RMH Holdings (HKSE:08437) Beneish M-Score : -12.54 (As of Mar. 23, 2025)

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What is RMH 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 -12.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08437' s Beneish M-Score Range Over the Past 10 Years
Min: -12.54 Med: -1.75 Max: 24.65
Current: -12.54

During the past 9 years, the highest Beneish M-Score of RMH Holdings was 24.65. The lowest was -12.54. And the median was -1.75.

RMH Holdings Beneish M-Score Historical Data

The historical data trend for RMH 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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RMH Holdings Beneish M-Score Chart

RMH Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.43

0.91

24.65

7.88

-12.54

RMH Holdings Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-12.54	-

Competitive Comparison of RMH Holdings's Beneish M-Score

For the Medical Care Facilities subindustry, RMH 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.

RMH Holdings's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, RMH Holdings's Beneish M-Score distribution charts can be found below:

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

RMH 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 RMH 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 * 0.472

0.528 * 0.3436

0.404 * 1.2406

0.892 * 0.7633

0.115 * 0.7361

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -1.81533

0.327 * 2.8119

-12.54

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$10.79 Mil.
Revenue was HK$18.64 Mil.
Gross Profit was HK$9.05 Mil.
Total Current Assets was HK$18.41 Mil.
Total Assets was HK$24.32 Mil.
Property, Plant and Equipment(Net PPE) was HK$3.45 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.57 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$89.36 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$-39.57 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$4.58 Mil.

Total Receivables was HK$29.95 Mil.
Revenue was HK$24.43 Mil.
Gross Profit was HK$4.07 Mil.
Total Current Assets was HK$48.22 Mil.
Total Assets was HK$71.39 Mil.
Property, Plant and Equipment(Net PPE) was HK$17.35 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$21.64 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$87.18 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6.12 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)
	=	(10.793 / 18.644)	/	(29.954 / 24.425)
	=	0.578899	/	1.226366
	=	0.472

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)
	=	(4.072 / 24.425)	/	(9.046 / 18.644)
	=	0.166714	/	0.485196
	=	0.3436

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 - (18.409 + 3.447) / 24.319)	/	(1 - (48.217 + 17.347) / 71.392)
	=	0.101279	/	0.081634
	=	1.2406

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
	=	18.644	/	24.425
	=	0.7633

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))
	=	(21.643 / (21.643 + 17.347))	/	(10.571 / (10.571 + 3.447))
	=	0.555091	/	0.754102
	=	0.7361

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 / 18.644)	/	(0 / 24.425)
	=	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)
	=	((0 + 89.36) / 24.319)	/	((6.116 + 87.178) / 71.392)
	=	3.674493	/	1.306785
	=	2.8119

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
	=	(-39.568 - 0	-	4.579)	/	24.319
	=	-1.81533

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.

RMH Holdings has a M-score of -12.54 suggests that the company is unlikely to be a manipulator.

RMH Holdings Beneish M-Score Related Terms

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RMH Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » RMH Holdings Ltd (HKSE:08437) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

290 Orchard Road, No. 17-01/02 Paragon (Office Tower), Singapore, SGP, 238859

Website

https://www.rmhholdings.com.sg

RMH Holdings Ltd is an investment holding company engaged in the provision of aesthetic dermatology and treatment services, the trading of healthcare and wellness products and nutritional supplements, and the provision of dental implant and oral healthcare-related medical services and sales of related products. The group has two operating segments; Dental services include revenue from orthodontics and implantology services, and Trading sales include supplies of health supplement products and medical products including hand sanitizer, disposable medical masks, and other medical products. It derives a majority of its revenue from its operation in Singapore.

Executives

Brisk Success Holdings Limited	2101 Beneficial owner
Loh Teck Hiong	2201 Interest of corporation controlled by you
Fung Yuen Yee	2202 Interest of your spouse
Li Mingcheng	2201 Interest of corporation controlled by you
Xiang Gang Min Zhong Jian Kang Tou Zi Guan Li Ji Tuan You Xian Gong Si	2201 Interest of corporation controlled by you
Victory Spring Ventures Limited	2101 Beneficial owner
Ye Zhichun	2101 Beneficial owner

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