Shenzhen Liantronics Co Beneish M-Score Historical Data
The historical data trend for Shenzhen Liantronics 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.
Shenzhen Liantronics Co Beneish M-Score Chart
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Shenzhen Liantronics 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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-5.55 |
-3.88 |
-2.61 |
-3.35 |
-2.78 |
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Shenzhen Liantronics 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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-2.99 |
-2.51 |
-2.99 |
-2.78 |
-3.13 |
Competitive Comparison of Shenzhen Liantronics Co's Beneish M-Score
For the Consumer Electronics subindustry, Shenzhen Liantronics 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.
Shenzhen Liantronics Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Shenzhen Liantronics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenzhen Liantronics Co's Beneish M-Score falls into.
Shenzhen Liantronics 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 Shenzhen Liantronics 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 * 0.8008 | + | 0.528 * 0.7903 | + | 0.404 * 1.2733 | + | 0.892 * 0.706 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0751 | + | 4.679 * -0.042258 | - | 0.327 * 0.9712 |
| = | -3.13 |
* 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 ¥117.8 Mil.
Revenue was 143.382 + 246.822 + 231.23 + 277.787 = ¥899.2 Mil.
Gross Profit was 41.63 + 61.942 + 68.447 + 86.402 = ¥258.4 Mil.
Total Current Assets was ¥615.2 Mil.
Total Assets was ¥969.5 Mil.
Property, Plant and Equipment(Net PPE) was ¥82.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥124.0 Mil.
Total Current Liabilities was ¥854.9 Mil.
Long-Term Debt & Capital Lease Obligation was ¥10.4 Mil.
Net Income was -2.274 + -34.445 + 15.961 + 46.29 = ¥25.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 17.822 + 52.701 + -12.233 + 8.211 = ¥66.5 Mil.
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Total Receivables was ¥208.4 Mil.
Revenue was 224.805 + 270.518 + 481.03 + 297.309 = ¥1,273.7 Mil.
Gross Profit was 59.286 + 63.853 + 98.355 + 67.769 = ¥289.3 Mil.
Total Current Assets was ¥745.2 Mil.
Total Assets was ¥1,138.0 Mil.
Property, Plant and Equipment(Net PPE) was ¥141.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥163.3 Mil.
Total Current Liabilities was ¥1,026.6 Mil.
Long-Term Debt & Capital Lease Obligation was ¥19.3 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) |
| = | (117.808 / 899.221) | / | (208.359 / 1273.662) |
| = | 0.131011 | / | 0.16359 |
| | = | 0.8008 |
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) |
| = | (289.263 / 1273.662) | / | (258.421 / 899.221) |
| = | 0.227111 | / | 0.287383 |
| | = | 0.7903 |
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 - (615.177 + 82) / 969.506) | / | (1 - (745.216 + 141.764) / 1138.037) |
| = | 0.280895 | / | 0.220605 |
| | = | 1.2733 |
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 |
| = | 899.221 | / | 1273.662 |
| | = | 0.706 |
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 + 141.764)) | / | (0 / (0 + 82)) |
| = | 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) |
| = | (123.976 / 899.221) | / | (163.335 / 1273.662) |
| = | 0.13787 | / | 0.12824 |
| | = | 1.0751 |
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) |
| = | ((10.391 + 854.889) / 969.506) | / | ((19.277 + 1026.57) / 1138.037) |
| = | 0.892496 | / | 0.918992 |
| | = | 0.9712 |
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 |
| = | (25.532 - 0 | - | 66.501) | / | 969.506 |
| | = | -0.042258 |
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.
Shenzhen Liantronics Co has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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