Shareate Tools Beneish M-Score Historical Data
The historical data trend for Shareate Tools'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.
Shareate Tools Beneish M-Score Chart
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Shareate Tools Annual Data
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| Beneish M-Score |
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- |
- |
-2.51 |
-1.64 |
-2.29 |
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Shareate Tools Quarterly Data
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| Beneish M-Score |
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-1.80 |
-1.96 |
-2.02 |
-2.29 |
-2.40 |
Competitive Comparison of Shareate Tools's Beneish M-Score
For the Tools & Accessories subindustry, Shareate Tools'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.
Shareate Tools's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Shareate Tools's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shareate Tools's Beneish M-Score falls into.
Shareate Tools 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 Shareate Tools 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 * 0.8853 | + | 0.528 * 0.9472 | + | 0.404 * 1.0196 | + | 0.892 * 1.2301 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1247 | + | 4.679 * 0.010923 | - | 0.327 * 1.0858 |
| = | -2.40 |
* 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 ¥786 Mil.
Revenue was 394.42 + 390.678 + 380.221 + 406.266 = ¥1,572 Mil.
Gross Profit was 130.104 + 122.946 + 128.701 + 127.214 = ¥509 Mil.
Total Current Assets was ¥2,365 Mil.
Total Assets was ¥3,433 Mil.
Property, Plant and Equipment(Net PPE) was ¥725 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥117 Mil.
Total Current Liabilities was ¥947 Mil.
Long-Term Debt & Capital Lease Obligation was ¥94 Mil.
Net Income was 42.984 + 35.682 + 41.971 + 47.167 = ¥168 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -8.464 + 72.011 + 11.529 + 55.229 = ¥130 Mil.
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Total Receivables was ¥722 Mil.
Revenue was 372.167 + 304.377 + 299.897 + 301.179 = ¥1,278 Mil.
Gross Profit was 124.929 + 91.307 + 83.072 + 92.599 = ¥392 Mil.
Total Current Assets was ¥2,413 Mil.
Total Assets was ¥3,297 Mil.
Property, Plant and Equipment(Net PPE) was ¥561 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥84 Mil.
Total Current Liabilities was ¥866 Mil.
Long-Term Debt & Capital Lease Obligation was ¥55 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) |
| = | (786.012 / 1571.585) | / | (721.786 / 1277.62) |
| = | 0.50014 | / | 0.564946 |
| | = | 0.8853 |
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) |
| = | (391.907 / 1277.62) | / | (508.965 / 1571.585) |
| = | 0.306748 | / | 0.323855 |
| | = | 0.9472 |
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 - (2364.703 + 724.704) / 3432.917) | / | (1 - (2412.85 + 560.858) / 3297.29) |
| = | 0.100064 | / | 0.098136 |
| | = | 1.0196 |
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 |
| = | 1571.585 | / | 1277.62 |
| | = | 1.2301 |
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 + 560.858)) | / | (0 / (0 + 724.704)) |
| = | 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) |
| = | (116.613 / 1571.585) | / | (84.289 / 1277.62) |
| = | 0.074201 | / | 0.065973 |
| | = | 1.1247 |
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) |
| = | ((94.392 + 947.2) / 3432.917) | / | ((55.455 + 865.932) / 3297.29) |
| = | 0.303413 | / | 0.279438 |
| | = | 1.0858 |
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 |
| = | (167.804 - 0 | - | 130.305) | / | 3432.917 |
| | = | 0.010923 |
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.
Shareate Tools has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
Shareate Tools (SHSE:688257) Business Description
Traded in Other Exchanges
N/A
Address
133 Shuangma Street, Weiting Town, Suzhou Industrial Park, Jiangsu Province, Suzhou, CHN, 215121
Shareate Tools Ltd is a national high-tech enterprise, engaged in cemented carbide products and rock drilling tools. Its main products are Rotary Tricone Bit, DTH Hammer & Bit for mining, water well, and oil-field drilling applications, oil drilling, and mining cemented carbide, carbide substrates for PDC bits, petroleum drill bit nozzle, ultra-fine cemented carbide rod, fine grain cutting tools, stamping die plate, cold heading dies, powder metallurgy dies, tungsten carbide tubular welding, wear parts, non-standard parts. It exports to South America, Africa, Australia, Russia, South Korea, USA, Canada and other countries.
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