Tianli International Holdings Beneish M-Score Historical Data
The historical data trend for Tianli 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.
Tianli International Holdings Beneish M-Score Chart
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Tianli International Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.28 |
-3.70 |
44.54 |
1.59 |
-2.24 |
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Tianli International Holdings Semi-Annual Data
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Dec15 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
Feb24 |
| Beneish M-Score |
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- |
1.59 |
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-2.24 |
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Competitive Comparison of Tianli International Holdings's Beneish M-Score
For the Education & Training Services subindustry, Tianli 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.
Tianli International Holdings's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Tianli International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tianli International Holdings's Beneish M-Score falls into.
Tianli 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 Tianli International Holdings 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 * 0.2371 | + | 0.528 * 0.9813 | + | 0.404 * 0.9266 | + | 0.892 * 2.4364 | + | 0.115 * 0.8095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7318 | + | 4.679 * -0.067196 | - | 0.327 * 1.0295 |
| = | -2.24 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was HK$744 Mil.
Revenue was HK$2,486 Mil.
Gross Profit was HK$841 Mil.
Total Current Assets was HK$2,560 Mil.
Total Assets was HK$10,313 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,020 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$219 Mil.
Selling, General, & Admin. Expense(SGA) was HK$298 Mil.
Total Current Liabilities was HK$4,934 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,444 Mil.
Net Income was HK$360 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,053 Mil.
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Total Receivables was HK$1,288 Mil.
Revenue was HK$1,020 Mil.
Gross Profit was HK$339 Mil.
Total Current Assets was HK$2,545 Mil.
Total Assets was HK$9,381 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,117 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$153 Mil.
Selling, General, & Admin. Expense(SGA) was HK$167 Mil.
Total Current Liabilities was HK$4,401 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,235 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) |
| = | (744.097 / 2486.048) | / | (1287.973 / 1020.369) |
| = | 0.299309 | / | 1.262262 |
| | = | 0.2371 |
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) |
| = | (338.679 / 1020.369) | / | (840.92 / 2486.048) |
| = | 0.331918 | / | 0.338256 |
| | = | 0.9813 |
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 - (2560.105 + 7020.399) / 10312.972) | / | (1 - (2545.273 + 6117.124) / 9381.499) |
| = | 0.071024 | / | 0.076651 |
| | = | 0.9266 |
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 |
| = | 2486.048 | / | 1020.369 |
| | = | 2.4364 |
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)) |
| = | (153.23 / (153.23 + 6117.124)) | / | (218.534 / (218.534 + 7020.399)) |
| = | 0.024437 | / | 0.030189 |
| | = | 0.8095 |
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) |
| = | (298.308 / 2486.048) | / | (167.32 / 1020.369) |
| = | 0.119993 | / | 0.16398 |
| | = | 0.7318 |
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) |
| = | ((1444.488 + 4933.66) / 10312.972) | / | ((1234.896 + 4401.18) / 9381.499) |
| = | 0.618459 | / | 0.600765 |
| | = | 1.0295 |
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 |
| = | (360.435 - 0 | - | 1053.427) | / | 10312.972 |
| | = | -0.067196 |
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.
Tianli International Holdings has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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