Sailun Group Co Beneish M-Score Historical Data
The historical data trend for Sailun 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.
Sailun Group Co Beneish M-Score Chart
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Sailun Group 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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-2.80 |
-2.63 |
-2.04 |
-2.49 |
-2.55 |
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Sailun Group Co 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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-2.69 |
-2.82 |
-2.87 |
-2.55 |
-2.24 |
Competitive Comparison of Sailun Group Co's Beneish M-Score
For the Auto Parts subindustry, Sailun 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.
Sailun Group Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sailun Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sailun Group Co's Beneish M-Score falls into.
Sailun 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 Sailun Group 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 * 1.3118 | + | 0.528 * 0.66 | + | 0.404 * 1.0384 | + | 0.892 * 1.2451 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.284 | + | 4.679 * -0.022249 | - | 0.327 * 0.8429 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥5,374 Mil.
Revenue was 7295.784 + 6966.679 + 7380.536 + 6260.003 = ¥27,903 Mil.
Gross Profit was 2019.795 + 2339.497 + 2050.633 + 1697.543 = ¥8,107 Mil.
Total Current Assets was ¥16,779 Mil.
Total Assets was ¥35,172 Mil.
Property, Plant and Equipment(Net PPE) was ¥14,574 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,658 Mil.
Total Current Liabilities was ¥14,428 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,575 Mil.
Net Income was 1033.698 + 1066.329 + 979.533 + 690.562 = ¥3,770 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -104.424 + 2319.96 + 1105.698 + 1231.434 = ¥4,553 Mil.
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Total Receivables was ¥3,290 Mil.
Revenue was 5371.042 + 5184.423 + 6224.572 + 5630.05 = ¥22,410 Mil.
Gross Profit was 1091.64 + 1025.628 + 1092.48 + 1087.62 = ¥4,297 Mil.
Total Current Assets was ¥14,187 Mil.
Total Assets was ¥31,034 Mil.
Property, Plant and Equipment(Net PPE) was ¥13,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,037 Mil.
Total Current Liabilities was ¥11,869 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,930 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) |
| = | (5374.309 / 27903.002) | / | (3290.458 / 22410.087) |
| = | 0.192607 | / | 0.146829 |
| | = | 1.3118 |
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) |
| = | (4297.368 / 22410.087) | / | (8107.468 / 27903.002) |
| = | 0.19176 | / | 0.290559 |
| | = | 0.66 |
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 - (16779.223 + 14574.309) / 35171.809) | / | (1 - (14186.815 + 13602.787) / 31034.246) |
| = | 0.108561 | / | 0.10455 |
| | = | 1.0384 |
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 |
| = | 27903.002 | / | 22410.087 |
| | = | 1.2451 |
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 + 13602.787)) | / | (0 / (0 + 14574.309)) |
| = | 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) |
| = | (1657.828 / 27903.002) | / | (1036.951 / 22410.087) |
| = | 0.059414 | / | 0.046272 |
| | = | 1.284 |
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) |
| = | ((2574.948 + 14428.482) / 35171.809) | / | ((5930.005 + 11869.058) / 31034.246) |
| = | 0.483439 | / | 0.57353 |
| | = | 0.8429 |
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 |
| = | (3770.122 - 0 | - | 4552.668) | / | 35171.809 |
| | = | -0.022249 |
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.
Sailun Group Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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