Jiangsu Xinquan Automotive Trim Co (SHSE:603179) Beneish M-Score : -1.99 (As of Jun. 02, 2024)

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What is Jiangsu Xinquan Automotive Trim 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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Jiangsu Xinquan Automotive Trim Co's Beneish M-Score or its related term are showing as below:

SHSE:603179' s Beneish M-Score Range Over the Past 10 Years
Min: -8.38 Med: -2.15 Max: 1
Current: -1.99

During the past 12 years, the highest Beneish M-Score of Jiangsu Xinquan Automotive Trim Co was 1.00. The lowest was -8.38. And the median was -2.15.

Jiangsu Xinquan Automotive Trim Co Beneish M-Score Historical Data

The historical data trend for Jiangsu Xinquan Automotive Trim 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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Jiangsu Xinquan Automotive Trim Co Beneish M-Score Chart

Jiangsu Xinquan Automotive Trim Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.07

-2.06

-2.12

-2.15

-2.02

Jiangsu Xinquan Automotive Trim 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															-2.16	-2.05	-2.07	-2.02	-1.99

Competitive Comparison of Jiangsu Xinquan Automotive Trim Co's Beneish M-Score

For the Auto Parts subindustry, Jiangsu Xinquan Automotive Trim 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.

Jiangsu Xinquan Automotive Trim Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Jiangsu Xinquan Automotive Trim Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jiangsu Xinquan Automotive Trim Co's Beneish M-Score falls into.

Jiangsu Xinquan Automotive Trim 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 Jiangsu Xinquan Automotive Trim 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 * 0.9781

0.528 * 0.9846

0.404 * 1.0128

0.892 * 1.5003

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9667

4.679 * 0.020002

0.327 * 1.112

-1.99

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥4,747 Mil.
Revenue was 3046.998 + 3253.13 + 2686.578 + 2459.413 = ¥11,446 Mil.
Gross Profit was 612.514 + 676.027 + 523.574 + 489.991 = ¥2,302 Mil.
Total Current Assets was ¥9,204 Mil.
Total Assets was ¥13,891 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,846 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥374 Mil.
Total Current Liabilities was ¥7,010 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,648 Mil.
Net Income was 204.176 + 244.588 + 185.784 + 223.627 = ¥858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 107.17 + 245.784 + 97.947 + 129.425 = ¥580 Mil.

Total Receivables was ¥3,235 Mil.
Revenue was 2172.763 + 2225.661 + 1907.908 + 1323.027 = ¥7,629 Mil.
Gross Profit was 430.029 + 459.123 + 370.976 + 250.621 = ¥1,511 Mil.
Total Current Assets was ¥6,447 Mil.
Total Assets was ¥9,918 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,878 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥258 Mil.
Total Current Liabilities was ¥4,766 Mil.
Long-Term Debt & Capital Lease Obligation was ¥792 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)
	=	(4747.443 / 11446.119)	/	(3235.237 / 7629.359)
	=	0.414764	/	0.424051
	=	0.9781

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)
	=	(1510.749 / 7629.359)	/	(2302.106 / 11446.119)
	=	0.198018	/	0.201125
	=	0.9846

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 - (9204.421 + 3846.146) / 13891.177)	/	(1 - (6447.136 + 2878.007) / 9917.717)
	=	0.060514	/	0.059749
	=	1.0128

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
	=	11446.119	/	7629.359
	=	1.5003

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 + 2878.007))	/	(0 / (0 + 3846.146))
	=	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)
	=	(374.266 / 11446.119)	/	(258.048 / 7629.359)
	=	0.032698	/	0.033823
	=	0.9667

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)
	=	((1647.647 + 7009.97) / 13891.177)	/	((792.127 + 4766.276) / 9917.717)
	=	0.623246	/	0.560452
	=	1.112

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
	=	(858.175 - 0	-	580.326)	/	13891.177
	=	0.020002

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.

Jiangsu Xinquan Automotive Trim Co has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.

Jiangsu Xinquan Automotive Trim Co Beneish M-Score Related Terms

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Jiangsu Xinquan Automotive Trim Co (SHSE:603179) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Jiangsu Xinquan Automotive Trim Co Ltd (SHSE:603179) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Changchun Village, Danbei Town, Jiangsu Province, Danyang, CHN, 213022

Website

http://xinquan.cn

Jiangsu Xinquan Automotive Trim Co Ltd is a China based auto parts supplier. It offers exterior pieces of the system components and die design.

Executives

Li Xin Fang	Directors, senior managers
Zhu Wen Jun	senior management
Jiang Mei Xia	Director
Liu Dong Sheng	senior management
Zhou Xiong	Director
Wang Bo	Directors, senior managers
Gao Hai Long	Directors, senior managers
Tang Zhi Hua	Directors, senior managers

Jiangsu Xinquan Automotive Trim Co (SHSE:603179) Headlines

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