Nameson Holdings Beneish M-Score Historical Data
The historical data trend for Nameson 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.
Nameson Holdings Beneish M-Score Chart
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Nameson Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.32 |
-3.51 |
-2.44 |
-2.90 |
-2.08 |
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Nameson Holdings Semi-Annual Data
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Mar15 |
Sep15 |
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Mar24 |
Sep24 |
| Beneish M-Score |
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-2.90 |
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-2.08 |
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Competitive Comparison of Nameson Holdings's Beneish M-Score
For the Apparel Manufacturing subindustry, Nameson 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.
Nameson Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nameson Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nameson Holdings's Beneish M-Score falls into.
Nameson 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 Nameson 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 * 1.4861 | + | 0.528 * 0.9161 | + | 0.404 * 1.6249 | + | 0.892 * 0.9515 | + | 0.115 * 0.9528 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9923 | + | 4.679 * -0.049746 | - | 0.327 * 0.9391 |
| = | -2.08 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$421 Mil.
Revenue was HK$4,379 Mil.
Gross Profit was HK$774 Mil.
Total Current Assets was HK$2,049 Mil.
Total Assets was HK$4,448 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,963 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$226 Mil.
Selling, General, & Admin. Expense(SGA) was HK$364 Mil.
Total Current Liabilities was HK$1,261 Mil.
Long-Term Debt & Capital Lease Obligation was HK$579 Mil.
Net Income was HK$362 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$583 Mil.
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Total Receivables was HK$298 Mil.
Revenue was HK$4,602 Mil.
Gross Profit was HK$746 Mil.
Total Current Assets was HK$2,047 Mil.
Total Assets was HK$4,429 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,115 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$231 Mil.
Selling, General, & Admin. Expense(SGA) was HK$386 Mil.
Total Current Liabilities was HK$1,332 Mil.
Long-Term Debt & Capital Lease Obligation was HK$618 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) |
| = | (420.975 / 4378.888) | / | (297.732 / 4602.307) |
| = | 0.096137 | / | 0.064692 |
| | = | 1.4861 |
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) |
| = | (745.504 / 4602.307) | / | (774.239 / 4378.888) |
| = | 0.161985 | / | 0.176812 |
| | = | 0.9161 |
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 - (2048.931 + 1962.832) / 4448.103) | / | (1 - (2046.826 + 2114.882) / 4429.101) |
| = | 0.098096 | / | 0.060372 |
| | = | 1.6249 |
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 |
| = | 4378.888 | / | 4602.307 |
| | = | 0.9515 |
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)) |
| = | (230.789 / (230.789 + 2114.882)) | / | (226.038 / (226.038 + 1962.832)) |
| = | 0.098389 | / | 0.103267 |
| | = | 0.9528 |
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) |
| = | (364.198 / 4378.888) | / | (385.734 / 4602.307) |
| = | 0.083171 | / | 0.083813 |
| | = | 0.9923 |
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) |
| = | ((578.845 + 1261.078) / 4448.103) | / | ((618.38 + 1332.394) / 4429.101) |
| = | 0.413642 | / | 0.440445 |
| | = | 0.9391 |
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 |
| = | (361.672 - 0 | - | 582.949) | / | 4448.103 |
| | = | -0.049746 |
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.
Nameson Holdings has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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