Innovax Holdings (HKSE:02680) Beneish M-Score : -3.20 (As of Mar. 24, 2025)

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What is Innovax 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 -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02680' s Beneish M-Score Range Over the Past 10 Years
Min: -8.27 Med: -1.35 Max: 3.39
Current: -3.2

During the past 9 years, the highest Beneish M-Score of Innovax Holdings was 3.39. The lowest was -8.27. And the median was -1.35.

Innovax Holdings Beneish M-Score Historical Data

The historical data trend for Innovax 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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Innovax Holdings Beneish M-Score Chart

Innovax Holdings Annual Data

Trend

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

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3.39

-2.62

-1.25

-1.35

-3.20

Innovax Holdings Semi-Annual Data
	Feb16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24
Beneish M-Score	Get a 7-Day Free Trial												-	-1.35	-	-3.20	-

Competitive Comparison of Innovax Holdings's Beneish M-Score

For the Capital Markets subindustry, Innovax 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.

Innovax Holdings's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Innovax Holdings's Beneish M-Score distribution charts can be found below:

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

Innovax 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 Innovax 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 * 0.7284

0.528 * 1.7894

0.404 * 0.1925

0.892 * 0.7187

0.115 * 0.7382

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.073875

0.327 * 0.8018

-3.20

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was HK$51.6 Mil.
Revenue was HK$32.7 Mil.
Gross Profit was HK$8.8 Mil.
Total Current Assets was HK$282.1 Mil.
Total Assets was HK$283.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$73.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$1.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$22.7 Mil.

Total Receivables was HK$98.6 Mil.
Revenue was HK$45.5 Mil.
Gross Profit was HK$21.8 Mil.
Total Current Assets was HK$299.3 Mil.
Total Assets was HK$307.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$98.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.3 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)
	=	(51.624 / 32.727)	/	(98.616 / 45.535)
	=	1.577413	/	2.165719
	=	0.7284

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)
	=	(21.802 / 45.535)	/	(8.757 / 32.727)
	=	0.478797	/	0.267577
	=	1.7894

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 - (282.091 + 0.377) / 283.6)	/	(1 - (299.312 + 1.925) / 307.615)
	=	0.003992	/	0.020734
	=	0.1925

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
	=	32.727	/	45.535
	=	0.7187

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))
	=	(2.812 / (2.812 + 1.925))	/	(1.548 / (1.548 + 0.377))
	=	0.593625	/	0.804156
	=	0.7382

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)
	=	(0 / 32.727)	/	(0 / 45.535)
	=	0	/	0
	=	1

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 + 73.111) / 283.6)	/	((0.33 + 98.571) / 307.615)
	=	0.257796	/	0.321509
	=	0.8018

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
	=	(1.775 - 0	-	22.726)	/	283.6
	=	-0.073875

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.

Innovax Holdings has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.

Innovax Holdings Beneish M-Score Related Terms

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Innovax Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Innovax Holdings Ltd (HKSE:02680) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

128 Gloucester Road, Unit A-C, 20/F, Neich Tower, Wanchai, Hong Kong, HKG

Website

https://www.innovax.hk

Innovax Holdings Ltd is a financial and securities service provider in Hong Kong. The services offered by the group include corporate finance advisory services; placing and underwriting services; securities dealing and brokerage services; securities financing services; asset management services and money lending services. The services are offered to retail and corporate clients.

Executives

Chung Chi Man	2101 Beneficial owner
Billion Shine International Investment Limited	2101 Beneficial owner
Lee Yin Har	2202 Interest of your spouse

Innovax Holdings Headlines

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