SMC Electric (HKSE:02381) Beneish M-Score : 0.00 (As of Apr. 09, 2025)

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What is SMC Electric 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.

The historical rank and industry rank for SMC Electric's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of SMC Electric was 0.00. The lowest was 0.00. And the median was 0.00.

SMC Electric Beneish M-Score Historical Data

The historical data trend for SMC Electric'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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SMC Electric Beneish M-Score Chart

SMC Electric Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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SMC Electric Semi-Annual Data
	Dec16	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial										-	-	-	-	-

Competitive Comparison of SMC Electric's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, SMC Electric'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.

SMC Electric's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, SMC Electric's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SMC Electric's Beneish M-Score falls into.

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SMC Electric 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 SMC Electric 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$63.7 Mil.
Revenue was HK$232.9 Mil.
Gross Profit was HK$63.7 Mil.
Total Current Assets was HK$172.4 Mil.
Total Assets was HK$183.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$10.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$46.6 Mil.
Total Current Liabilities was HK$53.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$20.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$27.8 Mil.

Total Receivables was HK$52.1 Mil.
Revenue was HK$254.5 Mil.
Gross Profit was HK$70.0 Mil.
Total Current Assets was HK$169.2 Mil.
Total Assets was HK$182.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$13.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44.5 Mil.
Total Current Liabilities was HK$43.5 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)
	=	(63.69 / 232.92)	/	(52.072 / 254.489)
	=	0.273442	/	0.204614
	=

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)
	=	(69.96 / 254.489)	/	(63.692 / 232.92)
	=	0.274904	/	0.27345
	=

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 - (172.428 + 10.903) / 183.331)	/	(1 - (169.214 + 13.138) / 182.352)
	=	0	/	0
	=

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
	=	232.92	/	254.489
	=

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))
	=	(5.628 / (5.628 + 13.138))	/	(7.408 / (7.408 + 10.903))
	=	0.299904	/	0.404566
	=

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)
	=	(46.567 / 232.92)	/	(44.513 / 254.489)
	=	0.199927	/	0.174911
	=

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 + 53.803) / 183.331)	/	((0 + 43.496) / 182.352)
	=	0.293475	/	0.238528
	=

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
	=	(20.773 - 0	-	27.808)	/	183.331
	=	-0.038373

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.

SMC Electric Beneish M-Score Related Terms

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SMC Electric Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » SMC Electric Ltd (HKSE:02381) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

12 Lee Chung Street, 1st Floor, Shell Industrial Building, Chai Wan, Hong Kong, HKG

Website

http://www.smcelectric.com.hk

SMC Electric Ltd is engaged in manufacturing and selling of electric tools and sourcing and selling of electric fans. The company sells a wide variety of products including, fans such as Ceiling fans, Wall-mounted fans, Stand up fans, Cordless fans and Orbital fans, Work lights, Vacuum cleaners and other electric tools. The operating segments of the group are SMC segment and Non-SMC segment. It derives key revenue from the Non-SMC segment which involves the development, designing, manufacturing and trading of electric tools and electric fans to customers under their respective brands. The group derives revenue from the Americas, Europe, Oceania, Africa and Asia.

Executives

Red Dynasty Investments Limited	2201 Interest of corporation controlled by you
Yung Kwok Kee Billy	2201 Interest of corporation controlled by you
Claudio Holdings Limited	2201 Interest of corporation controlled by you
Creator Holdings Limited	2201 Interest of corporation controlled by you
Hkc (holdings) Limited	2201 Interest of corporation controlled by you
Hong Kong Construction (hong Kong) Limited	2101 Beneficial owner
Oei Kang, Eric	2201 Interest of corporation controlled by you
Shell Electric Holdings Ltd	2101 Beneficial owner
Hsu Vivian	2202 Interest of your spouse

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