Xiamen Tungsten Co Beneish M-Score Historical Data
The historical data trend for Xiamen Tungsten Co'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.
Xiamen Tungsten Co Beneish M-Score Chart
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Xiamen Tungsten Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-2.56 |
-2.02 |
-1.67 |
-3.11 |
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Xiamen Tungsten Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.15 |
-2.43 |
-2.75 |
-3.11 |
-2.92 |
Competitive Comparison of Xiamen Tungsten Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Xiamen Tungsten Co'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.
Xiamen Tungsten Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Xiamen Tungsten Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xiamen Tungsten Co's Beneish M-Score falls into.
Xiamen Tungsten Co 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 Xiamen Tungsten Co 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 * 1.1264 | + | 0.528 * 0.8741 | + | 0.404 * 1.0848 | + | 0.892 * 0.845 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2226 | + | 4.679 * -0.080388 | - | 0.327 * 0.9198 |
| = | -2.92 |
* 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 ¥7,929 Mil.
Revenue was 8269.712 + 9869.718 + 10798.109 + 10168.425 = ¥39,106 Mil.
Gross Profit was 1380.059 + 1663.74 + 1681.415 + 1655.141 = ¥6,380 Mil.
Total Current Assets was ¥20,769 Mil.
Total Assets was ¥40,594 Mil.
Property, Plant and Equipment(Net PPE) was ¥13,282 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥598 Mil.
Total Current Liabilities was ¥12,486 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7,798 Mil.
Net Income was 427.113 + 440.576 + 369.814 + 351.232 = ¥1,589 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 569.468 + 2346.281 + 937.058 + 999.223 = ¥4,852 Mil.
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Total Receivables was ¥8,330 Mil.
Revenue was 8561.654 + 11306.581 + 12758.205 + 13652.233 = ¥46,279 Mil.
Gross Profit was 1509.522 + 1485.921 + 1713.057 + 1891.251 = ¥6,600 Mil.
Total Current Assets was ¥23,090 Mil.
Total Assets was ¥40,483 Mil.
Property, Plant and Equipment(Net PPE) was ¥11,378 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥579 Mil.
Total Current Liabilities was ¥12,484 Mil.
Long-Term Debt & Capital Lease Obligation was ¥9,508 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) |
| = | (7928.996 / 39105.964) | / | (8330.397 / 46278.673) |
| = | 0.202757 | / | 0.180005 |
| | = | 1.1264 |
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) |
| = | (6599.751 / 46278.673) | / | (6380.355 / 39105.964) |
| = | 0.142609 | / | 0.163156 |
| | = | 0.8741 |
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 - (20769.405 + 13281.518) / 40594.423) | / | (1 - (23090.464 + 11377.549) / 40483.387) |
| = | 0.161192 | / | 0.148589 |
| | = | 1.0848 |
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 |
| = | 39105.964 | / | 46278.673 |
| | = | 0.845 |
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)) |
| = | (0 / (0 + 11377.549)) | / | (0 / (0 + 13281.518)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (598.397 / 39105.964) | / | (579.227 / 46278.673) |
| = | 0.015302 | / | 0.012516 |
| | = | 1.2226 |
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) |
| = | ((7797.655 + 12485.659) / 40594.423) | / | ((9507.897 + 12483.92) / 40483.387) |
| = | 0.499658 | / | 0.543231 |
| | = | 0.9198 |
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 |
| = | (1588.735 - 0 | - | 4852.03) | / | 40594.423 |
| | = | -0.080388 |
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.
Xiamen Tungsten Co has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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