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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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for HF Foods Group's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of HF Foods Group was 73.77. The lowest was -3.77. And the median was -2.46.
The historical data trend for HF Foods 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.
HF Foods Group Annual Data | ||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | 29.66 | -3.77 | -2.19 | -2.51 | -2.54 |
HF Foods Group Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.74 | -2.74 | -2.94 | -2.54 | -2.46 |
For the Food Distribution subindustry, HF Foods 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.
For the Retail - Defensive industry and Consumer Defensive sector, HF Foods Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HF Foods Group's Beneish M-Score falls into.
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 HF Foods 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 * 1.1791 | + | 0.528 * 0.9731 | + | 0.404 * 0.9667 | + | 0.892 * 0.9698 | + | 0.115 * 0.9843 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9578 | + | 4.679 * -0.019383 | - | 0.327 * 1.0187 | |||||||
= | -2.46 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $50 Mil. Revenue was 295.654 + 280.873 + 281.453 + 292.312 = $1,150 Mil. Gross Profit was 50.411 + 52.268 + 50.925 + 50.666 = $204 Mil. Total Current Assets was $185 Mil. Total Assets was $603 Mil. Property, Plant and Equipment(Net PPE) was $150 Mil. Depreciation, Depletion and Amortization(DDA) was $26 Mil. Selling, General, & Admin. Expense(SGA) was $193 Mil. Total Current Liabilities was $151 Mil. Long-Term Debt & Capital Lease Obligation was $131 Mil. Net Income was -0.694 + 2.725 + 1.884 + -0.85 = $3 Mil. Non Operating Income was 2.179 + -3.356 + 2.569 + 3.073 = $4 Mil. Cash Flow from Operations was 7.055 + -4.82 + 11.892 + -3.838 = $10 Mil. |
Total Receivables was $44 Mil. Revenue was 293.855 + 291.899 + 300.711 + 299.642 = $1,186 Mil. Gross Profit was 50.172 + 50.722 + 51.493 + 52.57 = $205 Mil. Total Current Assets was $179 Mil. Total Assets was $613 Mil. Property, Plant and Equipment(Net PPE) was $152 Mil. Depreciation, Depletion and Amortization(DDA) was $26 Mil. Selling, General, & Admin. Expense(SGA) was $207 Mil. Total Current Liabilities was $145 Mil. Long-Term Debt & Capital Lease Obligation was $135 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) |
= | (50 / 1150.292) | / | (43.724 / 1186.107) | |
= | 0.043467 | / | 0.036863 | |
= | 1.1791 |
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) | |
= | (204.957 / 1186.107) | / | (204.27 / 1150.292) | |
= | 0.172798 | / | 0.177581 | |
= | 0.9731 |
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 - (185.486 + 149.804) / 603.065) | / | (1 - (179.369 + 152.262) / 613.379) | |
= | 0.444023 | / | 0.459338 | |
= | 0.9667 |
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 | |
= | 1150.292 | / | 1186.107 | |
= | 0.9698 |
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)) |
= | (25.846 / (25.846 + 152.262)) | / | (25.905 / (25.905 + 149.804)) | |
= | 0.145114 | / | 0.147431 | |
= | 0.9843 |
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) |
= | (192.629 / 1150.292) | / | (207.387 / 1186.107) | |
= | 0.167461 | / | 0.174847 | |
= | 0.9578 |
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) |
= | ((130.513 + 150.635) / 603.065) | / | ((135.416 + 145.292) / 613.379) | |
= | 0.466199 | / | 0.457642 | |
= | 1.0187 |
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 | |
= | (3.065 - 4.465 | - | 10.289) | / | 603.065 | |
= | -0.019383 |
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.
HF Foods Group has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of HF Foods Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Xiao Mou Zhang | director, officer: Chief Executive Officer | 6001 W. MARKET STREET, GREENSBORO NC 27409 |
Prudence H Chiang | director | 6325 S RAINBOW BLVD STE 420, LAS VEGAS NV 89118 |
Valerie Chase | director | SOUTH 6325 RAINBOW BOULEVARD, SUITE 420, LAS VEGAS NV 89118 |
Xi Lin | officer: Chief Operating Officer | 6001 W. MARKET STREET, GREENSBORO NC 27409 |
Russell T. Libby | director | SYSCO CORPORATION, 1390 ENCLAVE PARKWAY, HOUSTON TX 77077 |
Christine Chang | officer: See Remarks | 19319 ARENTH AVENUE, CITY OF INDUSTRY CA 91748 |
Hong Wang | director | 5811 WILDROSE DRIVE, GREENSBORO NC 27410 |
Carlos Antonio Rodriguez | officer: Chief Financial Officer | 6325 SOUTH RAINBOW BOULEVARD, SUITE 420, LAS VEGAS NV 89118 |
Jose Maroto | director | 6325 SOUTH RAINBOW BOULEVARD, SUITE 420, LAS VEGAS NV 89118 |
Kong Hian Lee | officer: Chief Financial Officer | 19319 ARENTH AVENUE, CITY OF INDUSTRY CA 91748 |
Spot Light Investments, Llc | 10 percent owner | 6001 W. MARKET STREET, GREENSBORO NC 27409 |
Ren Hua Zheng | director | 2 DANDY DRIVE, COS COB CT 06807 |
Caixuan Xu | officer: Chief Financial Officer | 6001 W. MARKET ST, GREENSBORO NC 27409 |
Zhehui Ni | director | ROOM 1704, BUILDING #16, NO. 58 AOMEN ROAD, SHANGHAI F4 200061 |
Irrevocable Trust For Raymond Ni | 10 percent owner | 6001 WEST MARKET STREET, GREENSBORO NC 27409 |
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