China Digital Video Holdings (HKSE:08280) Beneish M-Score : -3.95 (As of Apr. 21, 2025)

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What is China Digital Video 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 -3.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08280' s Beneish M-Score Range Over the Past 10 Years
Min: -4.16 Med: -3.33 Max: 4.43
Current: -3.95

During the past 10 years, the highest Beneish M-Score of China Digital Video Holdings was 4.43. The lowest was -4.16. And the median was -3.33.

China Digital Video Holdings Beneish M-Score Historical Data

The historical data trend for China Digital Video 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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China Digital Video Holdings Beneish M-Score Chart

China Digital Video Holdings Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Mar24

Beneish M-Score

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-3.57

-3.27

-2.80

-3.38

-3.95

China Digital Video Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Jun23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-3.95	-

Competitive Comparison of China Digital Video Holdings's Beneish M-Score

For the Entertainment subindustry, China Digital Video 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.

China Digital Video Holdings's Beneish M-Score Distribution in the Media - Diversified Industry

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

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

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China Digital Video 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 China Digital Video 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 * 0.7454

0.528 * 1.1592

0.404 * 0.3486

0.892 * 0.5186

0.115 * 0.5701

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2354

4.679 * -0.072836

0.327 * 1.5976

-3.95

This Year (Mar24) TTM:

Last Year (Dec21) TTM:

Total Receivables was HK$166.70 Mil.
Revenue was HK$158.54 Mil.
Gross Profit was HK$25.00 Mil.
Total Current Assets was HK$530.01 Mil.
Total Assets was HK$567.59 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18.78 Mil.
Selling, General, & Admin. Expense(SGA) was HK$79.10 Mil.
Total Current Liabilities was HK$574.29 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.62 Mil.
Net Income was HK$-160.12 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-118.78 Mil.

Total Receivables was HK$431.22 Mil.
Revenue was HK$305.69 Mil.
Gross Profit was HK$55.88 Mil.
Total Current Assets was HK$604.97 Mil.
Total Assets was HK$799.52 Mil.
Property, Plant and Equipment(Net PPE) was HK$42.73 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$56.66 Mil.
Selling, General, & Admin. Expense(SGA) was HK$123.46 Mil.
Total Current Liabilities was HK$457.51 Mil.
Long-Term Debt & Capital Lease Obligation was HK$49.40 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)
	=	(166.697 / 158.544)	/	(431.218 / 305.694)
	=	1.051424	/	1.41062
	=	0.7454

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)
	=	(55.882 / 305.694)	/	(25.003 / 158.544)
	=	0.182804	/	0.157704
	=	1.1592

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 - (530.011 + 0) / 567.59)	/	(1 - (604.965 + 42.725) / 799.521)
	=	0.066208	/	0.189902
	=	0.3486

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
	=	158.544	/	305.694
	=	0.5186

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))
	=	(56.66 / (56.66 + 42.725))	/	(18.78 / (18.78 + 0))
	=	0.570106	/	1
	=	0.5701

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)
	=	(79.1 / 158.544)	/	(123.457 / 305.694)
	=	0.498915	/	0.403858
	=	1.2354

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)
	=	((0.624 + 574.291) / 567.59)	/	((49.402 + 457.511) / 799.521)
	=	1.012905	/	0.634021
	=	1.5976

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
	=	(-160.116 - 0	-	-118.775)	/	567.59
	=	-0.072836

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.

China Digital Video Holdings has a M-score of -3.95 suggests that the company is unlikely to be a manipulator.

China Digital Video Holdings Beneish M-Score Related Terms

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China Digital Video Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » China Digital Video Holdings Ltd (HKSE:08280) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 131 West Fourth Ring Road North, China Digital Video Technical Plaza, Haidian District, Beijing, CHN, 100195

Website

https://www.cdv.com

China Digital Video Holdings Ltd is an investment holding company. Along with its subsidiaries, the group is engaged in the research, development, and sales of video-related and broadcasting equipment and software and the provision of related technical services in the People's Republic of China (the PRC). It provides a full range of solutions, services, and products to TV broadcasters and other digital video content providers, focusing mainly on the post-production segment. The company provides various products and services such as Graphic Writing, Editing Production, Special Effects Synthesis, and others. It derives its revenue predominantly from the sale of solutions, provision of services, and sale of products.

Executives

Power Side Limited	2201 Interest of corporation controlled by you
Guo Langhua	2101 Beneficial owner
Zheng Fushuang
Li Peng	2201 Interest of corporation controlled by you
Wickhams Cay Trust Company Limited	2301 Trustee
Zfs Holdings Limited	2201 Interest of corporation controlled by you
Zheng Fushuang	2101 Beneficial owner
Rong Cheng Kong Gu You Xian Gong Si	2101 Beneficial owner

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