Plus Group Holdings (HKSE:02486) Beneish M-Score : -1.88 (As of Apr. 15, 2025)

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What is Plus Group Holdings 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 -1.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02486' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71 Med: -2.3 Max: -1.88
Current: -1.88

During the past 5 years, the highest Beneish M-Score of Plus Group Holdings was -1.88. The lowest was -2.71. And the median was -2.30.

Plus Group Holdings Beneish M-Score Historical Data

The historical data trend for Plus Group 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.

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Plus Group Holdings Beneish M-Score Chart

Plus Group Holdings Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-2.71

-1.88

Plus Group Holdings Semi-Annual Data
	Dec20	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial			-2.71	-	-1.88	-	-

Competitive Comparison of Plus Group Holdings's Beneish M-Score

For the Advertising Agencies subindustry, Plus Group 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.

Plus Group Holdings's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Plus Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Plus Group Holdings's Beneish M-Score falls into.

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Plus Group 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 Plus Group Holdings 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 * 0.701

0.528 * 2.1489

0.404 * 0.9879

0.892 * 1.1503

0.115 * 0.9633

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9963

4.679 * 0.002317

0.327 * 0.6084

-1.88

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$482 Mil.
Revenue was HK$794 Mil.
Gross Profit was HK$104 Mil.
Total Current Assets was HK$756 Mil.
Total Assets was HK$764 Mil.
Property, Plant and Equipment(Net PPE) was HK$2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$124 Mil.
Total Current Liabilities was HK$208 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 Mil.
Net Income was HK$13 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$11 Mil.

Total Receivables was HK$598 Mil.
Revenue was HK$690 Mil.
Gross Profit was HK$194 Mil.
Total Current Assets was HK$691 Mil.
Total Assets was HK$700 Mil.
Property, Plant and Equipment(Net PPE) was HK$4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$109 Mil.
Total Current Liabilities was HK$313 Mil.
Long-Term Debt & Capital Lease Obligation was HK$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)
	=	(482.2 / 794.027)	/	(598.007 / 690.253)
	=	0.607284	/	0.866359
	=	0.701

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)
	=	(193.825 / 690.253)	/	(103.758 / 794.027)
	=	0.280803	/	0.130673
	=	2.1489

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 - (755.783 + 1.796) / 763.776)	/	(1 - (690.668 + 3.901) / 700.321)
	=	0.008114	/	0.008213
	=	0.9879

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
	=	794.027	/	690.253
	=	1.1503

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))
	=	(6.705 / (6.705 + 3.901))	/	(3.429 / (3.429 + 1.796))
	=	0.632189	/	0.656268
	=	0.9633

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)
	=	(124.379 / 794.027)	/	(108.525 / 690.253)
	=	0.156643	/	0.157225
	=	0.9963

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)
	=	((0.005 + 207.932) / 763.776)	/	((0.061 + 313.324) / 700.321)
	=	0.272249	/	0.447488
	=	0.6084

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
	=	(12.581 - 0	-	10.811)	/	763.776
	=	0.002317

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.

Plus Group Holdings has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.

Plus Group Holdings Beneish M-Score Related Terms

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Plus Group Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Plus Group Holdings Inc (HKSE:02486) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 652 Changshou Road, 2nd Floor–3rd Floor, Building 6, Putuo, Shanghai, CHN

Website

https://www.plscn.com

Plus Group Holdings Inc is an established digitalized sales and marketing service provider, primarily focusing on FMCG brand owners. Its services focus at digitalizing and systemizing offline commerce. The company offers four types of services, including Customised marketing solution, Tasks and marketers matching service, Marketers assignment service, and SaaS+ subscription. Its service network has extensive coverage in terms of the scale of customers, geographical locations and types of tasks. The majority of revenue is derived from the Customised marketing solution. The Customised marketing solution offers solution services for customized sales and marketing activities with the set up of offline venues and event materials.

Executives

Kuwei Holdings Limited	2101 Beneficial owner
Xia Jingtang	2201 Interest of corporation controlled by you
Yan Xiaohang	2202 Interest of your spouse
Sun Guangjun	2201 Interest of corporation controlled by you
Tan Hui	2202 Interest of your spouse
Trident Trust Company (hk) Limited	2301 Trustee
Guangjun Holdings Limited	2101 Beneficial owner
Summit Plus International Holding Limited	2201 Interest of corporation controlled by you
Guangjun Sun Holdings Limited	2101 Beneficial owner
Junshu Holdings Limited	2201 Interest of corporation controlled by you
Cmb Wing Lung (trustee) Limited	2301 Trustee
Plus Group 2023 Limited	2101 Beneficial owner
Hannah Xia Holdings Limited	2101 Beneficial owner
Jonson Xia Smile Family Holdings Limited	2201 Interest of corporation controlled by you

Plus Group Holdings Headlines

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