Zhejiang Huace Film & TV Co Beneish M-Score Historical Data
The historical data trend for Zhejiang Huace Film & TV 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.
Zhejiang Huace Film & TV Co Beneish M-Score Chart
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Zhejiang Huace Film & TV Co Annual Data
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Trend |
Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.23 |
-2.75 |
-3.31 |
-1.93 |
-2.60 |
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Zhejiang Huace Film & TV Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.24 |
-2.16 |
-2.49 |
-2.60 |
-2.77 |
Competitive Comparison of Zhejiang Huace Film & TV Co's Beneish M-Score
For the Entertainment subindustry, Zhejiang Huace Film & TV 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.
Zhejiang Huace Film & TV Co's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Zhejiang Huace Film & TV Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhejiang Huace Film & TV Co's Beneish M-Score falls into.
Zhejiang Huace Film & TV 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 Zhejiang Huace Film & TV 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 * 1.2976 | + | 0.528 * 0.8455 | + | 0.404 * 0.9252 | + | 0.892 * 0.4985 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4013 | + | 4.679 * 0.018376 | - | 0.327 * 1.0544 |
| = | -2.77 |
* 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 ¥862 Mil.
Revenue was 176.521 + 802.956 + 327.811 + 172.367 = ¥1,480 Mil.
Gross Profit was 68.129 + 199.656 + 127.934 + 96.493 = ¥492 Mil.
Total Current Assets was ¥8,332 Mil.
Total Assets was ¥10,018 Mil.
Property, Plant and Equipment(Net PPE) was ¥118 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥201 Mil.
Total Current Liabilities was ¥2,575 Mil.
Long-Term Debt & Capital Lease Obligation was ¥46 Mil.
Net Income was 30.014 + 54.946 + 86.81 + 93.497 = ¥265 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -141.188 + 45.593 + 158.682 + 18.09 = ¥81 Mil.
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Total Receivables was ¥1,332 Mil.
Revenue was 964.29 + 1010.269 + 277.897 + 716.018 = ¥2,968 Mil.
Gross Profit was 222.181 + 292.001 + 122.093 + 198.636 = ¥835 Mil.
Total Current Assets was ¥7,703 Mil.
Total Assets was ¥9,417 Mil.
Property, Plant and Equipment(Net PPE) was ¥121 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥288 Mil.
Total Current Liabilities was ¥2,282 Mil.
Long-Term Debt & Capital Lease Obligation was ¥55 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) |
| = | (861.542 / 1479.655) | / | (1332.052 / 2968.474) |
| = | 0.582259 | / | 0.448733 |
| | = | 1.2976 |
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) |
| = | (834.911 / 2968.474) | / | (492.212 / 1479.655) |
| = | 0.281259 | / | 0.332653 |
| | = | 0.8455 |
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 - (8332.191 + 118.161) / 10018.036) | / | (1 - (7702.964 + 121.178) / 9416.918) |
| = | 0.156486 | / | 0.16914 |
| | = | 0.9252 |
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 |
| = | 1479.655 | / | 2968.474 |
| | = | 0.4985 |
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 + 121.178)) | / | (0 / (0 + 118.161)) |
| = | 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) |
| = | (201.32 / 1479.655) | / | (288.221 / 2968.474) |
| = | 0.136059 | / | 0.097094 |
| | = | 1.4013 |
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) |
| = | ((45.587 + 2575.12) / 10018.036) | / | ((54.529 + 2281.797) / 9416.918) |
| = | 0.261599 | / | 0.248099 |
| | = | 1.0544 |
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 |
| = | (265.267 - 0 | - | 81.177) | / | 10018.036 |
| | = | 0.018376 |
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.
Zhejiang Huace Film & TV Co has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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