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MINISO Group Holding (MEX:MNSO) Beneish M-Score : -2.47 (As of Dec. 15, 2024)


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What is MINISO Group Holding 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:MNSO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.33   Max: -1.91
Current: -2.47

During the past 6 years, the highest Beneish M-Score of MINISO Group Holding was -1.91. The lowest was -2.88. And the median was -2.33.


MINISO Group Holding Beneish M-Score Historical Data

The historical data trend for MINISO Group Holding'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.

* Premium members only.

MINISO Group Holding Beneish M-Score Chart

MINISO Group Holding Annual Data
Trend Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial - -2.88 -2.19 -1.91 -2.47

MINISO Group Holding Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - - -

Competitive Comparison of MINISO Group Holding's Beneish M-Score

For the Specialty Retail subindustry, MINISO Group Holding'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.


MINISO Group Holding's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, MINISO Group Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MINISO Group Holding's Beneish M-Score falls into.



MINISO Group Holding 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 MINISO Group Holding 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 * 1.25+0.528 * 0.786+0.404 * 0.1917+0.892 * 0.9063+0.115 * 2.0117
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9145+4.679 * -0.000577-0.327 * 0.8913
=-2.61

* 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 (Jun23) TTM:Last Year (Jun22) TTM:
Total Receivables was MXN2,753 Mil.
Revenue was MXN27,466 Mil.
Gross Profit was MXN10,636 Mil.
Total Current Assets was MXN23,710 Mil.
Total Assets was MXN32,193 Mil.
Property, Plant and Equipment(Net PPE) was MXN7,391 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,018 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,625 Mil.
Total Current Liabilities was MXN9,302 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,350 Mil.
Net Income was MXN4,235 Mil.
Gross Profit was MXN265 Mil.
Cash Flow from Operations was MXN3,988 Mil.
Total Receivables was MXN2,430 Mil.
Revenue was MXN30,306 Mil.
Gross Profit was MXN9,224 Mil.
Total Current Assets was MXN24,257 Mil.
Total Assets was MXN33,900 Mil.
Property, Plant and Equipment(Net PPE) was MXN3,640 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,172 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,787 Mil.
Total Current Liabilities was MXN11,384 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,201 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)
=(2753.395 / 27466.072) / (2430.359 / 30305.754)
=0.100247 / 0.080195
=1.25

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)
=(9224.138 / 30305.754) / (10636.361 / 27466.072)
=0.304369 / 0.387255
=0.786

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 - (23709.508 + 7390.626) / 32192.902) / (1 - (24256.751 + 3640.258) / 33899.96)
=0.033944 / 0.177078
=0.1917

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
=27466.072 / 30305.754
=0.9063

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))
=(1171.5 / (1171.5 + 3640.258)) / (1017.598 / (1017.598 + 7390.626))
=0.243466 / 0.121024
=2.0117

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)
=(5625.035 / 27466.072) / (6786.622 / 30305.754)
=0.204799 / 0.223938
=0.9145

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)
=((1350.216 + 9301.848) / 32192.902) / ((1200.647 + 11384.347) / 33899.96)
=0.330882 / 0.371239
=0.8913

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
=(4234.687 - 264.908 - 3988.361) / 32192.902
=-0.000577

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.

MINISO Group Holding has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.


MINISO Group Holding Beneish M-Score Related Terms

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MINISO Group Holding Business Description

Traded in Other Exchanges
Address
No. 109, Pazhou Avenue, 8th Floor, M Plaza, Haizhu District, Guangdong Province, Guangzhou, CHN, 510000
MINISO Group Holding Ltd is a retailer offering a variety of design-led lifestyle products. The principal activity of the Company is investment holding. The company's product categories include home decor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, and stationery and gifts. Its segment includes the MINISO brand, which is engaged in the Design, buying and sale of lifestyle products, and the TOP TOY brand, which is engaged in the Design, buying and sale of pop toys. The company generates maximum revenue from the MINISO brand segment. Geographically, it derives a majority of its revenue from China.