Dadi International Group Beneish M-Score Historical Data
The historical data trend for Dadi 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.
Dadi International Group Beneish M-Score Chart
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Dadi International Group Annual Data
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Mar14 |
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Mar19 |
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Mar23 |
| Beneish M-Score |
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-1.47 |
7.73 |
-2.52 |
3.94 |
-4.73 |
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Dadi International Group Quarterly Data
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Dec18 |
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Sep23 |
| Beneish M-Score |
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-4.73 |
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Competitive Comparison of Dadi International Group's Beneish M-Score
For the Publishing subindustry, Dadi 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.
Dadi International Group's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Dadi International Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dadi International Group's Beneish M-Score falls into.
Dadi 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 Dadi International Group 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 * 0.6036 | + | 0.528 * 1.5247 | + | 0.404 * 0.5611 | + | 0.892 * 0.961 | + | 0.115 * 1.2167 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7131 | + | 4.679 * -0.396255 | - | 0.327 * 1.5087 |
| = | -4.73 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was HK$376.78 Mil.
Revenue was HK$36.48 Mil.
Gross Profit was HK$11.64 Mil.
Total Current Assets was HK$691.42 Mil.
Total Assets was HK$713.28 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.15 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.99 Mil.
Selling, General, & Admin. Expense(SGA) was HK$30.78 Mil.
Total Current Liabilities was HK$1,049.60 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.65 Mil.
Net Income was HK$-287.15 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-4.51 Mil.
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Total Receivables was HK$649.49 Mil.
Revenue was HK$37.96 Mil.
Gross Profit was HK$18.47 Mil.
Total Current Assets was HK$1,028.81 Mil.
Total Assets was HK$1,084.97 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.73 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.84 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44.91 Mil.
Total Current Liabilities was HK$1,058.67 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.22 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) |
| = | (376.776 / 36.482) | / | (649.491 / 37.961) |
| = | 10.327723 | / | 17.109428 |
| | = | 0.6036 |
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) |
| = | (18.469 / 37.961) | / | (11.641 / 36.482) |
| = | 0.486526 | / | 0.319089 |
| | = | 1.5247 |
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 - (691.421 + 2.151) / 713.28) | / | (1 - (1028.814 + 2.734) / 1084.973) |
| = | 0.02763 | / | 0.049241 |
| | = | 0.5611 |
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 |
| = | 36.482 | / | 37.961 |
| | = | 0.961 |
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)) |
| = | (3.842 / (3.842 + 2.734)) | / | (1.987 / (1.987 + 2.151)) |
| = | 0.584246 | / | 0.480184 |
| | = | 1.2167 |
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) |
| = | (30.775 / 36.482) | / | (44.908 / 37.961) |
| = | 0.843567 | / | 1.183004 |
| | = | 0.7131 |
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) |
| = | ((0.653 + 1049.6) / 713.28) | / | ((0.219 + 1058.671) / 1084.973) |
| = | 1.472427 | / | 0.97596 |
| | = | 1.5087 |
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 |
| = | (-287.148 - 0 | - | -4.507) | / | 713.28 |
| | = | -0.396255 |
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.
Dadi International Group has a M-score of -4.73 suggests that the company is unlikely to be a manipulator.
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