Great World Co Holdings (HKSE:08003) Beneish M-Score : -3.36 (As of Mar. 24, 2025)

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What is Great World Co 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 -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08003' s Beneish M-Score Range Over the Past 10 Years
Min: -4.12 Med: -1.06 Max: 17.68
Current: -3.36

During the past 13 years, the highest Beneish M-Score of Great World Co Holdings was 17.68. The lowest was -4.12. And the median was -1.06.

Great World Co Holdings Beneish M-Score Historical Data

The historical data trend for Great World Co 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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Great World Co Holdings Beneish M-Score Chart

Great World Co Holdings Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.12

-3.02

-4.04

-4.12

-3.36

Great World Co Holdings Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-3.36	-

Competitive Comparison of Great World Co Holdings's Beneish M-Score

For the Advertising Agencies subindustry, Great World Co 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.

Great World Co Holdings's Beneish M-Score Distribution in the Media - Diversified Industry

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

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

Great World Co 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 Great World Co 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 * 1.1019

0.528 * 0.3018

0.404 * 1.0022

0.892 * 0.468

0.115 * 1.487

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9431

4.679 * -0.041291

0.327 * 1.0268

-3.36

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$10.32 Mil.
Revenue was HK$76.07 Mil.
Gross Profit was HK$20.86 Mil.
Total Current Assets was HK$128.87 Mil.
Total Assets was HK$205.66 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.57 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.63 Mil.
Selling, General, & Admin. Expense(SGA) was HK$21.42 Mil.
Total Current Liabilities was HK$191.16 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.75 Mil.
Net Income was HK$-9.16 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-0.67 Mil.

Total Receivables was HK$20.01 Mil.
Revenue was HK$162.53 Mil.
Gross Profit was HK$13.45 Mil.
Total Current Assets was HK$145.93 Mil.
Total Assets was HK$229.92 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.19 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.62 Mil.
Selling, General, & Admin. Expense(SGA) was HK$48.54 Mil.
Total Current Liabilities was HK$206.77 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3.27 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)
	=	(10.317 / 76.066)	/	(20.006 / 162.53)
	=	0.135632	/	0.123091
	=	1.1019

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)
	=	(13.452 / 162.53)	/	(20.861 / 76.066)
	=	0.082766	/	0.274249
	=	0.3018

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 - (128.865 + 2.565) / 205.664)	/	(1 - (145.928 + 1.185) / 229.921)
	=	0.360948	/	0.360158
	=	1.0022

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
	=	76.066	/	162.53
	=	0.468

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))
	=	(1.623 / (1.623 + 1.185))	/	(1.631 / (1.631 + 2.565))
	=	0.577991	/	0.388704
	=	1.487

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)
	=	(21.424 / 76.066)	/	(48.536 / 162.53)
	=	0.28165	/	0.298628
	=	0.9431

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)
	=	((1.749 + 191.158) / 205.664)	/	((3.267 + 206.768) / 229.921)
	=	0.937972	/	0.913509
	=	1.0268

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
	=	(-9.16 - 0	-	-0.668)	/	205.664
	=	-0.041291

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.

Great World Co Holdings has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.

Great World Co Holdings Beneish M-Score Related Terms

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Great World Co Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Great World Co Holdings Ltd (HKSE:08003) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

7 Cheung Shun Street, Office No. 4, 21st Floor, Saxon Tower, Lai Chi Kok, Kowloon, Hong Kong, HKG

Website

https://www.gwchl.com

Great World Co Holdings Ltd is an investment holding company. The firm has four segments. The intelligent advertising and railroad media business segment that derives the majority of revenue offers mobile advertising media services for intelligent advertising and property market customers in the PRC. Cultivation and sales of agricultural and forestry products segment engage in the cultivation of forestry and wood material products, Chinese herbal medicine ingredients, agricultural by-products, and sales of processed and prepackaged food. Trading (Supply Chain) Business sales information technology products and industrial consumer products, as well as related R&D. Property business, engages in property investment and development, operating and managing residential and commercial properties.

Executives

Win Bless Limited	2101 Beneficial owner
Zhao Xinyan	2201 Interest of corporation controlled by you
Lin Shunping	2101 Beneficial owner
Gold City Assets Holdings Limited
Ng Mui King Joky

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