abc Multiactive (HKSE:08131) Beneish M-Score : -4.65 (As of Apr. 25, 2025)

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What is abc Multiactive 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 -4.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08131' s Beneish M-Score Range Over the Past 10 Years
Min: -4.65 Med: -3.73 Max: 2.7
Current: -4.65

During the past 13 years, the highest Beneish M-Score of abc Multiactive was 2.70. The lowest was -4.65. And the median was -3.73.

abc Multiactive Beneish M-Score Historical Data

The historical data trend for abc Multiactive'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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abc Multiactive Beneish M-Score Chart

abc Multiactive Annual Data

Trend

Nov15

Nov16

Nov17

Nov18

Nov19

Nov20

Nov21

Nov22

Nov23

Nov24

Beneish M-Score

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2.70

-3.73

-4.65

abc Multiactive Quarterly Data
	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	May24	Nov24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-3.73	-	-4.65

Competitive Comparison of abc Multiactive's Beneish M-Score

For the Software - Application subindustry, abc Multiactive'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.

abc Multiactive's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, abc Multiactive's Beneish M-Score distribution charts can be found below:

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

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abc Multiactive 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 abc Multiactive 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 * 0.1875

0.528 * 1.9604

0.404 * 0.4658

0.892 * 1.5673

0.115 * 2.735

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5355

4.679 * -0.518323

0.327 * 1.2175

-4.65

This Year (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was HK$7.99 Mil.
Revenue was HK$41.07 Mil.
Gross Profit was HK$12.34 Mil.
Total Current Assets was HK$25.96 Mil.
Total Assets was HK$27.15 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.79 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.35 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.80 Mil.
Total Current Liabilities was HK$26.25 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.33 Mil.
Net Income was HK$-7.83 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$6.24 Mil.

Total Receivables was HK$27.18 Mil.
Revenue was HK$26.20 Mil.
Gross Profit was HK$15.43 Mil.
Total Current Assets was HK$40.10 Mil.
Total Assets was HK$41.72 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.29 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.45 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12.87 Mil.
Total Current Liabilities was HK$20.17 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13.38 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)
	=	(7.986 / 41.068)	/	(27.18 / 26.203)
	=	0.194458	/	1.037286
	=	0.1875

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)
	=	(15.429 / 26.203)	/	(12.335 / 41.068)
	=	0.588826	/	0.300356
	=	1.9604

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 - (25.96 + 0.786) / 27.151)	/	(1 - (40.097 + 0.287) / 41.72)
	=	0.014917	/	0.032023
	=	0.4658

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
	=	41.068	/	26.203
	=	1.5673

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))
	=	(1.445 / (1.445 + 0.287))	/	(0.345 / (0.345 + 0.786))
	=	0.834296	/	0.30504
	=	2.735

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)
	=	(10.799 / 41.068)	/	(12.868 / 26.203)
	=	0.262954	/	0.491089
	=	0.5355

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)
	=	((0.326 + 26.252) / 27.151)	/	((13.376 + 20.169) / 41.72)
	=	0.978896	/	0.804051
	=	1.2175

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
	=	(-7.829 - 0	-	6.244)	/	27.151
	=	-0.518323

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.

abc Multiactive has a M-score of -4.65 suggests that the company is unlikely to be a manipulator.

abc Multiactive Beneish M-Score Related Terms

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abc Multiactive Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » abc Multiactive Ltd (HKSE:08131) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 28 Connaught Road West, Unit 12, 21st Floor, Wayson Commercial Building, Sheung Wan, Hong Kong, HKG

Website

https://www.abcmultiactive.com

abc Multiactive Ltd is a Hong Kong-based company principally engaged in the sales of computer software licenses; computer software license leasing and provision of related services; maintenance services; sales of computer hardware and related products; provision of fintech resources services and overseas mortgage loan consultancy services. The company's operating segments are Financial Solutions and Supporting Services. It generates the majority of its revenue from the Supporting Services segment. The company mainly conducts its businesses in Hong Kong.

Executives

Bravo Merit Management Groups Limited	2101 Beneficial owner
Leung Wai Ming	2201 Interest of corporation controlled by you
Wee Yu-chih	2201 Interest of corporation controlled by you
Dgm Trust Corporation	2301 Trustee
Maximizer International Limited	2101 Beneficial owner
Irregular Consulting Limited	2101 Beneficial owner
Tse Sing Yu	2201 Interest of corporation controlled by you

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