Holly Futures Co Beneish M-Score Historical Data
The historical data trend for Holly Futures Co'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.
Holly Futures Co Beneish M-Score Chart
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Holly Futures Co Annual Data
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Holly Futures Co Quarterly Data
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-2.22 |
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Competitive Comparison of Holly Futures Co's Beneish M-Score
For the Capital Markets subindustry, Holly Futures Co'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.
Holly Futures Co's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Holly Futures Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Holly Futures Co's Beneish M-Score falls into.
Holly Futures Co 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 Holly Futures Co 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 * 0.4605 | + | 0.528 * 1 | + | 0.404 * 1.3533 | + | 0.892 * 2.568 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.512 | + | 4.679 * -0.181662 | - | 0.327 * 1.0614 |
| = | -2.22 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was HK$4,755 Mil.
Revenue was 899.184 + 199.202 + 903.434 + 199.272 = HK$2,201 Mil.
Gross Profit was 899.184 + 199.202 + 903.434 + 199.272 = HK$2,201 Mil.
Total Current Assets was HK$13,295 Mil.
Total Assets was HK$13,806 Mil.
Property, Plant and Equipment(Net PPE) was HK$357 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15 Mil.
Total Current Liabilities was HK$11,259 Mil.
Long-Term Debt & Capital Lease Obligation was HK$310 Mil.
Net Income was 28.063 + -14.412 + 7.526 + -6.668 = HK$15 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 676.616 + 1845.938 + 0 + 0 = HK$2,523 Mil.
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Total Receivables was HK$4,021 Mil.
Revenue was 0 + 583.945 + 273.182 + 0 = HK$857 Mil.
Gross Profit was 0 + 583.945 + 273.182 + 0 = HK$857 Mil.
Total Current Assets was HK$10,053 Mil.
Total Assets was HK$10,519 Mil.
Property, Plant and Equipment(Net PPE) was HK$379 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11 Mil.
Total Current Liabilities was HK$8,176 Mil.
Long-Term Debt & Capital Lease Obligation was HK$128 Mil.
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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) |
| = | (4755.187 / 2201.092) | / | (4021.389 / 857.127) |
| = | 2.160376 | / | 4.691707 |
| | = | 0.4605 |
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) |
| = | (857.127 / 857.127) | / | (2201.092 / 2201.092) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (13295.265 + 356.831) / 13806.11) | / | (1 - (10052.72 + 379.312) / 10518.741) |
| = | 0.011155 | / | 0.008243 |
| | = | 1.3533 |
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 |
| = | 2201.092 | / | 857.127 |
| | = | 2.568 |
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)) |
| = | (0 / (0 + 379.312)) | / | (0 / (0 + 356.831)) |
| = | 0 | / | 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) |
| = | (14.692 / 2201.092) | / | (11.174 / 857.127) |
| = | 0.006675 | / | 0.013037 |
| | = | 0.512 |
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) |
| = | ((309.567 + 11259.005) / 13806.11) | / | ((128.188 + 8176.228) / 10518.741) |
| = | 0.837931 | / | 0.789488 |
| | = | 1.0614 |
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 |
| = | (14.509 - 0 | - | 2522.554) | / | 13806.11 |
| | = | -0.181662 |
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.
Holly Futures Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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