Yadong Group Holdings Beneish M-Score Historical Data
The historical data trend for Yadong 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.
Yadong Group Holdings Beneish M-Score Chart
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Yadong Group Holdings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.25 |
-1.73 |
18.02 |
-2.06 |
-2.45 |
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Yadong Group Holdings Semi-Annual Data
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Dec17 |
Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
-2.06 |
- |
-2.45 |
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Competitive Comparison of Yadong Group Holdings's Beneish M-Score
For the Textile Manufacturing subindustry, Yadong 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.
Yadong Group Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Yadong Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yadong Group Holdings's Beneish M-Score falls into.
Yadong 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 Yadong Group 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 * 1.4905 | + | 0.528 * 1.047 | + | 0.404 * 0.8944 | + | 0.892 * 0.9965 | + | 0.115 * 0.7178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0886 | + | 4.679 * -0.07471 | - | 0.327 * 1.0021 |
| = | -2.45 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$304 Mil.
Revenue was HK$1,180 Mil.
Gross Profit was HK$152 Mil.
Total Current Assets was HK$641 Mil.
Total Assets was HK$897 Mil.
Property, Plant and Equipment(Net PPE) was HK$205 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30 Mil.
Selling, General, & Admin. Expense(SGA) was HK$92 Mil.
Total Current Liabilities was HK$576 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 Mil.
Net Income was HK$38 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$105 Mil.
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Total Receivables was HK$205 Mil.
Revenue was HK$1,184 Mil.
Gross Profit was HK$160 Mil.
Total Current Assets was HK$603 Mil.
Total Assets was HK$858 Mil.
Property, Plant and Equipment(Net PPE) was HK$200 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$20 Mil.
Selling, General, & Admin. Expense(SGA) was HK$85 Mil.
Total Current Liabilities was HK$549 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 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) |
| = | (304.264 / 1179.781) | / | (204.858 / 1183.961) |
| = | 0.257899 | / | 0.173028 |
| | = | 1.4905 |
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) |
| = | (159.58 / 1183.961) | / | (151.873 / 1179.781) |
| = | 0.134785 | / | 0.12873 |
| | = | 1.047 |
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 - (640.529 + 204.935) / 897.447) | / | (1 - (602.627 + 199.915) / 858.116) |
| = | 0.057923 | / | 0.064763 |
| | = | 0.8944 |
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 |
| = | 1179.781 | / | 1183.961 |
| | = | 0.9965 |
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)) |
| = | (20.282 / (20.282 + 199.915)) | / | (30.169 / (30.169 + 204.935)) |
| = | 0.092108 | / | 0.128322 |
| | = | 0.7178 |
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) |
| = | (91.959 / 1179.781) | / | (84.772 / 1183.961) |
| = | 0.077946 | / | 0.0716 |
| | = | 1.0886 |
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) |
| = | ((0.555 + 576.167) / 897.447) | / | ((1.138 + 549.148) / 858.116) |
| = | 0.642625 | / | 0.641272 |
| | = | 1.0021 |
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 |
| = | (37.773 - 0 | - | 104.821) | / | 897.447 |
| | = | -0.07471 |
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.
Yadong Group Holdings has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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