwriting, and placing of securities and investment in securities. The money lending business includes the provision of loan financing and related services. The group mainly has operations located in Hong Kong.

Executives

Victory Gain Ventures Limited	2101 Beneficial owner
Asm Connaught House General Partner V Limited	2201 Interest of corporation controlled by you
Asm Connaught House (master) Fund V Lp	2101 Beneficial owner
Chan Kin	2201 Interest of corporation controlled by you
Argyle Street Management Limited	2201 Interest of corporation controlled by you
Xu Haohao	2101 Beneficial owner
Lee Su Hwei	2201 Interest of corporation controlled by you
Lee Seng Huang	2201 Interest of corporation controlled by you
Beyond Global Enterprises Limited	2201 Interest of corporation controlled by you
First Steamship Company Limited	2101 Beneficial owner
Argyle Street Management Holdings Limited	2201 Interest of corporation controlled by you
Lee Seng Hui	2201 Interest of corporation controlled by you
Allied Group Limited	2201 Interest of corporation controlled by you
Cheung Kit Shan Susanna	2202 Interest of your spouse
Lee Wa Lun Warren	2101 Beneficial owner

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