Guangdong Chant Group Beneish M-Score Historical Data
The historical data trend for Guangdong Chant 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.
Guangdong Chant Group Beneish M-Score Chart
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Guangdong Chant Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.94 |
-1.82 |
-1.42 |
-2.54 |
-2.55 |
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Guangdong Chant Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.66 |
-2.55 |
-2.40 |
-2.55 |
-2.66 |
Competitive Comparison of Guangdong Chant Group's Beneish M-Score
For the Consumer Electronics subindustry, Guangdong Chant 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.
Guangdong Chant Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Guangdong Chant Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guangdong Chant Group's Beneish M-Score falls into.
Guangdong Chant 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 Guangdong Chant 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 * 1.1085 | + | 0.528 * 0.7968 | + | 0.404 * 0.9027 | + | 0.892 * 1.1332 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7716 | + | 4.679 * -0.026496 | - | 0.327 * 0.9909 |
| = | -2.66 |
* 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 ¥2,972 Mil.
Revenue was 993.65 + 1030.77 + 972.487 + 1016.417 = ¥4,013 Mil.
Gross Profit was 198.891 + 238.326 + 211.2 + 235.653 = ¥884 Mil.
Total Current Assets was ¥4,317 Mil.
Total Assets was ¥10,779 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,599 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥140 Mil.
Total Current Liabilities was ¥2,846 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,993 Mil.
Net Income was 55.994 + 46.05 + 36.205 + 60.67 = ¥199 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 224.276 + 183.737 + -9.695 + 86.192 = ¥485 Mil.
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Total Receivables was ¥2,366 Mil.
Revenue was 946.724 + 1029.802 + 767.809 + 797.402 = ¥3,542 Mil.
Gross Profit was 164.079 + 210.899 + 114.593 + 132.122 = ¥622 Mil.
Total Current Assets was ¥3,295 Mil.
Total Assets was ¥10,060 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,874 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥70 Mil.
Total Current Liabilities was ¥2,847 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,537 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) |
| = | (2972.471 / 4013.324) | / | (2366.363 / 3541.737) |
| = | 0.740651 | / | 0.668136 |
| | = | 1.1085 |
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) |
| = | (621.693 / 3541.737) | / | (884.07 / 4013.324) |
| = | 0.175533 | / | 0.220284 |
| | = | 0.7968 |
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 - (4317.099 + 5599.218) / 10778.543) | / | (1 - (3294.626 + 5874.064) / 10060.225) |
| = | 0.079995 | / | 0.08862 |
| | = | 0.9027 |
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 |
| = | 4013.324 | / | 3541.737 |
| | = | 1.1332 |
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 + 5874.064)) | / | (0 / (0 + 5599.218)) |
| = | 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) |
| = | (140.183 / 4013.324) | / | (69.83 / 3541.737) |
| = | 0.034929 | / | 0.019716 |
| | = | 1.7716 |
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) |
| = | ((4993.007 + 2845.593) / 10778.543) | / | ((4536.961 + 2846.738) / 10060.225) |
| = | 0.727241 | / | 0.73395 |
| | = | 0.9909 |
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 |
| = | (198.919 - 0 | - | 484.51) | / | 10778.543 |
| | = | -0.026496 |
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.
Guangdong Chant Group has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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