Heng Hup Holdings Beneish M-Score Historical Data
The historical data trend for Heng Hup 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.
Heng Hup Holdings Beneish M-Score Chart
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Heng Hup Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.84 |
-1.96 |
-1.86 |
-2.53 |
-1.80 |
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Heng Hup Holdings Semi-Annual Data
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Dec15 |
Dec16 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.86 |
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-2.53 |
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-1.80 |
Competitive Comparison of Heng Hup Holdings's Beneish M-Score
For the Metal Fabrication subindustry, Heng Hup 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.
Heng Hup Holdings's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Heng Hup Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heng Hup Holdings's Beneish M-Score falls into.
Heng Hup 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 Heng Hup 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 * 1.766 | + | 0.528 * 0.6511 | + | 0.404 * 0.7915 | + | 0.892 * 0.9107 | + | 0.115 * 1.0135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2389 | + | 4.679 * 0.124479 | - | 0.327 * 1.6606 |
| = | -1.80 |
* 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$315 Mil.
Revenue was HK$2,258 Mil.
Gross Profit was HK$129 Mil.
Total Current Assets was HK$504 Mil.
Total Assets was HK$641 Mil.
Property, Plant and Equipment(Net PPE) was HK$123 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13 Mil.
Selling, General, & Admin. Expense(SGA) was HK$101 Mil.
Total Current Liabilities was HK$251 Mil.
Long-Term Debt & Capital Lease Obligation was HK$31 Mil.
Net Income was HK$14 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-65 Mil.
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Total Receivables was HK$196 Mil.
Revenue was HK$2,480 Mil.
Gross Profit was HK$92 Mil.
Total Current Assets was HK$370 Mil.
Total Assets was HK$492 Mil.
Property, Plant and Equipment(Net PPE) was HK$109 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$12 Mil.
Selling, General, & Admin. Expense(SGA) was HK$90 Mil.
Total Current Liabilities was HK$106 Mil.
Long-Term Debt & Capital Lease Obligation was HK$24 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) |
| = | (315.49 / 2258.409) | / | (196.165 / 2479.913) |
| = | 0.139696 | / | 0.079102 |
| | = | 1.766 |
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) |
| = | (92.392 / 2479.913) | / | (129.234 / 2258.409) |
| = | 0.037256 | / | 0.057223 |
| | = | 0.6511 |
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 - (504.084 + 123.139) / 640.655) | / | (1 - (369.584 + 109.034) / 491.641) |
| = | 0.020966 | / | 0.026489 |
| | = | 0.7915 |
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 |
| = | 2258.409 | / | 2479.913 |
| | = | 0.9107 |
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)) |
| = | (12.055 / (12.055 + 109.034)) | / | (13.413 / (13.413 + 123.139)) |
| = | 0.099555 | / | 0.098226 |
| | = | 1.0135 |
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) |
| = | (100.993 / 2258.409) | / | (89.516 / 2479.913) |
| = | 0.044719 | / | 0.036096 |
| | = | 1.2389 |
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) |
| = | ((31.387 + 251.459) / 640.655) | / | ((24.229 + 106.478) / 491.641) |
| = | 0.441495 | / | 0.265859 |
| | = | 1.6606 |
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 |
| = | (14.319 - 0 | - | -65.429) | / | 640.655 |
| | = | 0.124479 |
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.
Heng Hup Holdings has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.
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