Top Form International Beneish M-Score Historical Data
The historical data trend for Top Form International'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.
Top Form International Beneish M-Score Chart
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Top Form International Annual Data
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Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.81 |
-3.63 |
-2.22 |
-2.73 |
-2.88 |
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Top Form International Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.73 |
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-2.88 |
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Competitive Comparison of Top Form International's Beneish M-Score
For the Apparel Manufacturing subindustry, Top Form International'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.
Top Form International's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Top Form International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top Form International's Beneish M-Score falls into.
Top Form International 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 Top Form International 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 * 1.6318 | + | 0.528 * 1.0619 | + | 0.404 * 0.9804 | + | 0.892 * 0.6797 | + | 0.115 * 1.0421 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4096 | + | 4.679 * -0.134573 | - | 0.327 * 1.0916 |
| = | -2.88 |
* 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 HK$201 Mil.
Revenue was HK$1,007 Mil.
Gross Profit was HK$175 Mil.
Total Current Assets was HK$417 Mil.
Total Assets was HK$801 Mil.
Property, Plant and Equipment(Net PPE) was HK$189 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$45 Mil.
Selling, General, & Admin. Expense(SGA) was HK$257 Mil.
Total Current Liabilities was HK$322 Mil.
Long-Term Debt & Capital Lease Obligation was HK$18 Mil.
Net Income was HK$-85 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$23 Mil.
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Total Receivables was HK$182 Mil.
Revenue was HK$1,482 Mil.
Gross Profit was HK$274 Mil.
Total Current Assets was HK$493 Mil.
Total Assets was HK$898 Mil.
Property, Plant and Equipment(Net PPE) was HK$183 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$45 Mil.
Selling, General, & Admin. Expense(SGA) was HK$269 Mil.
Total Current Liabilities was HK$337 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13 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) |
| = | (201.38 / 1007.016) | / | (181.57 / 1481.592) |
| = | 0.199977 | / | 0.122551 |
| | = | 1.6318 |
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) |
| = | (273.928 / 1481.592) | / | (175.339 / 1007.016) |
| = | 0.184888 | / | 0.174117 |
| | = | 1.0619 |
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 - (417.104 + 189.004) / 800.534) | / | (1 - (492.952 + 182.916) / 898.425) |
| = | 0.24287 | / | 0.247719 |
| | = | 0.9804 |
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 |
| = | 1007.016 | / | 1481.592 |
| | = | 0.6797 |
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)) |
| = | (45.372 / (45.372 + 182.916)) | / | (44.542 / (44.542 + 189.004)) |
| = | 0.198749 | / | 0.19072 |
| | = | 1.0421 |
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) |
| = | (257.419 / 1007.016) | / | (268.681 / 1481.592) |
| = | 0.255626 | / | 0.181346 |
| | = | 1.4096 |
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) |
| = | ((18.294 + 322.124) / 800.534) | / | ((13.309 + 336.682) / 898.425) |
| = | 0.425239 | / | 0.389561 |
| | = | 1.0916 |
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 |
| = | (-84.732 - 0 | - | 22.998) | / | 800.534 |
| | = | -0.134573 |
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.
Top Form International has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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