Zhongshi Minan Holdings (HKSE:08283) Beneish M-Score : -2.24 (As of Jun. 23, 2024)

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What is Zhongshi Minan 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08283' s Beneish M-Score Range Over the Past 10 Years
Min: -4.29 Med: -3.16 Max: 0.07
Current: -2.24

During the past 10 years, the highest Beneish M-Score of Zhongshi Minan Holdings was 0.07. The lowest was -4.29. And the median was -3.16.

Zhongshi Minan Holdings Beneish M-Score Historical Data

The historical data trend for Zhongshi Minan 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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Zhongshi Minan Holdings Beneish M-Score Chart

Zhongshi Minan Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.08

-3.02

-3.32

-3.29

-2.24

Zhongshi Minan Holdings Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.29	-	-	-	-2.24

Competitive Comparison of Zhongshi Minan Holdings's Beneish M-Score

For the Auto Parts subindustry, Zhongshi Minan 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.

Zhongshi Minan Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Zhongshi Minan Holdings's Beneish M-Score distribution charts can be found below:

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

Zhongshi Minan 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 Zhongshi Minan 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 * 1.4033

0.528 * 0.9029

0.404 * 0.9607

0.892 * 1.03

0.115 * 1.4561

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2563

4.679 * -0.028293

0.327 * 0.8934

-2.24

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$17.9 Mil.
Revenue was HK$140.0 Mil.
Gross Profit was HK$71.3 Mil.
Total Current Assets was HK$87.4 Mil.
Total Assets was HK$123.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$25.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3.2 Mil.
Total Current Liabilities was HK$52.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9.1 Mil.
Net Income was HK$-0.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$2.7 Mil.

Total Receivables was HK$12.4 Mil.
Revenue was HK$135.9 Mil.
Gross Profit was HK$62.5 Mil.
Total Current Assets was HK$74.9 Mil.
Total Assets was HK$113.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$28.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2.4 Mil.
Total Current Liabilities was HK$56.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7.3 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)
	=	(17.922 / 139.95)	/	(12.4 / 135.879)
	=	0.12806	/	0.091258
	=	1.4033

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)
	=	(62.465 / 135.879)	/	(71.256 / 139.95)
	=	0.45971	/	0.509153
	=	0.9029

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 - (87.361 + 25.427) / 123.916)	/	(1 - (74.946 + 28.105) / 113.677)
	=	0.089803	/	0.093475
	=	0.9607

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
	=	139.95	/	135.879
	=	1.03

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))
	=	(10.983 / (10.983 + 28.105))	/	(6.08 / (6.08 + 25.427))
	=	0.280981	/	0.192973
	=	1.4561

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)
	=	(3.16 / 139.95)	/	(2.442 / 135.879)
	=	0.022579	/	0.017972
	=	1.2563

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)
	=	((9.128 + 52.929) / 123.916)	/	((7.262 + 56.458) / 113.677)
	=	0.500799	/	0.560536
	=	0.8934

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
	=	(-0.833 - 0	-	2.673)	/	123.916
	=	-0.028293

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.

Zhongshi Minan Holdings has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Zhongshi Minan Holdings Beneish M-Score Related Terms

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Zhongshi Minan Holdings (HKSE:08283) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Zhongshi Minan Holdings Ltd (HKSE:08283) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

176 Sin Ming Drive, No. 01-15 Sin Ming Autocare, Singapore, SGP, 575721

Website

http://www.zhongshiminanholdings.com

Zhongshi Minan Holdings Ltd is an automotive service provider. The company's operating segments are Maintenance and repair service segment that relates to the repair of manufacturer's defects, replacement of parts due to wear and tear, or repair of damage resulting from accidents, and The Modification, tuning and grooming services and trading of spare parts and accessories segment which relates to the modification, tuning, and grooming of the performance or appearance of passenger cars and the trading of spare parts and accessories and others segment which consists of the provision of motor finance services and trading of the passenger cars. It generates a majority of its revenue from the Maintenance and repair services segment. Geographically, it derives maximum revenue from Singapore.

Executives

Wang Lei	2101 Beneficial owner
Li Li Dan	2202 Interest of your spouse
Wang Lei	2101 Beneficial owner
Han Mei	2202 Interest of your spouse
Li Jie	2101 Beneficial owner

Zhongshi Minan Holdings (HKSE:08283) Headlines

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