Hao Bai International (Cayman) (HKSE:08431) Beneish M-Score : -1.95 (As of Apr. 21, 2025)

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What is Hao Bai International (Cayman) 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hao Bai International (Cayman)'s Beneish M-Score or its related term are showing as below:

HKSE:08431' s Beneish M-Score Range Over the Past 10 Years
Min: -5.62 Med: -2.32 Max: -0.44
Current: -1.95

During the past 10 years, the highest Beneish M-Score of Hao Bai International (Cayman) was -0.44. The lowest was -5.62. And the median was -2.32.

Hao Bai International (Cayman) Beneish M-Score Historical Data

The historical data trend for Hao Bai International (Cayman)'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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Hao Bai International (Cayman) Beneish M-Score Chart

Hao Bai International (Cayman) Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.46

-2.88

-5.62

-1.95

Hao Bai International (Cayman) Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-1.95	-

Competitive Comparison of Hao Bai International (Cayman)'s Beneish M-Score

For the Engineering & Construction subindustry, Hao Bai International (Cayman)'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.

Hao Bai International (Cayman)'s Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Hao Bai International (Cayman)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hao Bai International (Cayman)'s Beneish M-Score falls into.

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Hao Bai International (Cayman) 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 Hao Bai International (Cayman) 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 * 0.9355

0.528 * 0.8984

0.404 * 0.5332

0.892 * 1.4032

0.115 * 2.2555

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6569

4.679 * 0.050957

0.327 * 0.9032

-1.95

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$98.98 Mil.
Revenue was HK$21.88 Mil.
Gross Profit was HK$5.45 Mil.
Total Current Assets was HK$99.31 Mil.
Total Assets was HK$107.17 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.42 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.33 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11.92 Mil.
Total Current Liabilities was HK$95.07 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.71 Mil.
Net Income was HK$-10.73 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-16.19 Mil.

Total Receivables was HK$75.40 Mil.
Revenue was HK$15.60 Mil.
Gross Profit was HK$3.49 Mil.
Total Current Assets was HK$76.04 Mil.
Total Assets was HK$84.14 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.37 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12.93 Mil.
Total Current Liabilities was HK$83.25 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 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)
	=	(98.984 / 21.884)	/	(75.404 / 15.596)
	=	4.523122	/	4.834829
	=	0.9355

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)
	=	(3.487 / 15.596)	/	(5.446 / 21.884)
	=	0.223583	/	0.248858
	=	0.8984

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 - (99.312 + 2.417) / 107.168)	/	(1 - (76.038 + 0.092) / 84.138)
	=	0.050752	/	0.095177
	=	0.5332

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
	=	21.884	/	15.596
	=	1.4032

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))
	=	(0.373 / (0.373 + 0.092))	/	(1.334 / (1.334 + 2.417))
	=	0.802151	/	0.355638
	=	2.2555

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)
	=	(11.919 / 21.884)	/	(12.93 / 15.596)
	=	0.544644	/	0.829059
	=	0.6569

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)
	=	((0.712 + 95.066) / 107.168)	/	((0 + 83.252) / 84.138)
	=	0.893718	/	0.98947
	=	0.9032

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
	=	(-10.726 - 0	-	-16.187)	/	107.168
	=	0.050957

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.

Hao Bai International (Cayman) has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.

Hao Bai International (Cayman) Beneish M-Score Related Terms

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Hao Bai International (Cayman) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Hao Bai International (Cayman) Ltd (HKSE:08431) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

178 Gloucester Road, Suite 801, 8th Floor, Chinachem Century Tower, Hong Kong, HKG

Website

http://www.harmonyasia.com

Hao Bai International (Cayman) Ltd is an investment holding company. The company is engaged in the provision of design, procurement, and installation services of water circulation systems. Its services are mainly categorized as Management contracting services and Consultancy Services, The company generates maximum revenue from the Management contracting services segment that engages in the provision of design, procurement, and installation services of the water circulation systems. Geographically, it derives a majority of its revenue from Hong Kong and also has a presence in Mainland China.

Executives

Leung Yan Fan Youki	2101 Beneficial owner
Prudential Brokerage Limited	2106 Person having a security interest in shares
Li Dongyan	2201 Interest of corporation controlled by you
Zhuiri Law And Business International Holding Group Limited	2101 Beneficial owner
Song Chenglei	2101 Beneficial owner
Harmony Asia International Limited	2101 Beneficial owner
Nam Ho Kwan	2101 Beneficial owner
Chen Mingxia	2101 Beneficial owner

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