Asia Standard International Group (HKSE:00129) Beneish M-Score : -2.13 (As of May. 23, 2024)

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What is Asia Standard International Group 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00129' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6 Med: -2.15 Max: -0.55
Current: -2.13

During the past 13 years, the highest Beneish M-Score of Asia Standard International Group was -0.55. The lowest was -2.60. And the median was -2.15.

Asia Standard International Group Beneish M-Score Historical Data

The historical data trend for Asia Standard International Group'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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Asia Standard International Group Beneish M-Score Chart

Asia Standard International Group Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.14

-2.15

-2.60

-2.03

-2.13

Asia Standard International Group Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.03	-	-2.13	-

Competitive Comparison of Asia Standard International Group's Beneish M-Score

For the Asset Management subindustry, Asia Standard International Group'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.

Asia Standard International Group's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Asia Standard International Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asia Standard International Group's Beneish M-Score falls into.

Asia Standard International Group 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 Asia Standard International Group 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 * 1.594

0.528 * 1.0188

0.404 * 0.9945

0.892 * 0.8259

0.115 * 0.9911

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5167

4.679 * 0.000357

0.327 * 0.8844

-2.13

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was HK$1,118 Mil.
Revenue was HK$2,073 Mil.
Gross Profit was HK$1,967 Mil.
Total Current Assets was HK$13,295 Mil.
Total Assets was HK$37,899 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,672 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$145 Mil.
Selling, General, & Admin. Expense(SGA) was HK$295 Mil.
Total Current Liabilities was HK$5,018 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,675 Mil.
Net Income was HK$801 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$788 Mil.

Total Receivables was HK$849 Mil.
Revenue was HK$2,510 Mil.
Gross Profit was HK$2,427 Mil.
Total Current Assets was HK$11,740 Mil.
Total Assets was HK$35,022 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,761 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$147 Mil.
Selling, General, & Admin. Expense(SGA) was HK$235 Mil.
Total Current Liabilities was HK$5,158 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13,329 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)
	=	(1117.954 / 2072.777)	/	(849.212 / 2509.735)
	=	0.539351	/	0.338367
	=	1.594

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)
	=	(2426.881 / 2509.735)	/	(1967.325 / 2072.777)
	=	0.966987	/	0.949125
	=	1.0188

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 - (13294.959 + 4671.642) / 37898.728)	/	(1 - (11739.747 + 4761.239) / 35022.381)
	=	0.525931	/	0.528845
	=	0.9945

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
	=	2072.777	/	2509.735
	=	0.8259

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))
	=	(146.566 / (146.566 + 4761.239))	/	(145.132 / (145.132 + 4671.642))
	=	0.029864	/	0.030131
	=	0.9911

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)
	=	(294.58 / 2072.777)	/	(235.172 / 2509.735)
	=	0.142119	/	0.093704
	=	1.5167

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)
	=	((12674.657 + 5018.348) / 37898.728)	/	((13329.067 + 5157.955) / 35022.381)
	=	0.46685	/	0.527863
	=	0.8844

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
	=	(801.412 - 0	-	787.883)	/	37898.728
	=	0.000357

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.

Asia Standard International Group has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

Asia Standard International Group Beneish M-Score Related Terms

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Asia Standard International Group (HKSE:00129) Business Description

Industry

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BDL1:Germany

Address

33 Lockhart Road, 30th Floor, YF Life Tower, Wanchai, Hong Kong, HKG

Website

https://www.asiastandard.com

Asia Standard International Group Ltd is an investment holding company. The company is principally engaged in developing and investing properties in location in Hong Kong, first-tier cities in China and Vancouver, Canada, and has established a well diversified business model across four main operating segments - property development, property leasing, hotel and travel, and financial investments. The majority of its revenue is derived from the Financial Investments segment.

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