Zhejiang United Investment Holdings Group (HKSE:08366) Beneish M-Score : 0.00 (As of May. 27, 2024)

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What is Zhejiang United Investment Holdings Group 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.

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

During the past 9 years, the highest Beneish M-Score of Zhejiang United Investment Holdings Group was -3.21. The lowest was -3.47. And the median was -3.34.

Zhejiang United Investment Holdings Group Beneish M-Score Historical Data

The historical data trend for Zhejiang United Investment Holdings Group'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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Zhejiang United Investment Holdings Group Beneish M-Score Chart

Zhejiang United Investment Holdings Group Annual Data

Trend

Apr15

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Beneish M-Score

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Zhejiang United Investment Holdings Group Quarterly Data
	Jan19	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23
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Competitive Comparison of Zhejiang United Investment Holdings Group's Beneish M-Score

For the Engineering & Construction subindustry, Zhejiang United Investment Holdings Group'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.

Zhejiang United Investment Holdings Group's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Zhejiang United Investment Holdings Group's Beneish M-Score distribution charts can be found below:

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

Zhejiang United Investment Holdings Group 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 Zhejiang United Investment Holdings Group 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Apr23) TTM:

Last Year (Apr22) TTM:

Total Receivables was HK$42.8 Mil.
Revenue was HK$199.2 Mil.
Gross Profit was HK$3.9 Mil.
Total Current Assets was HK$52.5 Mil.
Total Assets was HK$52.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$8.1 Mil.
Total Current Liabilities was HK$74.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-3.1 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-3.2 Mil.

Total Receivables was HK$22.3 Mil.
Revenue was HK$133.3 Mil.
Gross Profit was HK$1.9 Mil.
Total Current Assets was HK$71.1 Mil.
Total Assets was HK$71.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9.5 Mil.
Total Current Liabilities was HK$90.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
	=	(42.763 / 199.173)	/	(22.266 / 133.305)
	=	0.214703	/	0.16703
	=

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)
	=	(1.854 / 133.305)	/	(3.913 / 199.173)
	=	0.013908	/	0.019646
	=

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 - (52.482 + 0.029) / 52.511)	/	(1 - (71.06 + 0.302) / 71.362)
	=	0	/	-0
	=

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
	=	199.173	/	133.305
	=

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))
	=	(0.423 / (0.423 + 0.302))	/	(0.273 / (0.273 + 0.029))
	=	0.583448	/	0.903974
	=

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)
	=	(8.105 / 199.173)	/	(9.538 / 133.305)
	=	0.040693	/	0.07155
	=

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 + 74.805) / 52.511)	/	((0 + 90.58) / 71.362)
	=	1.424559	/	1.269303
	=

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
	=	(-3.076 - 0	-	-3.174)	/	52.511
	=	0.001866

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.

Zhejiang United Investment Holdings Group Beneish M-Score Related Terms

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Zhejiang United Investment Holdings Group (HKSE:08366) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Zhejiang United Investment Holdings Group Ltd (HKSE:08366) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

489-491 Castle Peak Road, Unit A6-D, 12th Floor, Block A, Hong Kong Industrial Centre, Lai Chi Kok, Kowloon, Hong Kong, HKG

Website

http://www.zjuv8366.com

Zhejiang United Investment Holdings Group Ltd is a Hong Kong-based investment holding company principally engaged in the building contractor business. The company is principally engaged in undertaking slope works, foundation works and other general building works. Geographically, it operates and derives revenue from Hong Kong. The company's slope works generally refer to landslip preventive and remedial works for improving the stability of slopes and retaining walls. Its foundation works include the construction of foundations. The company's general building works comprise of the general construction of buildings.

Executives

Zhang Yan	2101 Beneficial owner
Albert Yeung Capital Holdings Limited	2201 Interest of corporation controlled by you
Cdm Trust & Board Services Ag	2301 Trustee
Emperor Capital Group Limited	2201 Interest of corporation controlled by you
Emperor Securities Limited	2101 Beneficial owner
Luk Siu Man, Semon	2202 Interest of your spouse
Yeung Sau Shing, Albert	2307 Founder of a discretionary trust who can infl
Zhang Yan	2101 Beneficial owner
United Financial Holdings Group Limited	2101 Beneficial owner
Zhou Ying	2201 Interest of corporation controlled by you
Century Investment Holdings Limited	2201 Interest of corporation controlled by you

Zhejiang United Investment Holdings Group (HKSE:08366) Headlines

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