Jinhui Mining Co Beneish M-Score Historical Data
The historical data trend for Jinhui Mining 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.
Jinhui Mining Co Beneish M-Score Chart
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Jinhui Mining Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
156.52 |
-3.75 |
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Jinhui Mining Co Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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25.21 |
4.05 |
45.53 |
-3.75 |
-0.82 |
Competitive Comparison of Jinhui Mining Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Jinhui Mining 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.
Jinhui Mining Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Jinhui Mining Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jinhui Mining Co's Beneish M-Score falls into.
Jinhui Mining 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 Jinhui Mining 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 * 2.8904 | + | 0.528 * 1.1547 | + | 0.404 * 0.914 | + | 0.892 * 1.1828 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7138 | + | 4.679 * -0.041918 | - | 0.327 * 1.4346 |
| = | -0.82 |
* 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 ¥38 Mil.
Revenue was 298.952 + 439.085 + 295.256 + 343.418 = ¥1,377 Mil.
Gross Profit was 175.299 + 203.033 + 177.671 + 211.527 = ¥768 Mil.
Total Current Assets was ¥1,365 Mil.
Total Assets was ¥6,399 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,855 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥29 Mil.
Total Current Liabilities was ¥2,105 Mil.
Long-Term Debt & Capital Lease Obligation was ¥840 Mil.
Net Income was 80.82 + 98.49 + 92.225 + 111.046 = ¥383 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 38.299 + 355.728 + 121.123 + 135.654 = ¥651 Mil.
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Total Receivables was ¥11 Mil.
Revenue was 205.134 + 367.038 + 242.861 + 348.894 = ¥1,164 Mil.
Gross Profit was 109.608 + 268.304 + 136.564 + 234.832 = ¥749 Mil.
Total Current Assets was ¥851 Mil.
Total Assets was ¥5,404 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,464 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥34 Mil.
Total Current Liabilities was ¥1,087 Mil.
Long-Term Debt & Capital Lease Obligation was ¥647 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) |
| = | (38.384 / 1376.711) | / | (11.227 / 1163.927) |
| = | 0.027881 | / | 0.009646 |
| | = | 2.8904 |
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) |
| = | (749.308 / 1163.927) | / | (767.53 / 1376.711) |
| = | 0.643776 | / | 0.55751 |
| | = | 1.1547 |
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 - (1365.27 + 3855.195) / 6398.681) | / | (1 - (850.966 + 3464.453) / 5404.1) |
| = | 0.184134 | / | 0.201455 |
| | = | 0.914 |
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 |
| = | 1376.711 | / | 1163.927 |
| | = | 1.1828 |
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 + 3464.453)) | / | (0 / (0 + 3855.195)) |
| = | 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) |
| = | (28.704 / 1376.711) | / | (33.999 / 1163.927) |
| = | 0.02085 | / | 0.029211 |
| | = | 0.7138 |
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) |
| = | ((840.034 + 2104.611) / 6398.681) | / | ((646.834 + 1086.733) / 5404.1) |
| = | 0.460196 | / | 0.320787 |
| | = | 1.4346 |
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 |
| = | (382.581 - 0 | - | 650.804) | / | 6398.681 |
| | = | -0.041918 |
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.
Jinhui Mining Co has a M-score of -0.82 signals that the company is likely to be a manipulator.
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