HPC Holdings Beneish M-Score Historical Data
The historical data trend for HPC 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.
HPC Holdings Beneish M-Score Chart
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HPC Holdings Annual Data
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Oct15 |
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Oct18 |
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Oct20 |
Oct21 |
Oct22 |
Oct23 |
Oct24 |
| Beneish M-Score |
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18.85 |
-2.34 |
-2.65 |
-2.96 |
-3.83 |
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HPC Holdings Semi-Annual Data
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Oct15 |
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Oct24 |
| Beneish M-Score |
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-2.65 |
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-2.96 |
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-3.83 |
Competitive Comparison of HPC Holdings's Beneish M-Score
For the Engineering & Construction subindustry, HPC 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.
HPC Holdings's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, HPC Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HPC Holdings's Beneish M-Score falls into.
HPC 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 HPC 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 * 1.1217 | + | 0.528 * -1.5205 | + | 0.404 * 3.1024 | + | 0.892 * 0.6086 | + | 0.115 * 0.7805 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.821 | + | 4.679 * -0.100321 | - | 0.327 * 1.0014 |
| = | -3.83 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was HK$359.7 Mil.
Revenue was HK$1,006.3 Mil.
Gross Profit was HK$-29.7 Mil.
Total Current Assets was HK$667.2 Mil.
Total Assets was HK$938.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$201.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$47.2 Mil.
Total Current Liabilities was HK$402.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$77.6 Mil.
Net Income was HK$-50.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$43.9 Mil.
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Total Receivables was HK$526.9 Mil.
Revenue was HK$1,653.4 Mil.
Gross Profit was HK$74.2 Mil.
Total Current Assets was HK$809.4 Mil.
Total Assets was HK$1,029.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$194.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$42.6 Mil.
Total Current Liabilities was HK$428.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$97.5 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) |
| = | (359.74 / 1006.291) | / | (526.943 / 1653.381) |
| = | 0.357491 | / | 0.318706 |
| | = | 1.1217 |
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) |
| = | (74.245 / 1653.381) | / | (-29.72 / 1006.291) |
| = | 0.044905 | / | -0.029534 |
| | = | -1.5205 |
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 - (667.172 + 201.694) / 938.897) | / | (1 - (809.396 + 194.923) / 1029.06) |
| = | 0.074589 | / | 0.024042 |
| | = | 3.1024 |
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 |
| = | 1006.291 | / | 1653.381 |
| | = | 0.6086 |
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)) |
| = | (8.335 / (8.335 + 194.923)) | / | (11.185 / (11.185 + 201.694)) |
| = | 0.041007 | / | 0.052542 |
| | = | 0.7805 |
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) |
| = | (47.223 / 1006.291) | / | (42.61 / 1653.381) |
| = | 0.046928 | / | 0.025771 |
| | = | 1.821 |
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) |
| = | ((77.648 + 402.458) / 938.897) | / | ((97.459 + 428.026) / 1029.06) |
| = | 0.511351 | / | 0.510646 |
| | = | 1.0014 |
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 |
| = | (-50.293 - 0 | - | 43.898) | / | 938.897 |
| | = | -0.100321 |
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.
HPC Holdings has a M-score of -3.83 suggests that the company is unlikely to be a manipulator.
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