Kaishan Group Co Beneish M-Score Historical Data
The historical data trend for Kaishan Group 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.
Kaishan Group Co Beneish M-Score Chart
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Kaishan Group 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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-2.57 |
-2.35 |
-2.66 |
-2.41 |
-2.40 |
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Kaishan Group 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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-2.38 |
-2.25 |
-2.21 |
-2.40 |
-2.32 |
Competitive Comparison of Kaishan Group Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Kaishan Group 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.
Kaishan Group Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kaishan Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kaishan Group Co's Beneish M-Score falls into.
Kaishan Group 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 Kaishan Group 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 * 1.115 | + | 0.528 * 0.9603 | + | 0.404 * 0.9861 | + | 0.892 * 1.1217 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0837 | + | 4.679 * -0.002993 | - | 0.327 * 0.9895 |
| = | -2.32 |
* 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 ¥1,621 Mil.
Revenue was 1033.958 + 1042.072 + 1009.935 + 1177.117 = ¥4,263 Mil.
Gross Profit was 329.137 + 416.088 + 333.155 + 354.484 = ¥1,433 Mil.
Total Current Assets was ¥3,848 Mil.
Total Assets was ¥14,508 Mil.
Property, Plant and Equipment(Net PPE) was ¥9,597 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥375 Mil.
Total Current Liabilities was ¥6,344 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,601 Mil.
Net Income was 81.82 + 86.11 + 113.952 + 156.903 = ¥439 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -26.516 + 71.466 + 222.714 + 214.545 = ¥482 Mil.
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Total Receivables was ¥1,296 Mil.
Revenue was 937.461 + 1054.689 + 887.292 + 921.179 = ¥3,801 Mil.
Gross Profit was 299.478 + 378.844 + 287.157 + 261.271 = ¥1,227 Mil.
Total Current Assets was ¥3,695 Mil.
Total Assets was ¥13,394 Mil.
Property, Plant and Equipment(Net PPE) was ¥8,704 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥309 Mil.
Total Current Liabilities was ¥5,585 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,827 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) |
| = | (1621.218 / 4263.082) | / | (1296.33 / 3800.621) |
| = | 0.380292 | / | 0.341084 |
| | = | 1.115 |
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) |
| = | (1226.75 / 3800.621) | / | (1432.864 / 4263.082) |
| = | 0.322776 | / | 0.33611 |
| | = | 0.9603 |
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 - (3848.311 + 9596.682) / 14508.243) | / | (1 - (3695.284 + 8703.531) / 13394.274) |
| = | 0.073286 | / | 0.07432 |
| | = | 0.9861 |
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 |
| = | 4263.082 | / | 3800.621 |
| | = | 1.1217 |
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 + 8703.531)) | / | (0 / (0 + 9596.682)) |
| = | 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) |
| = | (375.12 / 4263.082) | / | (308.593 / 3800.621) |
| = | 0.087993 | / | 0.081195 |
| | = | 1.0837 |
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) |
| = | ((1601.043 + 6343.641) / 14508.243) | / | ((1827.351 + 5585.373) / 13394.274) |
| = | 0.547598 | / | 0.553425 |
| | = | 0.9895 |
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 |
| = | (438.785 - 0 | - | 482.209) | / | 14508.243 |
| | = | -0.002993 |
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.
Kaishan Group Co has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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