Quali-Smart Holdings (HKSE:01348) Beneish M-Score : -5.29 (As of May. 25, 2024)

View and export this data going back to 2013. Start your Free Trial

What is Quali-Smart 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 -5.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01348' s Beneish M-Score Range Over the Past 10 Years
Min: -5.29 Med: -2.95 Max: 3.79
Current: -5.29

During the past 12 years, the highest Beneish M-Score of Quali-Smart Holdings was 3.79. The lowest was -5.29. And the median was -2.95.

Quali-Smart Holdings Beneish M-Score Historical Data

The historical data trend for Quali-Smart 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.

* Premium members only.

Quali-Smart Holdings Beneish M-Score Chart

Quali-Smart Holdings Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

Get a 7-Day Free Trial

-1.93

-2.79

-3.05

-2.85

-5.29

Quali-Smart Holdings Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.85	-	-5.29	-

Competitive Comparison of Quali-Smart Holdings's Beneish M-Score

For the Leisure subindustry, Quali-Smart 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.

Quali-Smart Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Quali-Smart Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Quali-Smart Holdings's Beneish M-Score falls into.

Quali-Smart 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 Quali-Smart 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 * 0.5877

0.528 * 0.923

0.404 * 0.8139

0.892 * 0.7618

0.115 * 1.1771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.998

4.679 * -0.460496

0.327 * 0.8922

-5.29

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$41.0 Mil.
Revenue was HK$341.8 Mil.
Gross Profit was HK$44.9 Mil.
Total Current Assets was HK$183.2 Mil.
Total Assets was HK$243.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$13.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$69.2 Mil.
Total Current Liabilities was HK$102.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.7 Mil.
Net Income was HK$-72.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$40.0 Mil.

Total Receivables was HK$91.6 Mil.
Revenue was HK$448.7 Mil.
Gross Profit was HK$54.4 Mil.
Total Current Assets was HK$283.5 Mil.
Total Assets was HK$381.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$8.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$91.0 Mil.
Total Current Liabilities was HK$151.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$31.6 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)
	=	(41.014 / 341.801)	/	(91.606 / 448.655)
	=	0.119994	/	0.204179
	=	0.5877

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)
	=	(54.438 / 448.655)	/	(44.934 / 341.801)
	=	0.121336	/	0.131462
	=	0.923

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 - (183.16 + 13.881) / 243.876)	/	(1 - (283.459 + 8.033) / 381.507)
	=	0.192044	/	0.235946
	=	0.8139

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
	=	341.801	/	448.655
	=	0.7618

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))
	=	(7.399 / (7.399 + 8.033))	/	(9.54 / (9.54 + 13.881))
	=	0.479458	/	0.407327
	=	1.1771

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)
	=	(69.169 / 341.801)	/	(90.973 / 448.655)
	=	0.202366	/	0.202768
	=	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)
	=	((1.719 + 102.474) / 243.876)	/	((31.604 + 151.081) / 381.507)
	=	0.427238	/	0.478851
	=	0.8922

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
	=	(-72.321 - 0	-	39.983)	/	243.876
	=	-0.460496

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.

Quali-Smart Holdings has a M-score of -5.29 suggests that the company is unlikely to be a manipulator.

Quali-Smart Holdings Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Quali-Smart Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Quali-Smart Holdings (HKSE:01348) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Quali-Smart Holdings Ltd (HKSE:01348) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 3 Hoi Shing Road, Tsuen Wan, Workshop C, 19th Floor, TML Tower, New Territories, Hong Kong, HKG

Website

http://www.quali-smart.com.hk

Quali-Smart Holdings Ltd is an investment holding company. The company's operating segment includes Manufacturing and sales of toys and Financial Services. It generates maximum revenue from the Manufacturing and sales of toys segment. The Financial Services segment includes securities brokerage, underwriting, securities margin financing, investment advisory, corporate finance, and asset management services. Geographically, it derives a majority of its revenue from North America which includes the United States of America and Canada, and also has a presence in the United Kingdom; France; PRC, and Taiwan; Central America, Caribbean, and Mexico; Australia, New Zealand, and Pacific Islands and other countries.

Executives

Benefit Global Limited	2101 Beneficial owner
Blackpine Private Equity Partners G.p. Limited	2201 Interest of corporation controlled by you
Clearfield Global Limited	2201 Interest of corporation controlled by you
Chu Lawrence Sheng Yu	2201 Interest of corporation controlled by you
Li Man Yee Stella	2101 Beneficial owner
Lau Ho Ming Peter	2101 Beneficial owner
Smart Investor Holdings Limited	2101 Beneficial owner
Zhongtai Securities Company Limited
Zhong Tai Jin Rong Guo Ji You Xian Gong Si	2101 Beneficial owner
Shan Dong Gang Tie Ji Tuan You Xian Gong Si
Lai Wu Gang Tie Ji Tuan You Xian Gong Si

Quali-Smart Holdings (HKSE:01348) Headlines

No Headlines