Uju Holding Beneish M-Score Historical Data
The historical data trend for Uju Holding'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.
Uju Holding Beneish M-Score Chart
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Uju Holding Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-1.69 |
-1.65 |
-1.45 |
-3.74 |
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Uju Holding Semi-Annual Data
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Dec18 |
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
-1.45 |
- |
-3.74 |
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Competitive Comparison of Uju Holding's Beneish M-Score
For the Advertising Agencies subindustry, Uju Holding'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.
Uju Holding's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Uju Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Uju Holding's Beneish M-Score falls into.
Uju Holding 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 Uju Holding 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 * 0.9625 | + | 0.528 * 0.6524 | + | 0.404 * 1.2305 | + | 0.892 * 0.8314 | + | 0.115 * 0.9296 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1556 | + | 4.679 * -0.209682 | - | 0.327 * 0.894 |
| = | -3.74 |
* 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$2,417 Mil.
Revenue was HK$7,740 Mil.
Gross Profit was HK$313 Mil.
Total Current Assets was HK$3,696 Mil.
Total Assets was HK$3,764 Mil.
Property, Plant and Equipment(Net PPE) was HK$29 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14 Mil.
Selling, General, & Admin. Expense(SGA) was HK$114 Mil.
Total Current Liabilities was HK$2,243 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 Mil.
Net Income was HK$99 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$888 Mil.
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Total Receivables was HK$3,021 Mil.
Revenue was HK$9,309 Mil.
Gross Profit was HK$245 Mil.
Total Current Assets was HK$4,372 Mil.
Total Assets was HK$4,455 Mil.
Property, Plant and Equipment(Net PPE) was HK$44 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$19 Mil.
Selling, General, & Admin. Expense(SGA) was HK$119 Mil.
Total Current Liabilities was HK$2,964 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12 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) |
| = | (2417.329 / 7739.58) | / | (3020.635 / 9309.011) |
| = | 0.312333 | / | 0.324485 |
| | = | 0.9625 |
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) |
| = | (245.483 / 9309.011) | / | (312.84 / 7739.58) |
| = | 0.02637 | / | 0.040421 |
| | = | 0.6524 |
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 - (3695.565 + 28.707) / 3764.141) | / | (1 - (4371.9 + 44.277) / 4454.52) |
| = | 0.010592 | / | 0.008608 |
| | = | 1.2305 |
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 |
| = | 7739.58 | / | 9309.011 |
| | = | 0.8314 |
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)) |
| = | (19.434 / (19.434 + 44.277)) | / | (14.02 / (14.02 + 28.707)) |
| = | 0.305034 | / | 0.32813 |
| | = | 0.9296 |
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) |
| = | (114.42 / 7739.58) | / | (119.091 / 9309.011) |
| = | 0.014784 | / | 0.012793 |
| | = | 1.1556 |
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) |
| = | ((5.166 + 2243.128) / 3764.141) | / | ((12.458 + 2963.764) / 4454.52) |
| = | 0.597293 | / | 0.668135 |
| | = | 0.894 |
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 |
| = | (99.053 - 0 | - | 888.325) | / | 3764.141 |
| | = | -0.209682 |
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.
Uju Holding has a M-score of -3.74 suggests that the company is unlikely to be a manipulator.
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