Fuyao Glass Industry Group Co (SHSE:600660) Beneish M-Score : -2.46 (As of Apr. 27, 2024)

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What is Fuyao Glass Industry Group Co Beneish M-Score?

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 Fuyao Glass Industry Group Co's Beneish M-Score or its related term are showing as below:

SHSE:600660' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.55 Max: -2.39
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Fuyao Glass Industry Group Co was -2.39. The lowest was -3.07. And the median was -2.55.

Fuyao Glass Industry Group Co Beneish M-Score Historical Data

The historical data trend for Fuyao Glass Industry Group 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.

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Fuyao Glass Industry Group Co Beneish M-Score Chart

Fuyao Glass Industry Group Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.54

-2.99

-2.45

-2.46

Fuyao Glass Industry Group Co 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															-2.45	-2.29	-2.53	-2.46	-

Competitive Comparison of Fuyao Glass Industry Group Co's Beneish M-Score

For the Auto Parts subindustry, Fuyao Glass Industry Group 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.

Fuyao Glass Industry Group Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Fuyao Glass Industry Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fuyao Glass Industry Group Co's Beneish M-Score falls into.

Fuyao Glass Industry Group 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 Fuyao Glass Industry Group Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1312

0.528 * 0.9237

0.404 * 0.8552

0.892 * 1.2217

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9834

4.679 * -0.023709

0.327 * 1.0061

-2.37

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥9,391 Mil.
Revenue was 8835.665 + 9335.136 + 8794.602 + 7978.831 = ¥34,944 Mil.
Gross Profit was 3253.211 + 3411.496 + 3193.567 + 2790.461 = ¥12,649 Mil.
Total Current Assets was ¥36,008 Mil.
Total Assets was ¥59,664 Mil.
Property, Plant and Equipment(Net PPE) was ¥20,757 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,258 Mil.
Total Current Liabilities was ¥15,627 Mil.
Long-Term Debt & Capital Lease Obligation was ¥9,960 Mil.
Net Income was 1387.825 + 1503.323 + 1289.69 + 1921.734 = ¥6,103 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1300.2 + 2175.156 + 2324.578 + 1717.222 = ¥7,517 Mil.

Total Receivables was ¥6,796 Mil.
Revenue was 7052.428 + 7658.685 + 7536.37 + 6355.94 = ¥28,603 Mil.
Gross Profit was 2341.147 + 2515.534 + 2632.222 + 2074.551 = ¥9,563 Mil.
Total Current Assets was ¥32,010 Mil.
Total Assets was ¥53,702 Mil.
Property, Plant and Equipment(Net PPE) was ¥18,640 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,880 Mil.
Total Current Liabilities was ¥16,365 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,527 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)
	=	(9391.003 / 34944.234)	/	(6795.629 / 28603.423)
	=	0.268743	/	0.237581
	=	1.1312

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)
	=	(9563.454 / 28603.423)	/	(12648.735 / 34944.234)
	=	0.334346	/	0.361969
	=	0.9237

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 - (36007.772 + 20756.814) / 59664.417)	/	(1 - (32009.757 + 18640.444) / 53702.254)
	=	0.048602	/	0.056833
	=	0.8552

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
	=	34944.234	/	28603.423
	=	1.2217

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 + 18640.444))	/	(0 / (0 + 20756.814))
	=	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)
	=	(2258.1 / 34944.234)	/	(1879.608 / 28603.423)
	=	0.06462	/	0.065713
	=	0.9834

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)
	=	((9960.143 + 15627.416) / 59664.417)	/	((6526.793 + 16365.251) / 53702.254)
	=	0.428858	/	0.426277
	=	1.0061

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
	=	(6102.572 - 0	-	7517.156)	/	59664.417
	=	-0.023709

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.

Fuyao Glass Industry Group Co has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.

Fuyao Glass Industry Group Co Beneish M-Score Related Terms

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Fuyao Glass Industry Group Co (SHSE:600660) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Fuyao Glass Industry Group Co Ltd (SHSE:600660) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

FYGGY:USA 03606:Hong Kong 4FG:Germany

Address

Fuyao Industrial Zone II, Fujian Province, Fuqing, CHN, 350301

Website

https://www.fuyaogroup.com

Fuyao Glass Industry Group Co Ltd manufactures and sells glass to be fitted in automobiles. The company is principally engaged in providing total solutions of safety glass and automotive accessories for various transportation vehicles, including the design, manufacture, and sale of automotive grade float glass, automotive glass, locomotive glass, luggage racks, vehicle window trims, and provision of relevant services. The Company's product portfolio consists of automobile glasses, such as coating glasses and others, which are applied in passenger cars, buses, limousines and others, and float glasses. The Company distributes its products within domestic markets and overseas markets. Geographically, it derives a majority of its revenue from China.

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