Carote Beneish M-Score Historical Data
The historical data trend for Carote'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.
Carote Beneish M-Score Chart
|
Carote Annual Data
|
|
Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
-2.26 |
-2.06 |
|
Carote Semi-Annual Data
|
|
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
- |
- |
-2.26 |
-2.06 |
Competitive Comparison of Carote's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Carote'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.
Carote's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Carote's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carote's Beneish M-Score falls into.
Carote 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 Carote 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 * 1.1728 | + | 0.528 * 0.886 | + | 0.404 * 0.8186 | + | 0.892 * 1.2784 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3439 | + | 4.679 * 0.003349 | - | 0.327 * 0.4168 |
| = | -2.06 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$122 Mil.
Revenue was HK$2,214 Mil.
Gross Profit was HK$892 Mil.
Total Current Assets was HK$1,552 Mil.
Total Assets was HK$1,838 Mil.
Property, Plant and Equipment(Net PPE) was HK$80 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$468 Mil.
Total Current Liabilities was HK$498 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 Mil.
Net Income was HK$380 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$374 Mil.
|
Total Receivables was HK$81 Mil.
Revenue was HK$1,732 Mil.
Gross Profit was HK$618 Mil.
Total Current Assets was HK$581 Mil.
Total Assets was HK$696 Mil.
Property, Plant and Equipment(Net PPE) was HK$20 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$272 Mil.
Total Current Liabilities was HK$450 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 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) |
| = | (122.065 / 2213.552) | / | (81.413 / 1731.542) |
| = | 0.055144 | / | 0.047018 |
| | = | 1.1728 |
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) |
| = | (618.139 / 1731.542) | / | (891.93 / 2213.552) |
| = | 0.356988 | / | 0.402941 |
| | = | 0.886 |
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 - (1552.478 + 79.932) / 1838.265) | / | (1 - (581 + 19.535) / 695.706) |
| = | 0.111983 | / | 0.136798 |
| | = | 0.8186 |
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 |
| = | 2213.552 | / | 1731.542 |
| | = | 1.2784 |
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)) |
| = | (4.969 / (4.969 + 19.535)) | / | (0 / (0 + 79.932)) |
| = | 0.202783 | / | 0 |
| | = | 1 |
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) |
| = | (467.534 / 2213.552) | / | (272.132 / 1731.542) |
| = | 0.211214 | / | 0.157162 |
| | = | 1.3439 |
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 + 497.608) / 1838.265) | / | ((2.218 + 449.658) / 695.706) |
| = | 0.270694 | / | 0.649521 |
| | = | 0.4168 |
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 |
| = | (380.085 - 0 | - | 373.928) | / | 1838.265 |
| | = | 0.003349 |
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.
Carote has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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