Bar Pacific Group Holdings (HKSE:08432) Beneish M-Score : -3.44 (As of May. 26, 2024)

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What is Bar Pacific 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 -3.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08432' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -2.64 Max: 18.1
Current: -3.44

During the past 9 years, the highest Beneish M-Score of Bar Pacific Group Holdings was 18.10. The lowest was -3.44. And the median was -2.64.

Bar Pacific Group Holdings Beneish M-Score Historical Data

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

Bar Pacific Group Holdings Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-3.31

-2.23

-3.11

-1.87

-3.44

Bar Pacific Group Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-3.44	-	-

Competitive Comparison of Bar Pacific Group Holdings's Beneish M-Score

For the Restaurants subindustry, Bar Pacific 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.

Bar Pacific Group Holdings's Beneish M-Score Distribution in the Restaurants Industry

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

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

Bar Pacific 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 Bar Pacific 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 * 0.2348

0.528 * 0.8776

0.404 * 0.9663

0.892 * 1.8273

0.115 * 0.8761

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.196433

0.327 * 0.9433

-3.44

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$1.9 Mil.
Revenue was HK$174.9 Mil.
Gross Profit was HK$72.5 Mil.
Total Current Assets was HK$14.5 Mil.
Total Assets was HK$204.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$157.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$43.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$112.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$61.6 Mil.
Net Income was HK$9.7 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$49.8 Mil.

Total Receivables was HK$4.4 Mil.
Revenue was HK$95.7 Mil.
Gross Profit was HK$34.8 Mil.
Total Current Assets was HK$15.2 Mil.
Total Assets was HK$196.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$149.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$34.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$111.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$66.3 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)
	=	(1.87 / 174.933)	/	(4.359 / 95.733)
	=	0.01069	/	0.045533
	=	0.2348

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)
	=	(34.819 / 95.733)	/	(72.496 / 174.933)
	=	0.363709	/	0.414422
	=	0.8776

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 - (14.52 + 157.71) / 204.263)	/	(1 - (15.21 + 149.012) / 196.039)
	=	0.156822	/	0.162299
	=	0.9663

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
	=	174.933	/	95.733
	=	1.8273

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))
	=	(34.872 / (34.872 + 149.012))	/	(43.571 / (43.571 + 157.71))
	=	0.189641	/	0.216469
	=	0.8761

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)
	=	(0 / 174.933)	/	(0 / 95.733)
	=	0	/	0
	=	1

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)
	=	((61.626 + 112.942) / 204.263)	/	((66.296 + 111.317) / 196.039)
	=	0.854624	/	0.906008
	=	0.9433

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
	=	(9.674 - 0	-	49.798)	/	204.263
	=	-0.196433

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.

Bar Pacific Group Holdings has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.

Bar Pacific Group Holdings Beneish M-Score Related Terms

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Bar Pacific Group Holdings (HKSE:08432) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » Bar Pacific Group Holdings Ltd (HKSE:08432) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2G Hok Yuen Street, Room D2, 11th Floor, Phase 2, Hang Fung Industrial Building, Hunghom, Kowloon, Hong Kong, HKG

Website

http://www.barpacific.com.hk

Bar Pacific Group Holdings Ltd, along with its subsidiaries, is engaged in the operation of a chain of bars in Hong Kong. The company operates its restaurants under the brand's Bar Pacific and Pacific. The company operates in the business segment Operations of bars and Property investment principally in Hong Kong. The group derives a majority of its revenue from the Operation of the bars segment which involves the sales of beverages and light refreshments in bars in Hong Kong. the company also provides venues for private parties, business events, and shooting as well.

Executives

Chan Tsz Tung	2101 Beneficial owner
Chan Tsz Kiu Teresa	2101 Beneficial owner
Chan Ching Mandy	2101 Beneficial owner
Chan Wai	2101 Beneficial owner
Tse Ying Sin Eva	2101 Beneficial owner

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