Ming Fai International Holdings (HKSE:03828) Beneish M-Score : -2.50 (As of May. 22, 2024)

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What is Ming Fai International 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.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ming Fai International Holdings's Beneish M-Score or its related term are showing as below:

HKSE:03828' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59 Med: -2.45 Max: -1.97
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Ming Fai International Holdings was -1.97. The lowest was -3.59. And the median was -2.45.

Ming Fai International Holdings Beneish M-Score Historical Data

The historical data trend for Ming Fai International 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.

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Ming Fai International Holdings Beneish M-Score Chart

Ming Fai International Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.19

-2.68

-2.27

-2.67

-2.50

Ming Fai International Holdings Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.27	-	-2.67	-	-2.50

Competitive Comparison of Ming Fai International Holdings's Beneish M-Score

For the Household & Personal Products subindustry, Ming Fai International 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.

Ming Fai International Holdings's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Ming Fai International Holdings's Beneish M-Score distribution charts can be found below:

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

Ming Fai International 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 Ming Fai International Holdings 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 * 0.9389

0.528 * 0.9762

0.404 * 1.5929

0.892 * 1.153

0.115 * 1.015

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9717

4.679 * -0.063339

0.327 * 1.1133

-2.50

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$622 Mil.
Revenue was HK$2,067 Mil.
Gross Profit was HK$502 Mil.
Total Current Assets was HK$1,407 Mil.
Total Assets was HK$1,965 Mil.
Property, Plant and Equipment(Net PPE) was HK$490 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$62 Mil.
Selling, General, & Admin. Expense(SGA) was HK$370 Mil.
Total Current Liabilities was HK$749 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 Mil.
Net Income was HK$104 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$229 Mil.

Total Receivables was HK$575 Mil.
Revenue was HK$1,793 Mil.
Gross Profit was HK$425 Mil.
Total Current Assets was HK$1,204 Mil.
Total Assets was HK$1,749 Mil.
Property, Plant and Equipment(Net PPE) was HK$507 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$65 Mil.
Selling, General, & Admin. Expense(SGA) was HK$330 Mil.
Total Current Liabilities was HK$596 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6 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)
	=	(621.977 / 2067.273)	/	(574.583 / 1793.025)
	=	0.300868	/	0.320455
	=	0.9389

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)
	=	(424.813 / 1793.025)	/	(501.744 / 2067.273)
	=	0.236925	/	0.242708
	=	0.9762

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 - (1406.916 + 490.296) / 1965.228)	/	(1 - (1204.33 + 507.119) / 1749.461)
	=	0.03461	/	0.021728
	=	1.5929

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
	=	2067.273	/	1793.025
	=	1.153

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))
	=	(65.06 / (65.06 + 507.119))	/	(61.855 / (61.855 + 490.296))
	=	0.113706	/	0.112026
	=	1.015

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)
	=	(370.154 / 2067.273)	/	(330.391 / 1793.025)
	=	0.179054	/	0.184265
	=	0.9717

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)
	=	((4.8 + 748.596) / 1965.228)	/	((6.04 + 596.371) / 1749.461)
	=	0.383363	/	0.344341
	=	1.1133

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
	=	(104.181 - 0	-	228.656)	/	1965.228
	=	-0.063339

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.

Ming Fai International Holdings has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Ming Fai International Holdings Beneish M-Score Related Terms

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Ming Fai International Holdings (HKSE:03828) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Ming Fai International Holdings Ltd (HKSE:03828) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 3 Hoi Shing Road, Unit D3, 8th Floor, TML Tower, New Territories, Tsuen Wan, HKG

Website

https://www.mingfaigroup.com

Ming Fai International Holdings Ltd is an investment holding company. It is engaged in the manufacturing and trading of hospitality supplies products (Hospitality Supplies Business), trading of operating supplies and equipment (OS&E Business), and manufacturing and trading of health care and hygienic products (Health Care and Hygienic Products Business). Its products include Acrylic Hotel Supplies, Bath Mats, Portable Cables, umbrellas, Compact mirrors, Bath products, and others. The group has a business presence in North America, Europe, the PRC, Hong Kong, and other countries.

Ming Fai International Holdings (HKSE:03828) Headlines

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