KWG Group Holdings Beneish M-Score Historical Data
The historical data trend for KWG 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.
KWG Group Holdings Beneish M-Score Chart
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KWG Group Holdings Annual Data
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Dec14 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.82 |
-2.09 |
-1.63 |
-3.84 |
-3.20 |
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KWG Group Holdings Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-1.63 |
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-3.84 |
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-3.20 |
Competitive Comparison of KWG Group Holdings's Beneish M-Score
For the Real Estate - Development subindustry, KWG 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.
KWG Group Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, KWG Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KWG Group Holdings's Beneish M-Score falls into.
KWG 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 KWG Group Holdings 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 * 0.6875 | + | 0.528 * 0.9331 | + | 0.404 * 1.0381 | + | 0.892 * 1.1473 | + | 0.115 * 1.0607 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7608 | + | 4.679 * -0.118278 | - | 0.327 * 1.1198 |
| = | -3.20 |
* 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 $1,319 Mil.
Revenue was $2,214 Mil.
Gross Profit was $-370 Mil.
Total Current Assets was $12,216 Mil.
Total Assets was $23,454 Mil.
Property, Plant and Equipment(Net PPE) was $1,321 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $385 Mil.
Total Current Liabilities was $16,061 Mil.
Long-Term Debt & Capital Lease Obligation was $4,589 Mil.
Net Income was $-2,624 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $150 Mil.
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Total Receivables was $1,672 Mil.
Revenue was $1,930 Mil.
Gross Profit was $-301 Mil.
Total Current Assets was $15,599 Mil.
Total Assets was $28,671 Mil.
Property, Plant and Equipment(Net PPE) was $1,394 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $441 Mil.
Total Current Liabilities was $14,812 Mil.
Long-Term Debt & Capital Lease Obligation was $7,731 Mil.
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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) |
| = | (1318.825 / 2213.818) | / | (1672.009 / 1929.607) |
| = | 0.595724 | / | 0.866502 |
| | = | 0.6875 |
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) |
| = | (-300.613 / 1929.607) | / | (-369.63 / 2213.818) |
| = | -0.15579 | / | -0.166965 |
| | = | 0.9331 |
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 - (12216.43 + 1321.07) / 23453.88) | / | (1 - (15599.308 + 1394.412) / 28670.781) |
| = | 0.422803 | / | 0.407281 |
| | = | 1.0381 |
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 |
| = | 2213.818 | / | 1929.607 |
| | = | 1.1473 |
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)) |
| = | (55.149 / (55.149 + 1394.412)) | / | (49.145 / (49.145 + 1321.07)) |
| = | 0.038045 | / | 0.035867 |
| | = | 1.0607 |
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) |
| = | (384.824 / 2213.818) | / | (440.855 / 1929.607) |
| = | 0.173828 | / | 0.228469 |
| | = | 0.7608 |
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) |
| = | ((4589.188 + 16060.562) / 23453.88) | / | ((7730.825 + 14811.884) / 28670.781) |
| = | 0.880441 | / | 0.786261 |
| | = | 1.1198 |
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 |
| = | (-2623.592 - 0 | - | 150.481) | / | 23453.88 |
| | = | -0.118278 |
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.
KWG Group Holdings has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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