Jiangsu Asia-Pacific Light Alloy Technology Co Beneish M-Score Historical Data
The historical data trend for Jiangsu Asia-Pacific Light Alloy Technology 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.
Jiangsu Asia-Pacific Light Alloy Technology Co Beneish M-Score Chart
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Jiangsu Asia-Pacific Light Alloy Technology 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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-1.75 |
-1.85 |
-0.35 |
-1.95 |
-2.52 |
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Jiangsu Asia-Pacific Light Alloy Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.60 |
-2.44 |
-2.23 |
-2.52 |
-2.04 |
Competitive Comparison of Jiangsu Asia-Pacific Light Alloy Technology Co's Beneish M-Score
For the Aluminum subindustry, Jiangsu Asia-Pacific Light Alloy Technology 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.
Jiangsu Asia-Pacific Light Alloy Technology Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Jiangsu Asia-Pacific Light Alloy Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jiangsu Asia-Pacific Light Alloy Technology Co's Beneish M-Score falls into.
Jiangsu Asia-Pacific Light Alloy Technology 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 Jiangsu Asia-Pacific Light Alloy Technology 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 * 1.0667 | + | 0.528 * 0.9824 | + | 0.404 * 1.3515 | + | 0.892 * 1.097 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9458 | + | 4.679 * 0.037895 | - | 0.327 * 1.0823 |
| = | -2.04 |
* 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 ¥2,466 Mil.
Revenue was 1698.508 + 2218.541 + 1871.959 + 1530.581 = ¥7,320 Mil.
Gross Profit was 219.968 + 338.886 + 287.864 + 218.057 = ¥1,065 Mil.
Total Current Assets was ¥5,021 Mil.
Total Assets was ¥7,790 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,236 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥85 Mil.
Total Current Liabilities was ¥787 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,109 Mil.
Net Income was 122.22 + 168.308 + 167.911 + 124.754 = ¥583 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 102.317 + 265.097 + -309.045 + 229.618 = ¥288 Mil.
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Total Receivables was ¥2,108 Mil.
Revenue was 1489.608 + 1902.289 + 1679.539 + 1600.748 = ¥6,672 Mil.
Gross Profit was 218.468 + 281.738 + 237.495 + 215.807 = ¥954 Mil.
Total Current Assets was ¥5,144 Mil.
Total Assets was ¥7,550 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,024 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥82 Mil.
Total Current Liabilities was ¥676 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,023 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) |
| = | (2466.259 / 7319.589) | / | (2107.56 / 6672.184) |
| = | 0.33694 | / | 0.315873 |
| | = | 1.0667 |
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) |
| = | (953.508 / 6672.184) | / | (1064.775 / 7319.589) |
| = | 0.142908 | / | 0.145469 |
| | = | 0.9824 |
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 - (5021.366 + 2235.624) / 7790.123) | / | (1 - (5143.642 + 2023.78) / 7549.706) |
| = | 0.068437 | / | 0.050636 |
| | = | 1.3515 |
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 |
| = | 7319.589 | / | 6672.184 |
| | = | 1.097 |
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 + 2023.78)) | / | (0 / (0 + 2235.624)) |
| = | 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) |
| = | (85.3 / 7319.589) | / | (82.212 / 6672.184) |
| = | 0.011654 | / | 0.012322 |
| | = | 0.9458 |
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) |
| = | ((1109.396 + 787.213) / 7790.123) | / | ((1022.785 + 675.509) / 7549.706) |
| = | 0.243463 | / | 0.224948 |
| | = | 1.0823 |
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 |
| = | (583.193 - 0 | - | 287.987) | / | 7790.123 |
| | = | 0.037895 |
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.
Jiangsu Asia-Pacific Light Alloy Technology Co has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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