Fujiannmu Group Co Beneish M-Score Historical Data
The historical data trend for Fujiannmu 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.
Fujiannmu Group Co Beneish M-Score Chart
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Fujiannmu Group 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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-3.56 |
-0.97 |
-2.84 |
-1.14 |
-2.55 |
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Fujiannmu Group Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.90 |
-1.56 |
-2.22 |
-2.55 |
-2.83 |
Competitive Comparison of Fujiannmu Group Co's Beneish M-Score
For the Real Estate - Diversified subindustry, Fujiannmu 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.
Fujiannmu Group Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Fujiannmu Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fujiannmu Group Co's Beneish M-Score falls into.
Fujiannmu 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 Fujiannmu 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 * 0.4523 | + | 0.528 * 1.1703 | + | 0.404 * 1.1556 | + | 0.892 * 0.9521 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0225 | + | 4.679 * 0.005883 | - | 0.327 * 0.9374 |
| = | -2.83 |
* 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 ¥187 Mil.
Revenue was 3703.022 + 3583.111 + 2657.937 + 4706.686 = ¥14,651 Mil.
Gross Profit was 168.525 + 45.711 + 107.119 + 114.426 = ¥436 Mil.
Total Current Assets was ¥5,649 Mil.
Total Assets was ¥9,363 Mil.
Property, Plant and Equipment(Net PPE) was ¥495 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥126 Mil.
Total Current Liabilities was ¥5,222 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,584 Mil.
Net Income was 5.243 + -330.733 + 0.074 + 4.889 = ¥-321 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 71.593 + -348.704 + -160.518 + 62.019 = ¥-376 Mil.
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Total Receivables was ¥433 Mil.
Revenue was 2964.477 + 4919.934 + 4602.368 + 2901.173 = ¥15,388 Mil.
Gross Profit was 100.409 + 192.348 + 149.486 + 93.424 = ¥536 Mil.
Total Current Assets was ¥6,640 Mil.
Total Assets was ¥10,208 Mil.
Property, Plant and Equipment(Net PPE) was ¥531 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥129 Mil.
Total Current Liabilities was ¥6,771 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,145 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) |
| = | (186.571 / 14650.756) | / | (433.312 / 15387.952) |
| = | 0.012735 | / | 0.028159 |
| | = | 0.4523 |
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) |
| = | (535.667 / 15387.952) | / | (435.781 / 14650.756) |
| = | 0.034811 | / | 0.029745 |
| | = | 1.1703 |
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 - (5648.76 + 495.116) / 9363.17) | / | (1 - (6639.675 + 531.383) / 10208.469) |
| = | 0.343825 | / | 0.297538 |
| | = | 1.1556 |
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 |
| = | 14650.756 | / | 15387.952 |
| | = | 0.9521 |
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 + 531.383)) | / | (0 / (0 + 495.116)) |
| = | 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) |
| = | (125.636 / 14650.756) | / | (129.046 / 15387.952) |
| = | 0.008575 | / | 0.008386 |
| | = | 1.0225 |
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) |
| = | ((1583.75 + 5221.799) / 9363.17) | / | ((1144.963 + 6770.59) / 10208.469) |
| = | 0.726842 | / | 0.775391 |
| | = | 0.9374 |
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 |
| = | (-320.527 - 0 | - | -375.61) | / | 9363.17 |
| | = | 0.005883 |
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.
Fujiannmu Group Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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