Goneo Group Co Beneish M-Score Historical Data
The historical data trend for Goneo 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.
Goneo Group Co Beneish M-Score Chart
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Goneo Group Co Annual Data
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Dec15 |
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Dec18 |
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Dec22 |
| Beneish M-Score |
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-2.42 |
-2.61 |
-2.35 |
-2.60 |
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Goneo Group Co Quarterly Data
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Dec18 |
Mar19 |
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Sep23 |
| Beneish M-Score |
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-2.27 |
-2.60 |
-2.95 |
-3.39 |
-3.24 |
Competitive Comparison of Goneo Group Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Goneo 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.
Goneo Group Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Goneo Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Goneo Group Co's Beneish M-Score falls into.
Goneo 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 Goneo 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 * 0.6181 | + | 0.528 * 0.8589 | + | 0.404 * 0.9514 | + | 0.892 * 1.0987 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2224 | + | 4.679 * -0.077856 | - | 0.327 * 1.005 |
| = | -3.24 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ¥207 Mil.
Revenue was 4014.399 + 4258.286 + 3334.142 + 3606.883 = ¥15,214 Mil.
Gross Profit was 1792.613 + 1837.442 + 1238.665 + 1477.962 = ¥6,347 Mil.
Total Current Assets was ¥15,266 Mil.
Total Assets was ¥18,710 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,833 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,237 Mil.
Total Current Liabilities was ¥5,085 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4 Mil.
Net Income was 991.319 + 1085.963 + 735.954 + 827.199 = ¥3,640 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1041.36 + 1539.85 + 1439.164 + 1076.771 = ¥5,097 Mil.
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Total Receivables was ¥305 Mil.
Revenue was 3636.182 + 3759.885 + 3078.424 + 3372.396 = ¥13,847 Mil.
Gross Profit was 1415.987 + 1396.229 + 1061.113 + 1088.114 = ¥4,961 Mil.
Total Current Assets was ¥12,948 Mil.
Total Assets was ¥16,015 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,517 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥921 Mil.
Total Current Liabilities was ¥4,322 Mil.
Long-Term Debt & Capital Lease Obligation was ¥12 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) |
| = | (207.409 / 15213.71) | / | (305.397 / 13846.887) |
| = | 0.013633 | / | 0.022055 |
| | = | 0.6181 |
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) |
| = | (4961.443 / 13846.887) | / | (6346.682 / 15213.71) |
| = | 0.358307 | / | 0.417169 |
| | = | 0.8589 |
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 - (15265.58 + 2833.356) / 18710.415) | / | (1 - (12947.837 + 2516.651) / 16014.596) |
| = | 0.032681 | / | 0.03435 |
| | = | 0.9514 |
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 |
| = | 15213.71 | / | 13846.887 |
| | = | 1.0987 |
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 + 2516.651)) | / | (0 / (0 + 2833.356)) |
| = | 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) |
| = | (1237.252 / 15213.71) | / | (921.222 / 13846.887) |
| = | 0.081325 | / | 0.066529 |
| | = | 1.2224 |
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) |
| = | ((4.432 + 5084.648) / 18710.415) | / | ((11.891 + 4322.085) / 16014.596) |
| = | 0.271992 | / | 0.270627 |
| | = | 1.005 |
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 |
| = | (3640.435 - 0 | - | 5097.145) | / | 18710.415 |
| | = | -0.077856 |
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.
Goneo Group Co has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
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