BExcellent Group Holdings (HKSE:01775) Beneish M-Score : -3.07 (As of Jun. 23, 2024)

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What is BExcellent Group 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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01775' s Beneish M-Score Range Over the Past 10 Years
Min: -4.56 Med: -2.52 Max: -2.03
Current: -3.07

During the past 9 years, the highest Beneish M-Score of BExcellent Group Holdings was -2.03. The lowest was -4.56. And the median was -2.52.

BExcellent Group Holdings Beneish M-Score Historical Data

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

BExcellent Group Holdings Annual Data

Trend

Jul15

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Beneish M-Score

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-2.03

-4.56

-3.13

-2.20

-3.07

BExcellent Group Holdings Semi-Annual Data
	Jul15	Jul16	Jul17	Jan18	Jul18	Jan19	Jul19	Jan20	Jul20	Jan21	Jul21	Jan22	Jul22	Jan23	Jul23	Jan24
Beneish M-Score	Get a 7-Day Free Trial											-	-2.20	-	-3.07	-

Competitive Comparison of BExcellent Group Holdings's Beneish M-Score

For the Education & Training Services subindustry, BExcellent Group 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.

BExcellent Group Holdings's Beneish M-Score Distribution in the Education Industry

For the Education industry and Consumer Defensive sector, BExcellent Group Holdings's Beneish M-Score distribution charts can be found below:

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

BExcellent Group 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 BExcellent Group 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 * 0.9396

0.528 * 0.9585

0.404 * 1.3163

0.892 * 0.9248

0.115 * 1.1782

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4288

4.679 * -0.100311

0.327 * 1.1633

-3.07

This Year (Jul23) TTM:

Last Year (Jul22) TTM:

Total Receivables was HK$9.9 Mil.
Revenue was HK$131.2 Mil.
Gross Profit was HK$105.0 Mil.
Total Current Assets was HK$111.4 Mil.
Total Assets was HK$189.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$39.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5.7 Mil.
Total Current Liabilities was HK$100.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9.4 Mil.
Net Income was HK$-27.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-8.8 Mil.

Total Receivables was HK$11.4 Mil.
Revenue was HK$141.8 Mil.
Gross Profit was HK$108.8 Mil.
Total Current Assets was HK$126.7 Mil.
Total Assets was HK$201.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$44.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$22.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4.3 Mil.
Total Current Liabilities was HK$88.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.5 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)
	=	(9.885 / 131.162)	/	(11.376 / 141.829)
	=	0.075365	/	0.080209
	=	0.9396

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)
	=	(108.817 / 141.829)	/	(104.994 / 131.162)
	=	0.767241	/	0.800491
	=	0.9585

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 - (111.405 + 39.888) / 189.7)	/	(1 - (126.664 + 43.992) / 201.677)
	=	0.202462	/	0.153815
	=	1.3163

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
	=	131.162	/	141.829
	=	0.9248

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))
	=	(22.89 / (22.89 + 43.992))	/	(16.33 / (16.33 + 39.888))
	=	0.342245	/	0.290476
	=	1.1782

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)
	=	(5.666 / 131.162)	/	(4.288 / 141.829)
	=	0.043198	/	0.030234
	=	1.4288

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)
	=	((9.36 + 100.886) / 189.7)	/	((12.515 + 88.239) / 201.677)
	=	0.58116	/	0.499581
	=	1.1633

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
	=	(-27.844 - 0	-	-8.815)	/	189.7
	=	-0.100311

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.

BExcellent Group Holdings has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.

BExcellent Group Holdings Beneish M-Score Related Terms

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BExcellent Group Holdings (HKSE:01775) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Education » BExcellent Group Holdings Ltd (HKSE:01775) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

9 Sheung Yuet Road, Unit 02, 3/Floor, Tower 3, Enterprise Square Phase I, Kowloon Bay, Kowloon, Hong Kong, HKG

Website

https://www.bexcellentgroup.com

BExcellent Group Holdings Ltd is an investment holding company. The Company and its subsidiaries are engaged in the provision of private supplementary secondary school education services, the operation of private secondary day schools and offer ancillary education services and products in Hong Kong. Its Ancillary education services and products represent education-related income including interview preparation, language and supplementary primary school education, and tutorial services under Diverse Learning Club, Beacon Childhood, BeConfident, Glocal Education, and Mathgic brands. The company generates maximum revenue from private supplementary secondary school education services.

Executives

Beacon Enterprise Limited	2101 Beneficial owner
Leung Ho Yan Irene	2201 Interest of corporation controlled by you
Ng King Hang	2201 Interest of corporation controlled by you
Lam Yat Ming	2101 Beneficial owner
Leung Ho Ki June	2101 Beneficial owner
Tam Wai Lung	2101 Beneficial owner
Max Wisdom Development Limited	2101 Beneficial owner
Lam Yat Yan	2201 Interest of corporation controlled by you

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