Green Economy Development Beneish M-Score Historical Data
The historical data trend for Green Economy Development'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.
Green Economy Development Beneish M-Score Chart
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Green Economy Development Annual Data
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Mar24 |
| Beneish M-Score |
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1.43 |
-3.39 |
- |
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2.22 |
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Green Economy Development Semi-Annual Data
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| Beneish M-Score |
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2.22 |
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Competitive Comparison of Green Economy Development's Beneish M-Score
For the Building Materials subindustry, Green Economy Development'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.
Green Economy Development's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Green Economy Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Green Economy Development's Beneish M-Score falls into.
Green Economy Development 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 Green Economy Development 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 * 0.7468 | + | 0.528 * 0.1793 | + | 0.404 * 14.3402 | + | 0.892 * 1.1915 | + | 0.115 * 0.8252 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7146 | + | 4.679 * -0.049419 | - | 0.327 * 0.9844 |
| = | 2.22 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$361 Mil.
Revenue was HK$2,935 Mil.
Gross Profit was HK$85 Mil.
Total Current Assets was HK$672 Mil.
Total Assets was HK$680 Mil.
Property, Plant and Equipment(Net PPE) was HK$3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$47 Mil.
Total Current Liabilities was HK$470 Mil.
Long-Term Debt & Capital Lease Obligation was HK$105 Mil.
Net Income was HK$18 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$52 Mil.
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Total Receivables was HK$406 Mil.
Revenue was HK$2,463 Mil.
Gross Profit was HK$13 Mil.
Total Current Assets was HK$659 Mil.
Total Assets was HK$664 Mil.
Property, Plant and Equipment(Net PPE) was HK$5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$56 Mil.
Total Current Liabilities was HK$464 Mil.
Long-Term Debt & Capital Lease Obligation was HK$107 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) |
| = | (361.116 / 2934.565) | / | (405.845 / 2462.942) |
| = | 0.123056 | / | 0.164781 |
| | = | 0.7468 |
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) |
| = | (12.782 / 2462.942) | / | (84.934 / 2934.565) |
| = | 0.00519 | / | 0.028943 |
| | = | 0.1793 |
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 - (671.813 + 3.348) / 679.86) | / | (1 - (658.743 + 5.194) / 664.257) |
| = | 0.006912 | / | 0.000482 |
| | = | 14.3402 |
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 |
| = | 2934.565 | / | 2462.942 |
| | = | 1.1915 |
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)) |
| = | (4.402 / (4.402 + 5.194)) | / | (4.191 / (4.191 + 3.348)) |
| = | 0.458733 | / | 0.555909 |
| | = | 0.8252 |
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) |
| = | (47.347 / 2934.565) | / | (55.61 / 2462.942) |
| = | 0.016134 | / | 0.022579 |
| | = | 0.7146 |
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) |
| = | ((105.411 + 469.726) / 679.86) | / | ((106.569 + 464.294) / 664.257) |
| = | 0.845964 | / | 0.859401 |
| | = | 0.9844 |
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 |
| = | (18.221 - 0 | - | 51.819) | / | 679.86 |
| | = | -0.049419 |
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.
Green Economy Development has a M-score of 2.22 signals that the company is likely to be a manipulator.
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