Shengda Resources Co Beneish M-Score Historical Data
The historical data trend for Shengda Resources 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.
Shengda Resources Co Beneish M-Score Chart
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Shengda Resources 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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-1.87 |
-4.28 |
16.28 |
-2.49 |
-1.98 |
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Shengda Resources Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.35 |
-2.20 |
-2.00 |
-1.98 |
-2.24 |
Competitive Comparison of Shengda Resources Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Shengda Resources 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.
Shengda Resources Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Shengda Resources Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shengda Resources Co's Beneish M-Score falls into.
Shengda Resources 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 Shengda Resources 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 * 0.8754 | + | 0.528 * 1.6576 | + | 0.404 * 1.244 | + | 0.892 * 1.1592 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5886 | + | 4.679 * -0.060439 | - | 0.327 * 1.0585 |
| = | -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 ¥686 Mil.
Revenue was 263.278 + 750.056 + 686.197 + 536.375 = ¥2,236 Mil.
Gross Profit was 41.663 + 261.894 + 208.548 + 175.166 = ¥687 Mil.
Total Current Assets was ¥1,815 Mil.
Total Assets was ¥6,448 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥51 Mil.
Total Current Liabilities was ¥1,836 Mil.
Long-Term Debt & Capital Lease Obligation was ¥113 Mil.
Net Income was -8.778 + 14.057 + 72.777 + 44.892 = ¥123 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -11.325 + 295.095 + 134.107 + 94.753 = ¥513 Mil.
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Total Receivables was ¥676 Mil.
Revenue was 280.875 + 660.037 + 613.983 + 373.872 = ¥1,929 Mil.
Gross Profit was 74.704 + 429.608 + 263.052 + 215.337 = ¥983 Mil.
Total Current Assets was ¥1,433 Mil.
Total Assets was ¥5,258 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,444 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥75 Mil.
Total Current Liabilities was ¥1,363 Mil.
Long-Term Debt & Capital Lease Obligation was ¥139 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) |
| = | (686.111 / 2235.906) | / | (676.071 / 1928.767) |
| = | 0.30686 | / | 0.35052 |
| | = | 0.8754 |
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) |
| = | (982.701 / 1928.767) | / | (687.271 / 2235.906) |
| = | 0.509497 | / | 0.307379 |
| | = | 1.6576 |
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 - (1815.408 + 2524.558) / 6447.516) | / | (1 - (1433.031 + 2443.646) / 5258.344) |
| = | 0.326878 | / | 0.262757 |
| | = | 1.244 |
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 |
| = | 2235.906 | / | 1928.767 |
| | = | 1.1592 |
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 + 2443.646)) | / | (0 / (0 + 2524.558)) |
| = | 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) |
| = | (51.231 / 2235.906) | / | (75.081 / 1928.767) |
| = | 0.022913 | / | 0.038927 |
| | = | 0.5886 |
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) |
| = | ((113 + 1836.417) / 6447.516) | / | ((138.802 + 1363.214) / 5258.344) |
| = | 0.302352 | / | 0.285644 |
| | = | 1.0585 |
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 |
| = | (122.948 - 0 | - | 512.63) | / | 6447.516 |
| | = | -0.060439 |
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.
Shengda Resources Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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