Autostreets Development Beneish M-Score Historical Data
The historical data trend for Autostreets Development'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.
Autostreets Development Beneish M-Score Chart
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Autostreets Development Annual Data
|
|
Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-3.46 |
|
Autostreets Development Semi-Annual Data
|
|
Dec21 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
- |
- |
- |
-3.46 |
- |
Competitive Comparison of Autostreets Development's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Autostreets Development'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.
Autostreets Development's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Autostreets Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Autostreets Development's Beneish M-Score falls into.
Autostreets Development 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 Autostreets Development 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 * 0.2165 | + | 0.528 * 0.9589 | + | 0.404 * 1.39 | + | 0.892 * 1.0304 | + | 0.115 * 1.0723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9827 | + | 4.679 * -0.121101 | - | 0.327 * 0.6019 |
| = | -3.46 |
* 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$116.4 Mil.
Revenue was HK$538.1 Mil.
Gross Profit was HK$341.8 Mil.
Total Current Assets was HK$1,143.4 Mil.
Total Assets was HK$1,254.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$85.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$42.5 Mil.
Total Current Liabilities was HK$356.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$58.7 Mil.
Net Income was HK$-17.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$134.9 Mil.
|
Total Receivables was HK$522.0 Mil.
Revenue was HK$522.2 Mil.
Gross Profit was HK$318.1 Mil.
Total Current Assets was HK$1,043.0 Mil.
Total Assets was HK$1,145.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$86.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$33.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$42.0 Mil.
Total Current Liabilities was HK$571.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$58.8 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) |
| = | (116.442 / 538.104) | / | (522.042 / 522.21) |
| = | 0.216393 | / | 0.999678 |
| | = | 0.2165 |
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) |
| = | (318.064 / 522.21) | / | (341.786 / 538.104) |
| = | 0.609073 | / | 0.635167 |
| | = | 0.9589 |
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 - (1143.435 + 85.365) / 1254.262) | / | (1 - (1042.998 + 85.992) / 1145.722) |
| = | 0.0203 | / | 0.014604 |
| | = | 1.39 |
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 |
| = | 538.104 | / | 522.21 |
| | = | 1.0304 |
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)) |
| = | (33.257 / (33.257 + 85.992)) | / | (30.006 / (30.006 + 85.365)) |
| = | 0.278887 | / | 0.260083 |
| | = | 1.0723 |
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) |
| = | (42.489 / 538.104) | / | (41.961 / 522.21) |
| = | 0.078961 | / | 0.080353 |
| | = | 0.9827 |
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) |
| = | ((58.716 + 356.496) / 1254.262) | / | ((58.785 + 571.356) / 1145.722) |
| = | 0.331041 | / | 0.549995 |
| | = | 0.6019 |
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 |
| = | (-16.963 - 0 | - | 134.93) | / | 1254.262 |
| | = | -0.121101 |
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.
Autostreets Development has a M-score of -3.46 suggests that the company is unlikely to be a manipulator.
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