Ling Yue Services Group (HKSE:02165) Beneish M-Score : -3.79 (As of Dec. 15, 2024)

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What is Ling Yue Services Group 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 -3.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02165' s Beneish M-Score Range Over the Past 10 Years
Min: -4.05 Med: -3.17 Max: -1.39
Current: -3.79

During the past 6 years, the highest Beneish M-Score of Ling Yue Services Group was -1.39. The lowest was -4.05. And the median was -3.17.

Ling Yue Services Group Beneish M-Score Historical Data

The historical data trend for Ling Yue Services Group'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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Ling Yue Services Group Beneish M-Score Chart

Ling Yue Services Group Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.05

-1.39

-2.55

-3.79

Ling Yue Services Group Semi-Annual Data
	Dec18	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial						-	-2.55	-	-3.79	-

Competitive Comparison of Ling Yue Services Group's Beneish M-Score

For the Real Estate Services subindustry, Ling Yue Services Group'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.

Ling Yue Services Group's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Ling Yue Services Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ling Yue Services Group's Beneish M-Score falls into.

Ling Yue Services Group 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 Ling Yue Services Group 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 * 0.5544

0.528 * 0.9048

0.404 * 0.6674

0.892 * 1.0327

0.115 * 1.2771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9515

4.679 * -0.170504

0.327 * 0.9713

-3.79

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$175.6 Mil.
Revenue was HK$666.2 Mil.
Gross Profit was HK$213.0 Mil.
Total Current Assets was HK$866.6 Mil.
Total Assets was HK$916.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$6.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$61.9 Mil.
Total Current Liabilities was HK$313.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$111.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$267.6 Mil.

Total Receivables was HK$306.7 Mil.
Revenue was HK$645.1 Mil.
Gross Profit was HK$186.6 Mil.
Total Current Assets was HK$725.3 Mil.
Total Assets was HK$784.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$3.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$63.0 Mil.
Total Current Liabilities was HK$276.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
	=	(175.555 / 666.217)	/	(306.659 / 645.128)
	=	0.26351	/	0.475346
	=	0.5544

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)
	=	(186.61 / 645.128)	/	(212.976 / 666.217)
	=	0.28926	/	0.31968
	=	0.9048

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 - (866.643 + 6.185) / 916.167)	/	(1 - (725.305 + 3.671) / 784.591)
	=	0.047305	/	0.070884
	=	0.6674

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
	=	666.217	/	645.128
	=	1.0327

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))
	=	(3.969 / (3.969 + 3.671))	/	(4.241 / (4.241 + 6.185))
	=	0.519503	/	0.406772
	=	1.2771

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)
	=	(61.91 / 666.217)	/	(63.003 / 645.128)
	=	0.092928	/	0.09766
	=	0.9515

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 + 313.684) / 916.167)	/	((0 + 276.578) / 784.591)
	=	0.342387	/	0.352512
	=	0.9713

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
	=	(111.416 - 0	-	267.626)	/	916.167
	=	-0.170504

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.

Ling Yue Services Group has a M-score of -3.79 suggests that the company is unlikely to be a manipulator.

Ling Yue Services Group Beneish M-Score Related Terms

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Ling Yue Services Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Ling Yue Services Group Ltd (HKSE:02165) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 151, 2nd Tianfu Street, Leading International Finance Center, 44th Floor, Tower A, Gaoxin District, Sichuan Province, Chengdu, CHN, 610000

Website

https://www.lingyue-service.com

Ling Yue Services Group Ltd is a property management company. Its business covers residential property services, commercial property services, urban services, public construction services, and others. The Group's revenue is mainly derived from three core businesses namely property management services; value-added services to non-property owners; and community value-added services. The majority of revenue is derived from the property management services segment.

Executives

Hou Sanli	2201 Interest of corporation controlled by you
Liu Yuhui	2201 Interest of corporation controlled by you
Wang Tao	2201 Interest of corporation controlled by you
Liu Ce	2201 Interest of corporation controlled by you
Liu Haowei	2201 Interest of corporation controlled by you
Long Yiqin	2201 Interest of corporation controlled by you
Jin Sha Jiang Holding Limited	2101 Beneficial owner
Liu Yuqi	2202 Interest of your spouse
Hai Yue Holding Limited
Chen Aoao	2202 Interest of your spouse
Lan Tian	2202 Interest of your spouse
Liu Shan	2202 Interest of your spouse
Tianyue Holding Limited	2101 Beneficial owner
Linghui Holding Limited	2101 Beneficial owner
Yuelai Holding Limited	2101 Beneficial owner

Ling Yue Services Group Headlines

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