Shenzhen Senior Technology Material Co (SZSE:300568) Beneish M-Score : -2.50 (As of May. 14, 2024)

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What is Shenzhen Senior Technology Material Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shenzhen Senior Technology Material Co's Beneish M-Score or its related term are showing as below:

SZSE:300568' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -1.97 Max: -0.5
Current: -2.5

During the past 12 years, the highest Beneish M-Score of Shenzhen Senior Technology Material Co was -0.50. The lowest was -2.95. And the median was -1.97.

Shenzhen Senior Technology Material Co Beneish M-Score Historical Data

The historical data trend for Shenzhen Senior Technology Material 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.

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Shenzhen Senior Technology Material Co Beneish M-Score Chart

Shenzhen Senior Technology Material Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-1.97

-1.48

-2.44

Shenzhen Senior Technology Material Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.36	-2.06	-2.49	-2.44	-2.50

Competitive Comparison of Shenzhen Senior Technology Material Co's Beneish M-Score

For the Chemicals subindustry, Shenzhen Senior Technology Material 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 Senior Technology Material Co's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Shenzhen Senior Technology Material Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shenzhen Senior Technology Material Co's Beneish M-Score falls into.

Shenzhen Senior Technology Material 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 Senior Technology Material Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1041

0.528 * 1.0941

0.404 * 1.1215

0.892 * 1.0634

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3593

4.679 * -0.031844

0.327 * 1.1935

-2.50

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥1,856 Mil.
Revenue was 714.664 + 802.687 + 853.946 + 691.872 = ¥3,063 Mil.
Gross Profit was 257.173 + 307.425 + 409.016 + 314.327 = ¥1,288 Mil.
Total Current Assets was ¥7,859 Mil.
Total Assets was ¥18,929 Mil.
Property, Plant and Equipment(Net PPE) was ¥8,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥225 Mil.
Total Current Liabilities was ¥3,906 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,881 Mil.
Net Income was 107.111 + -91.239 + 288.53 + 196.112 = ¥501 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 130.668 + 219.958 + 623.081 + 129.587 = ¥1,103 Mil.

Total Receivables was ¥1,580 Mil.
Revenue was 664.729 + 787.707 + 758.332 + 669.783 = ¥2,881 Mil.
Gross Profit was 307.69 + 370.553 + 311.478 + 335.416 = ¥1,325 Mil.
Total Current Assets was ¥6,834 Mil.
Total Assets was ¥14,221 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,734 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥156 Mil.
Total Current Liabilities was ¥2,169 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,733 Mil.

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)
	=	(1855.628 / 3063.169)	/	(1580.454 / 2880.551)
	=	0.605787	/	0.548664
	=	1.1041

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)
	=	(1325.137 / 2880.551)	/	(1287.941 / 3063.169)
	=	0.460029	/	0.42046
	=	1.0941

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 - (7858.964 + 8602.548) / 18929.414)	/	(1 - (6833.977 + 5734.063) / 14221.261)
	=	0.130374	/	0.11625
	=	1.1215

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
	=	3063.169	/	2880.551
	=	1.0634

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 + 5734.063))	/	(0 / (0 + 8602.548))
	=	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)
	=	(225.241 / 3063.169)	/	(155.821 / 2880.551)
	=	0.073532	/	0.054094
	=	1.3593

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)
	=	((3881.109 + 3905.9) / 18929.414)	/	((2733.107 + 2168.679) / 14221.261)
	=	0.411371	/	0.34468
	=	1.1935

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
	=	(500.514 - 0	-	1103.294)	/	18929.414
	=	-0.031844

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 Senior Technology Material Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Shenzhen Senior Technology Material Co Beneish M-Score Related Terms

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Shenzhen Senior Technology Material Co (SZSE:300568) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Shenzhen Senior Technology Material Co Ltd (SZSE:300568) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

North of the Garden Road, Gongming Office, Guangming New District, Guangdong Province, Shenzhen, CHN, 518078

Website

http://www.senior798.com

Shenzhen Senior Technology Material Co Ltd is operating in the lithium battery separator industry. The company is mainly focused on the research, development, production, sales and service of lithium battery separators. The company's product portfolio includes SQ's high strength dry process, SW's wet process, SH's ceramic coating Products and SJ's polymer coating. Its products are widely used in new energy vehicles, digital products, energy storage power stations, aerospace, electric tools and other fields.

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