Luoniushan Co Beneish M-Score Historical Data
The historical data trend for Luoniushan 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.
Luoniushan Co Beneish M-Score Chart
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Luoniushan 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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-2.75 |
-1.96 |
-3.03 |
-2.68 |
10.69 |
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Luoniushan 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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-2.43 |
-2.78 |
-2.79 |
10.69 |
-0.39 |
Competitive Comparison of Luoniushan Co's Beneish M-Score
For the Farm Products subindustry, Luoniushan 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.
Luoniushan Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Luoniushan Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Luoniushan Co's Beneish M-Score falls into.
Luoniushan 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 Luoniushan 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 * 3.29 | + | 0.528 * 2.1485 | + | 0.404 * 0.74 | + | 0.892 * 0.9939 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9364 | + | 4.679 * -0.079203 | - | 0.327 * 0.931 |
| = | -0.39 |
* 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 ¥223 Mil.
Revenue was 1007.581 + 1264.003 + 765.824 + 683.669 = ¥3,721 Mil.
Gross Profit was 148.306 + 235.535 + 52.879 + -40.251 = ¥396 Mil.
Total Current Assets was ¥3,864 Mil.
Total Assets was ¥10,721 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,073 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥204 Mil.
Total Current Liabilities was ¥3,956 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,344 Mil.
Net Income was 109.521 + -326.259 + -52.671 + -163.033 = ¥-432 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -22.396 + 56.872 + 169.001 + 213.227 = ¥417 Mil.
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Total Receivables was ¥68 Mil.
Revenue was 1386.812 + 1092.034 + 652.742 + 612.309 = ¥3,744 Mil.
Gross Profit was 412.174 + 294.879 + 96.914 + 53.076 = ¥857 Mil.
Total Current Assets was ¥3,820 Mil.
Total Assets was ¥12,214 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,107 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥106 Mil.
Total Current Liabilities was ¥4,214 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,273 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) |
| = | (222.955 / 3721.077) | / | (68.183 / 3743.897) |
| = | 0.059917 | / | 0.018212 |
| | = | 3.29 |
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) |
| = | (857.043 / 3743.897) | / | (396.469 / 3721.077) |
| = | 0.228917 | / | 0.106547 |
| | = | 2.1485 |
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 - (3864.092 + 4072.521) / 10721.167) | / | (1 - (3820 + 4107.417) / 12214.494) |
| = | 0.259725 | / | 0.350983 |
| | = | 0.74 |
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 |
| = | 3721.077 | / | 3743.897 |
| | = | 0.9939 |
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 + 4107.417)) | / | (0 / (0 + 4072.521)) |
| = | 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) |
| = | (203.665 / 3721.077) | / | (105.821 / 3743.897) |
| = | 0.054733 | / | 0.028265 |
| | = | 1.9364 |
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) |
| = | ((1344.497 + 3956.127) / 10721.167) | / | ((2272.703 + 4213.838) / 12214.494) |
| = | 0.494407 | / | 0.531053 |
| | = | 0.931 |
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 |
| = | (-432.442 - 0 | - | 416.704) | / | 10721.167 |
| | = | -0.079203 |
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.
Luoniushan Co has a M-score of -0.39 signals that the company is likely to be a manipulator.
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