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Hopewell Holdings (Hopewell Holdings) Beneish M-Score : 0.00 (As of May. 12, 2024)


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What is Hopewell 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 Hopewell Holdings's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Hopewell Holdings was 0.00. The lowest was 0.00. And the median was 0.00.


Hopewell Holdings Beneish M-Score Historical Data

The historical data trend for Hopewell 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.

* Premium members only.

Hopewell Holdings Beneish M-Score Chart

Hopewell Holdings Annual Data
Trend Jun09 Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.63 -0.04 -2.93 -2.34 -1.81

Hopewell Holdings Semi-Annual Data
Jun08 Jun09 Dec09 Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18
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 -2.93 - -2.34 - -1.81

Competitive Comparison of Hopewell Holdings's Beneish M-Score

For the Infrastructure Operations subindustry, Hopewell 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.


Hopewell Holdings's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Hopewell Holdings's Beneish M-Score distribution charts can be found below:

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



Hopewell 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 Hopewell 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 * 1.1667+0.528 * 0.9235+0.404 * 0.8936+0.892 * 0.8355+0.115 * 1.0237
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2063+4.679 * 0.146438-0.327 * 0.7279
=-1.82

* 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 (Jun18) TTM:Last Year (Jun17) TTM:
Total Receivables was $3.4 Mil.
Revenue was $252.9 Mil.
Gross Profit was $164.3 Mil.
Total Current Assets was $1,436.5 Mil.
Total Assets was $7,166.7 Mil.
Property, Plant and Equipment(Net PPE) was $97.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.5 Mil.
Selling, General, & Admin. Expense(SGA) was $47.9 Mil.
Total Current Liabilities was $182.3 Mil.
Long-Term Debt & Capital Lease Obligation was $178.4 Mil.
Net Income was $1,143.0 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $93.6 Mil.
Total Receivables was $3.5 Mil.
Revenue was $302.6 Mil.
Gross Profit was $181.6 Mil.
Total Current Assets was $743.9 Mil.
Total Assets was $6,916.9 Mil.
Property, Plant and Equipment(Net PPE) was $89.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General, & Admin. Expense(SGA) was $47.6 Mil.
Total Current Liabilities was $324.4 Mil.
Long-Term Debt & Capital Lease Obligation was $153.9 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)
=(3.436 / 252.861) / (3.525 / 302.643)
=0.013588 / 0.011647
=1.1667

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)
=(181.647 / 302.643) / (164.345 / 252.861)
=0.600202 / 0.649942
=0.9235

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 - (1436.503 + 97.781) / 7166.678) / (1 - (743.875 + 89.794) / 6916.854)
=0.785914 / 0.879473
=0.8936

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
=252.861 / 302.643
=0.8355

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))
=(8.991 / (8.991 + 89.794)) / (9.542 / (9.542 + 97.781))
=0.091016 / 0.088909
=1.0237

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)
=(47.931 / 252.861) / (47.557 / 302.643)
=0.189555 / 0.157139
=1.2063

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)
=((178.41 + 182.271) / 7166.678) / ((153.878 + 324.388) / 6916.854)
=0.050328 / 0.069145
=0.7279

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
=(1143.031 - 0 - 93.555) / 7166.678
=0.146438

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.

Hopewell Holdings has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.


Hopewell Holdings Beneish M-Score Related Terms

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Hopewell Holdings (Hopewell Holdings) Business Description

Traded in Other Exchanges
N/A
Address
183 Queen’s Road East, 64th Floor, Hopewell Centre, Wan Chai, Hong Kong, HKG
Hopewell Holdings Ltd is an investment and infrastructure company domiciled in Hong Kong. The company operates through seven segments: property investment; hotel, restaurant, and catering operation; property development; toll road investment; power plant; treasury income; and other operations. Toll road investment, the most significant contributor to revenue, invests in toll road projects. Property investment and property development are the next most significant segments, and let, manage, develop, and sell property investments. Power plant, which contributes a similar amount of revenue as property investment and property development, operates power plant assets. The company derives the majority of income domestically, and also operates in the People's Republic of China.

Hopewell Holdings (Hopewell Holdings) Headlines

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