Hanvey Group Holdings (HKSE:08219) Beneish M-Score : -2.96 (As of Mar. 24, 2025)

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What is Hanvey Group 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08219' s Beneish M-Score Range Over the Past 10 Years
Min: -3.87 Med: -2.89 Max: -2.17
Current: -2.96

During the past 8 years, the highest Beneish M-Score of Hanvey Group Holdings was -2.17. The lowest was -3.87. And the median was -2.89.

Hanvey Group Holdings Beneish M-Score Historical Data

The historical data trend for Hanvey Group 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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Hanvey Group Holdings Beneish M-Score Chart

Hanvey Group Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.17

-3.87

-2.21

-2.76

-2.96

Hanvey Group Holdings Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.96	-

Competitive Comparison of Hanvey Group Holdings's Beneish M-Score

For the Luxury Goods subindustry, Hanvey Group 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.

Hanvey Group Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Hanvey Group Holdings's Beneish M-Score distribution charts can be found below:

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

Hanvey Group 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 Hanvey Group 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 * 1.1704

0.528 * 0.8841

0.404 * 1.1926

0.892 * 0.6812

0.115 * 1.0057

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2549

4.679 * -0.063255

0.327 * 1.0825

-2.96

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$18.2 Mil.
Revenue was HK$185.7 Mil.
Gross Profit was HK$43.3 Mil.
Total Current Assets was HK$134.1 Mil.
Total Assets was HK$202.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$56.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$52.7 Mil.
Total Current Liabilities was HK$130.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$53.9 Mil.
Net Income was HK$-19.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-6.9 Mil.

Total Receivables was HK$22.9 Mil.
Revenue was HK$272.6 Mil.
Gross Profit was HK$56.2 Mil.
Total Current Assets was HK$169.7 Mil.
Total Assets was HK$245.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$63.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$61.6 Mil.
Total Current Liabilities was HK$150.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$56.1 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)
	=	(18.237 / 185.667)	/	(22.874 / 272.555)
	=	0.098224	/	0.083924
	=	1.1704

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)
	=	(56.218 / 272.555)	/	(43.315 / 185.667)
	=	0.206263	/	0.233294
	=	0.8841

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 - (134.072 + 56.687) / 202.594)	/	(1 - (169.714 + 63.912) / 245.659)
	=	0.058417	/	0.048983
	=	1.1926

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
	=	185.667	/	272.555
	=	0.6812

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))
	=	(7.326 / (7.326 + 63.912))	/	(6.457 / (6.457 + 56.687))
	=	0.102838	/	0.102258
	=	1.0057

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)
	=	(52.675 / 185.667)	/	(61.617 / 272.555)
	=	0.283707	/	0.226072
	=	1.2549

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)
	=	((53.921 + 130.875) / 202.594)	/	((56.119 + 150.878) / 245.659)
	=	0.912149	/	0.842619
	=	1.0825

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
	=	(-19.764 - 0	-	-6.949)	/	202.594
	=	-0.063255

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.

Hanvey Group Holdings has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Hanvey Group Holdings Beneish M-Score Related Terms

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Hanvey Group Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Hanvey Group Holdings Ltd (HKSE:08219) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 88 Container Port Road, Units 3, 5 and 6, 15th Floor, Tower One, Ever Gain Plaza, Kwai Chung, New Territories, Hong Kong, HKG

Website

https://www.hanveygroup.com.hk

Hanvey Group Holdings Ltd is engaged in the design, development, manufacture, and distribution of watch products on an original design manufacturing (ODM) basis for watch manufacturers, brand owners, and watch importers across the globe. Its products include female and male, metal and non-metal banded, mechanical, and quartz movement watches to its customers. The group derives revenue mainly from the sale of finished watches, semi-knocked-down kits, and watch parts. Geographically, it derives a majority of its revenue from Indonesia and also has a presence in Hong Kong; Brazil; India; the Kingdom of Saudi Arabia; Australia; the United Arab Emirates (UAE); and Turkey, among others.

Executives

Million Easy Enterprises Ltd.
Au Corona Ching Mei
Cheuk Sin Cheong Clement
Song Hao	2101 Beneficial owner
China New Economy Fund Limited	2101 Beneficial owner

Hanvey Group Holdings Headlines

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