VPower Group International Holdings (HKSE:01608) Beneish M-Score : -2.76 (As of Apr. 28, 2024)

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What is VPower Group International 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01608' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.11 Max: 2.89
Current: -2.76

During the past 10 years, the highest Beneish M-Score of VPower Group International Holdings was 2.89. The lowest was -3.10. And the median was -2.11.

VPower Group International Holdings Beneish M-Score Historical Data

The historical data trend for VPower Group International 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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VPower Group International Holdings Beneish M-Score Chart

VPower Group International Holdings Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.69

-2.62

-3.10

-0.57

-2.76

VPower Group International Holdings Semi-Annual Data
	Dec13	Dec14	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial													-	-0.57	-	-2.76	-

Competitive Comparison of VPower Group International Holdings's Beneish M-Score

For the Electrical Equipment & Parts subindustry, VPower Group International 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.

VPower Group International Holdings's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, VPower Group International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where VPower Group International Holdings's Beneish M-Score falls into.

VPower Group International 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 VPower Group International 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 * 1.5533

0.528 * 0.81

0.404 * 1.0643

0.892 * 0.6598

0.115 * 0.9143

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3848

4.679 * -0.070288

0.327 * 1.0055

-2.76

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was HK$3,214 Mil.
Revenue was HK$3,361 Mil.
Gross Profit was HK$662 Mil.
Total Current Assets was HK$4,550 Mil.
Total Assets was HK$8,911 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,565 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$273 Mil.
Selling, General, & Admin. Expense(SGA) was HK$400 Mil.
Total Current Liabilities was HK$5,631 Mil.
Long-Term Debt & Capital Lease Obligation was HK$88 Mil.
Net Income was HK$-317 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$310 Mil.

Total Receivables was HK$3,136 Mil.
Revenue was HK$5,094 Mil.
Gross Profit was HK$813 Mil.
Total Current Assets was HK$4,977 Mil.
Total Assets was HK$10,349 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,413 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$329 Mil.
Selling, General, & Admin. Expense(SGA) was HK$438 Mil.
Total Current Liabilities was HK$4,509 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,097 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)
	=	(3213.879 / 3361.325)	/	(3135.705 / 5094.079)
	=	0.956135	/	0.615559
	=	1.5533

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)
	=	(812.513 / 5094.079)	/	(661.878 / 3361.325)
	=	0.159501	/	0.19691
	=	0.81

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 - (4550.023 + 2565.245) / 8911.328)	/	(1 - (4976.878 + 3412.536) / 10349.317)
	=	0.201548	/	0.189375
	=	1.0643

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
	=	3361.325	/	5094.079
	=	0.6598

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))
	=	(329.35 / (329.35 + 3412.536))	/	(273.264 / (273.264 + 2565.245))
	=	0.088017	/	0.09627
	=	0.9143

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)
	=	(399.918 / 3361.325)	/	(437.666 / 5094.079)
	=	0.118976	/	0.085917
	=	1.3848

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)
	=	((88.061 + 5631.43) / 8911.328)	/	((2096.588 + 4509.195) / 10349.317)
	=	0.641823	/	0.638282
	=	1.0055

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
	=	(-316.852 - 0	-	309.505)	/	8911.328
	=	-0.070288

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.

VPower Group International Holdings has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

VPower Group International Holdings Beneish M-Score Related Terms

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VPower Group International Holdings (HKSE:01608) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » VPower Group International Holdings Ltd (HKSE:01608) » Definitions » Beneish M-Score

Traded in Other Exchanges

2V3:Germany

Address

18-22 Tak cStreet, Units 2701-05, 27th Floor, Office Tower 1, The Harbourfront, Hung Hom, Kowloon, Hong Kong, HKG

Website

https://www.vpower.com

VPower Group International Holdings Ltd owns and operates utility-grade distributed power generation systems. It runs and leases DPG stations, and designs integrate, and sell gas and diesel-fired generator sets and power generation systems. It operates through System Integration and Investment, Building, and Operation Segments; the system Integration segment is engaged in the design, integration, sale, and installation of engine-based electricity generation units; the Investment, Building, and Operation segments are engaged in the design, investment, building, leasing, and operation of distributive power generation stations to provide distributive power solutions. Geographically, business operations function in Hong Kong, mainland China, Asian countries, and Other countries.

VPower Group International Holdings (HKSE:01608) Headlines

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