ZX Beneish M-Score Historical Data
The historical data trend for ZX'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.
ZX Beneish M-Score Chart
|
ZX Annual Data
|
|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
-3.02 |
-1.10 |
- |
|
ZX Semi-Annual Data
|
|
Dec20 |
Dec21 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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|
-3.02 |
- |
-1.10 |
- |
- |
Competitive Comparison of ZX's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, ZX'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.
ZX's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, ZX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ZX's Beneish M-Score falls into.
ZX 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 ZX for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.8476 | + | 0.528 * 1.0355 | + | 0.404 * 0.9752 | + | 0.892 * 0.7237 | + | 0.115 * 1.2806 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9677 | + | 4.679 * 0.355643 | - | 0.327 * 0.8324 |
| = | -1.10 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$424 Mil.
Revenue was HK$7,126 Mil.
Gross Profit was HK$5,002 Mil.
Total Current Assets was HK$4,445 Mil.
Total Assets was HK$7,950 Mil.
Property, Plant and Equipment(Net PPE) was HK$488 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$94 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4,534 Mil.
Total Current Liabilities was HK$5,290 Mil.
Long-Term Debt & Capital Lease Obligation was HK$168 Mil.
Net Income was HK$258 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-2,570 Mil.
|
Total Receivables was HK$691 Mil.
Revenue was HK$9,846 Mil.
Gross Profit was HK$7,158 Mil.
Total Current Assets was HK$6,273 Mil.
Total Assets was HK$10,943 Mil.
Property, Plant and Equipment(Net PPE) was HK$412 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$107 Mil.
Selling, General, & Admin. Expense(SGA) was HK$6,475 Mil.
Total Current Liabilities was HK$8,811 Mil.
Long-Term Debt & Capital Lease Obligation was HK$213 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) |
| = | (423.956 / 7125.516) | / | (691.194 / 9846.32) |
| = | 0.059498 | / | 0.070198 |
| | = | 0.8476 |
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) |
| = | (7157.795 / 9846.32) | / | (5002.199 / 7125.516) |
| = | 0.726951 | / | 0.702012 |
| | = | 1.0355 |
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 - (4445.093 + 488.277) / 7949.815) | / | (1 - (6273.142 + 411.815) / 10942.583) |
| = | 0.379436 | / | 0.389088 |
| | = | 0.9752 |
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 |
| = | 7125.516 | / | 9846.32 |
| | = | 0.7237 |
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)) |
| = | (107.435 / (107.435 + 411.815)) | / | (94.092 / (94.092 + 488.277)) |
| = | 0.206904 | / | 0.161568 |
| | = | 1.2806 |
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) |
| = | (4534.33 / 7125.516) | / | (6474.826 / 9846.32) |
| = | 0.636351 | / | 0.657588 |
| | = | 0.9677 |
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) |
| = | ((167.543 + 5289.73) / 7949.815) | / | ((213.018 + 8810.841) / 10942.583) |
| = | 0.686465 | / | 0.824655 |
| | = | 0.8324 |
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 |
| = | (257.571 - 0 | - | -2569.725) | / | 7949.815 |
| | = | 0.355643 |
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.
ZX has a M-score of -1.10 signals that the company is likely to be a manipulator.
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