Huang Hsiang Construction (TPE:2545) Beneish M-Score : -0.31 (As of Dec. 11, 2024)

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What is Huang Hsiang Construction 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.

Warning Sign:

Beneish M-Score -0.31 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Huang Hsiang Construction's Beneish M-Score or its related term are showing as below:

TPE:2545' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.01 Max: 3.73
Current: -0.31

During the past 13 years, the highest Beneish M-Score of Huang Hsiang Construction was 3.73. The lowest was -3.15. And the median was -2.01.

Huang Hsiang Construction Beneish M-Score Historical Data

The historical data trend for Huang Hsiang Construction'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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Huang Hsiang Construction Beneish M-Score Chart

Huang Hsiang Construction Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.41

-2.00

-2.28

-2.56

-2.02

Huang Hsiang Construction 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															-1.96	-2.02	-0.64	-1.92	-0.31

Competitive Comparison of Huang Hsiang Construction's Beneish M-Score

For the Real Estate - Diversified subindustry, Huang Hsiang Construction'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.

Huang Hsiang Construction's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Huang Hsiang Construction's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Huang Hsiang Construction's Beneish M-Score falls into.

Huang Hsiang Construction 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 Huang Hsiang Construction 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 * 0.6805

0.528 * 0.8321

0.404 * 1.3365

0.892 * 3.9306

0.115 * 0.4841

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4595

4.679 * -0.05306

0.327 * 0.9487

-0.31

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$616 Mil.
Revenue was 4447.122 + 3288.176 + 2430.173 + 2719.791 = NT$12,885 Mil.
Gross Profit was 1839.323 + 1394.257 + 1041.772 + 1232.667 = NT$5,508 Mil.
Total Current Assets was NT$34,895 Mil.
Total Assets was NT$53,660 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,944 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$209 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,237 Mil.
Total Current Liabilities was NT$23,475 Mil.
Long-Term Debt & Capital Lease Obligation was NT$16,864 Mil.
Net Income was 1081.576 + 802.816 + 598.527 + 806.699 = NT$3,290 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 2336.15 + 2745.06 + 582.268 + 473.325 = NT$6,137 Mil.

Total Receivables was NT$230 Mil.
Revenue was 847.988 + 605.676 + 572.636 + 1251.925 = NT$3,278 Mil.
Gross Profit was 335.318 + 159.446 + 221.26 + 450 = NT$1,166 Mil.
Total Current Assets was NT$34,363 Mil.
Total Assets was NT$51,840 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,764 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$169 Mil.
Selling, General, & Admin. Expense(SGA) was NT$685 Mil.
Total Current Liabilities was NT$27,238 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13,840 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)
	=	(615.973 / 12885.262)	/	(230.296 / 3278.225)
	=	0.047804	/	0.07025
	=	0.6805

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)
	=	(1166.024 / 3278.225)	/	(5508.019 / 12885.262)
	=	0.355688	/	0.427467
	=	0.8321

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 - (34895.109 + 3944.108) / 53659.695)	/	(1 - (34362.966 + 6764.159) / 51840.23)
	=	0.276194	/	0.206656
	=	1.3365

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
	=	12885.262	/	3278.225
	=	3.9306

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))
	=	(168.682 / (168.682 + 6764.159))	/	(208.73 / (208.73 + 3944.108))
	=	0.024331	/	0.050262
	=	0.4841

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)
	=	(1236.671 / 12885.262)	/	(684.692 / 3278.225)
	=	0.095976	/	0.208861
	=	0.4595

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)
	=	((16863.885 + 23474.798) / 53659.695)	/	((13839.942 + 27237.652) / 51840.23)
	=	0.75175	/	0.792388
	=	0.9487

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
	=	(3289.618 - 0	-	6136.803)	/	53659.695
	=	-0.05306

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.

Huang Hsiang Construction has a M-score of -0.31 signals that the company is likely to be a manipulator.

Huang Hsiang Construction Beneish M-Score Related Terms

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Huang Hsiang Construction Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Huang Hsiang Construction Corp (TPE:2545) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Number 38, Bo\'ai Road, 8th Floor, Zhongzheng District, Taipei, TWN

Website

https://www.hhe.com.tw

Huang Hsiang Construction Corp is principally engaged in the development of residential properties, the lease or sales of commercial buildings, comprehensive constructions, the development of specific districts, and hotel operations. The group has three operating segments: Development department which is engaged in the development of commercial and residential buildings for leasing and sales; Construction department which is engaged in the business of construction and civil engineering; Hotel department which is engaged in the business of accommodation and catering services. The company generates majority of its revenue from the Development segment.

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