Guosheng Financial Holding Beneish M-Score Historical Data
The historical data trend for Guosheng Financial Holding'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.
Guosheng Financial Holding Beneish M-Score Chart
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Guosheng Financial Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-3.50 |
-2.76 |
-1.87 |
-1.90 |
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Guosheng Financial Holding Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.00 |
-1.43 |
-2.58 |
-1.90 |
-1.70 |
Competitive Comparison of Guosheng Financial Holding's Beneish M-Score
For the Financial Conglomerates subindustry, Guosheng Financial Holding'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.
Guosheng Financial Holding's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, Guosheng Financial Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guosheng Financial Holding's Beneish M-Score falls into.
Guosheng Financial Holding 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 Guosheng Financial Holding 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 * 1.7194 | + | 0.528 * 0.9978 | + | 0.404 * 1.0367 | + | 0.892 * 1.0607 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8577 | + | 4.679 * 0.012415 | - | 0.327 * 1.0964 |
| = | -1.70 |
* 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 ¥2,397 Mil.
Revenue was 424.271 + 503.259 + 472.631 + 488.402 = ¥1,889 Mil.
Gross Profit was 299.068 + 394.725 + 368.802 + 366.29 = ¥1,429 Mil.
Total Current Assets was ¥29,802 Mil.
Total Assets was ¥37,675 Mil.
Property, Plant and Equipment(Net PPE) was ¥454 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥320 Mil.
Total Current Liabilities was ¥24,477 Mil.
Long-Term Debt & Capital Lease Obligation was ¥709 Mil.
Net Income was 23.007 + -77.643 + -51.386 + 53.87 = ¥-52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -1107.201 + 1074.39 + -1203.251 + 716.177 = ¥-520 Mil.
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Total Receivables was ¥1,314 Mil.
Revenue was 409.262 + 417.404 + 495.677 + 458.204 = ¥1,781 Mil.
Gross Profit was 301.201 + 315.681 + 379.837 + 347.449 = ¥1,344 Mil.
Total Current Assets was ¥25,498 Mil.
Total Assets was ¥32,068 Mil.
Property, Plant and Equipment(Net PPE) was ¥479 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥352 Mil.
Total Current Liabilities was ¥19,491 Mil.
Long-Term Debt & Capital Lease Obligation was ¥62 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) |
| = | (2396.983 / 1888.563) | / | (1314.373 / 1780.547) |
| = | 1.26921 | / | 0.738185 |
| | = | 1.7194 |
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) |
| = | (1344.168 / 1780.547) | / | (1428.885 / 1888.563) |
| = | 0.754919 | / | 0.756599 |
| | = | 0.9978 |
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 - (29801.58 + 454.335) / 37675.111) | / | (1 - (25498.036 + 478.636) / 32068.053) |
| = | 0.196926 | / | 0.189952 |
| | = | 1.0367 |
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 |
| = | 1888.563 | / | 1780.547 |
| | = | 1.0607 |
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 + 478.636)) | / | (0 / (0 + 454.335)) |
| = | 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) |
| = | (320.381 / 1888.563) | / | (352.157 / 1780.547) |
| = | 0.169643 | / | 0.19778 |
| | = | 0.8577 |
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) |
| = | ((708.78 + 24477.196) / 37675.111) | / | ((61.925 + 19490.585) / 32068.053) |
| = | 0.668504 | / | 0.609719 |
| | = | 1.0964 |
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 |
| = | (-52.152 - 0 | - | -519.885) | / | 37675.111 |
| | = | 0.012415 |
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.
Guosheng Financial Holding has a M-score of -1.70 signals that the company is likely to be a manipulator.
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