Dashan Education Holdings (HKSE:09986) Beneish M-Score : 0.00 (As of Jan. 18, 2025)

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What is Dashan Education 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.

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

During the past 7 years, the highest Beneish M-Score of Dashan Education Holdings was 20.99. The lowest was -103.29. And the median was -2.44.

Dashan Education Holdings Beneish M-Score Historical Data

The historical data trend for Dashan Education 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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Dashan Education Holdings Beneish M-Score Chart

Dashan Education Holdings Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.95

20.99

-1.93

-103.29

Dashan Education Holdings Semi-Annual Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Jun24
Beneish M-Score	Get a 7-Day Free Trial							-1.93	-	-103.29	-	-

Competitive Comparison of Dashan Education Holdings's Beneish M-Score

For the Education & Training Services subindustry, Dashan Education 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.

Dashan Education Holdings's Beneish M-Score Distribution in the Education Industry

For the Education industry and Consumer Defensive sector, Dashan Education Holdings's Beneish M-Score distribution charts can be found below:

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

Dashan Education 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 Dashan Education 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$8.50 Mil.
Revenue was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Total Current Assets was HK$141.69 Mil.
Total Assets was HK$293.23 Mil.
Property, Plant and Equipment(Net PPE) was HK$50.67 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$122.77 Mil.
Long-Term Debt & Capital Lease Obligation was HK$16.53 Mil.
Net Income was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$0.00 Mil.

Total Receivables was HK$20.49 Mil.
Revenue was HK$30.90 Mil.
Gross Profit was HK$10.00 Mil.
Total Current Assets was HK$157.79 Mil.
Total Assets was HK$300.43 Mil.
Property, Plant and Equipment(Net PPE) was HK$32.00 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.79 Mil.
Selling, General, & Admin. Expense(SGA) was HK$29.40 Mil.
Total Current Liabilities was HK$51.31 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6.85 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)
	=	(8.495 / 0)	/	(20.489 / 30.904)
	=		/	0.662989
	=

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)
	=	(10.002 / 30.904)	/	(0 / 0)
	=	0.323647	/
	=

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 - (141.686 + 50.674) / 293.227)	/	(1 - (157.794 + 32.002) / 300.434)
	=	0.343989	/	0.368261
	=

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
	=	0	/	30.904
	=

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))
	=	(5.786 / (5.786 + 32.002))	/	(0 / (0 + 50.674))
	=	0.153117	/	0
	=

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 / 0)	/	(29.402 / 30.904)
	=		/	0.951398
	=

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)
	=	((16.53 + 122.77) / 293.227)	/	((6.845 + 51.31) / 300.434)
	=	0.475059	/	0.19357
	=

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
	=	(0 - 0	-	0)	/	293.227
	=	0

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.

Dashan Education Holdings Beneish M-Score Related Terms

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Dashan Education Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Education » Dashan Education Holdings Ltd (HKSE:09986) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Crossroad of Zhongzhou Avenue and Minghong Road, 19th Floor Guoxin Plaza, Jinshui District, Henan Province, Zhengzhou, CHN

Website

https://www.dashanedu.com

Dashan Education Holdings Ltd is principally engaged in the provision of (i) extracurricular programs for personal attainment in arts, sports and dancing targeting children and teenagers; (ii) overseas education consultation services in the PRC; (iii) training services for teaching staff; and (iv) other consultancy services. The Group's operating and reportable segments are the extracurricular programs segment, the overseas education segment, the training and consultancy segment, and the Others segment.

Executives

Zhang Hongjun	2201 Interest of corporation controlled by you
Lucky Heaven International Limited	2101 Beneficial owner
Infinite Apex Enterprises Limited	2101 Beneficial owner
Xi Wang	2201 Interest of corporation controlled by you
Shan Jingchao	2201 Interest of corporation controlled by you
Ma Wenhao	2201 Interest of corporation controlled by you
Jia Shuilin	2201 Interest of corporation controlled by you
Bai Tai Investments Limited	2101 Beneficial owner

Dashan Education Holdings Headlines

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