GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Pacific Textiles Holdings Ltd (HKSE:01382) » Definitions » Beneish M-Score

Pacific Textiles Holdings (HKSE:01382) Beneish M-Score : -2.95 (As of Apr. 01, 2025)


View and export this data going back to 2007. Start your Free Trial

What is Pacific Textiles 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01382' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.45   Max: -2.17
Current: -2.95

During the past 13 years, the highest Beneish M-Score of Pacific Textiles Holdings was -2.17. The lowest was -2.95. And the median was -2.45.


Pacific Textiles Holdings Beneish M-Score Historical Data

The historical data trend for Pacific Textiles 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.

Pacific Textiles Holdings Beneish M-Score Chart

Pacific Textiles Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.73 -2.22 -2.37 -2.84 -2.95

Pacific Textiles Holdings Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.84 - -2.95 -

Competitive Comparison of Pacific Textiles Holdings's Beneish M-Score

For the Textile Manufacturing subindustry, Pacific Textiles 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.


Pacific Textiles Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

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

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


;
;

Pacific Textiles 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 Pacific Textiles Holdings 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 * 0.9591+0.528 * 1.0753+0.404 * 0.8445+0.892 * 0.9295+0.115 * 1.146
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2521+4.679 * -0.067147-0.327 * 1.0145
=-2.95

* 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$749 Mil.
Revenue was HK$4,665 Mil.
Gross Profit was HK$424 Mil.
Total Current Assets was HK$2,749 Mil.
Total Assets was HK$5,566 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,381 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$200 Mil.
Selling, General, & Admin. Expense(SGA) was HK$237 Mil.
Total Current Liabilities was HK$2,248 Mil.
Long-Term Debt & Capital Lease Obligation was HK$126 Mil.
Net Income was HK$167 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$541 Mil.
Total Receivables was HK$840 Mil.
Revenue was HK$5,019 Mil.
Gross Profit was HK$490 Mil.
Total Current Assets was HK$3,233 Mil.
Total Assets was HK$5,529 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,783 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$174 Mil.
Selling, General, & Admin. Expense(SGA) was HK$203 Mil.
Total Current Liabilities was HK$2,191 Mil.
Long-Term Debt & Capital Lease Obligation was HK$134 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)
=(749.17 / 4665.165) / (840.281 / 5018.735)
=0.160588 / 0.167429
=0.9591

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)
=(489.987 / 5018.735) / (423.592 / 4665.165)
=0.097632 / 0.090799
=1.0753

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 - (2749.336 + 2380.599) / 5565.971) / (1 - (3233.208 + 1783.191) / 5529.317)
=0.07834 / 0.092763
=0.8445

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
=4665.165 / 5018.735
=0.9295

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))
=(173.815 / (173.815 + 1783.191)) / (200.005 / (200.005 + 2380.599))
=0.088817 / 0.077503
=1.146

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)
=(236.763 / 4665.165) / (203.421 / 5018.735)
=0.050751 / 0.040532
=1.2521

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)
=((126.281 + 2248.121) / 5565.971) / ((134.078 + 2190.965) / 5529.317)
=0.426593 / 0.420494
=1.0145

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
=(167.118 - 0 - 540.854) / 5565.971
=-0.067147

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.

Pacific Textiles Holdings has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.


Pacific Textiles Holdings Beneish M-Score Related Terms

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


Pacific Textiles Holdings Business Description

Traded in Other Exchanges
Address
48-56 Tai Lin Pai Road, Unit B1, 7th Floor, Block B, Eastern Sea Industrial Building, Kwai Chung, New Territories, Hong Kong, HKG
Pacific Textiles Holdings Ltd is an investment holding company. The company along with its subsidiaries, is engaged in the manufacturing and trading of textile products including cotton and synthetic knitted fabrics. Geographically, it derives a majority of its revenue from Vietnam and also has a presence in the People's Republic of China, Hong Kong, America, Sri Lanka, India, Haiti, Africa, Bangladesh, and other countries.
Executives
Toray Industries,inc.
Webb David Michael 2201 Interest of corporation controlled by you
Fil Limited 2201 Interest of corporation controlled by you
Pandanus Associates Inc. 2201 Interest of corporation controlled by you
Pandanus Partners L.p. 2201 Interest of corporation controlled by you
Brown Brothers Harriman & Co. 2502 Approved lending agent
Fidelity Funds 2101 Beneficial owner
Lam Wing Tak 2307 Founder of a discretionary trust who can infl
Wong Bik Ha 2307 Founder of a discretionary trust who can infl

Pacific Textiles Holdings Headlines

No Headlines