Leader Education Beneish M-Score Historical Data
The historical data trend for Leader Education'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.
Leader Education Beneish M-Score Chart
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Leader Education Annual Data
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Trend |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-3.62 |
-1.54 |
166.45 |
-2.29 |
-2.94 |
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Leader Education Semi-Annual Data
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Aug17 |
Aug18 |
Feb19 |
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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- |
-2.29 |
- |
-2.94 |
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Competitive Comparison of Leader Education's Beneish M-Score
For the Education & Training Services subindustry, Leader Education'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.
Leader Education's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Leader Education's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leader Education's Beneish M-Score falls into.
Leader Education 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 Leader Education 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 * 0.1366 | + | 0.528 * 1.1106 | + | 0.404 * 2.3663 | + | 0.892 * 1.0831 | + | 0.115 * 0.8667 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8687 | + | 4.679 * -0.073473 | - | 0.327 * 1.0495 |
| = | -2.94 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was HK$3.1 Mil.
Revenue was HK$297.7 Mil.
Gross Profit was HK$113.8 Mil.
Total Current Assets was HK$315.7 Mil.
Total Assets was HK$2,370.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,026.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45.7 Mil.
Total Current Liabilities was HK$774.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$611.6 Mil.
Net Income was HK$62.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$236.4 Mil.
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Total Receivables was HK$20.9 Mil.
Revenue was HK$274.9 Mil.
Gross Profit was HK$116.6 Mil.
Total Current Assets was HK$327.0 Mil.
Total Assets was HK$2,383.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,043.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$48.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$48.6 Mil.
Total Current Liabilities was HK$602.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$725.2 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) |
| = | (3.084 / 297.743) | / | (20.851 / 274.904) |
| = | 0.010358 | / | 0.075848 |
| | = | 0.1366 |
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) |
| = | (116.642 / 274.904) | / | (113.755 / 297.743) |
| = | 0.424301 | / | 0.382058 |
| | = | 1.1106 |
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 - (315.747 + 2026.133) / 2370.839) | / | (1 - (326.982 + 2043.675) / 2382.958) |
| = | 0.012215 | / | 0.005162 |
| | = | 2.3663 |
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 |
| = | 297.743 | / | 274.904 |
| | = | 1.0831 |
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)) |
| = | (48.189 / (48.189 + 2043.675)) | / | (55.322 / (55.322 + 2026.133)) |
| = | 0.023036 | / | 0.026579 |
| | = | 0.8667 |
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) |
| = | (45.694 / 297.743) | / | (48.565 / 274.904) |
| = | 0.153468 | / | 0.176662 |
| | = | 0.8687 |
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) |
| = | ((611.636 + 774.814) / 2370.839) | / | ((725.226 + 602.536) / 2382.958) |
| = | 0.584793 | / | 0.557191 |
| | = | 1.0495 |
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 |
| = | (62.194 - 0 | - | 236.386) | / | 2370.839 |
| | = | -0.073473 |
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.
Leader Education has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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