Aoshikang Technology Co Beneish M-Score Historical Data
The historical data trend for Aoshikang 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.
Aoshikang Technology Co Beneish M-Score Chart
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Aoshikang Technology Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.08 |
-2.35 |
-3.10 |
-2.52 |
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Aoshikang Technology Co Quarterly Data
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Jun19 |
Sep19 |
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Mar20 |
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Mar24 |
| Beneish M-Score |
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-3.26 |
-2.94 |
-2.98 |
-2.52 |
-2.50 |
Competitive Comparison of Aoshikang Technology Co's Beneish M-Score
For the Electronic Components subindustry, Aoshikang 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.
Aoshikang Technology Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Aoshikang Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aoshikang Technology Co's Beneish M-Score falls into.
Aoshikang 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 Aoshikang 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 * 1.0707 | + | 0.528 * 0.9186 | + | 0.404 * 1.4217 | + | 0.892 * 0.9523 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6583 | + | 4.679 * -0.060584 | - | 0.327 * 0.8214 |
| = | -2.50 |
* 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 ¥1,392 Mil.
Revenue was 976.846 + 1106.052 + 1182.315 + 1035.297 = ¥4,301 Mil.
Gross Profit was 250.596 + 271.378 + 345.323 + 269.977 = ¥1,137 Mil.
Total Current Assets was ¥3,128 Mil.
Total Assets was ¥7,338 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥217 Mil.
Total Current Liabilities was ¥2,274 Mil.
Long-Term Debt & Capital Lease Obligation was ¥668 Mil.
Net Income was 111.592 + 78.105 + 162.306 + 146.88 = ¥499 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 74.802 + 130.324 + 489.06 + 249.239 = ¥943 Mil.
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Total Receivables was ¥1,365 Mil.
Revenue was 1006.207 + 1203.509 + 1073.27 + 1233.111 = ¥4,516 Mil.
Gross Profit was 261.096 + 334.241 + 228.051 + 273.645 = ¥1,097 Mil.
Total Current Assets was ¥3,780 Mil.
Total Assets was ¥7,923 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,682 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥346 Mil.
Total Current Liabilities was ¥3,228 Mil.
Long-Term Debt & Capital Lease Obligation was ¥640 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) |
| = | (1392.229 / 4300.51) | / | (1365.472 / 4516.097) |
| = | 0.323736 | / | 0.302357 |
| | = | 1.0707 |
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) |
| = | (1097.033 / 4516.097) | / | (1137.274 / 4300.51) |
| = | 0.242916 | / | 0.264451 |
| | = | 0.9186 |
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 - (3128.411 + 3601.58) / 7337.646) | / | (1 - (3779.843 + 3681.983) / 7923.358) |
| = | 0.082813 | / | 0.05825 |
| | = | 1.4217 |
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 |
| = | 4300.51 | / | 4516.097 |
| | = | 0.9523 |
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 + 3681.983)) | / | (0 / (0 + 3601.58)) |
| = | 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) |
| = | (216.99 / 4300.51) | / | (346.133 / 4516.097) |
| = | 0.050457 | / | 0.076644 |
| | = | 0.6583 |
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) |
| = | ((668.442 + 2273.995) / 7337.646) | / | ((640.232 + 3227.837) / 7923.358) |
| = | 0.401006 | / | 0.488186 |
| | = | 0.8214 |
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 |
| = | (498.883 - 0 | - | 943.425) | / | 7337.646 |
| | = | -0.060584 |
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.
Aoshikang Technology Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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