Shandong Hi-tech Spring Material Technology Co Beneish M-Score Historical Data
The historical data trend for Shandong Hi-tech Spring Material 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.
Shandong Hi-tech Spring Material Technology Co Beneish M-Score Chart
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Shandong Hi-tech Spring Material Technology Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.96 |
-1.76 |
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Shandong Hi-tech Spring Material Technology Co Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.75 |
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-1.76 |
-2.09 |
Competitive Comparison of Shandong Hi-tech Spring Material Technology Co's Beneish M-Score
For the Chemicals subindustry, Shandong Hi-tech Spring Material 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.
Shandong Hi-tech Spring Material Technology Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Shandong Hi-tech Spring Material Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shandong Hi-tech Spring Material Technology Co's Beneish M-Score falls into.
Shandong Hi-tech Spring Material 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 Shandong Hi-tech Spring Material 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 * 0.8699 | + | 0.528 * 1.9086 | + | 0.404 * 0.4376 | + | 0.892 * 1.2066 | + | 0.115 * 1.9841 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1718 | + | 4.679 * -0.002853 | - | 0.327 * 0.9876 |
| = | -2.09 |
* 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 ¥1,416 Mil.
Revenue was 858.562 + 852.949 + 930.608 + 805.875 = ¥3,448 Mil.
Gross Profit was 1.89 + 7.54 + 91.183 + 92.575 = ¥193 Mil.
Total Current Assets was ¥3,224 Mil.
Total Assets was ¥7,349 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,823 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥54 Mil.
Selling, General, & Admin. Expense(SGA) was ¥86 Mil.
Total Current Liabilities was ¥2,914 Mil.
Long-Term Debt & Capital Lease Obligation was ¥779 Mil.
Net Income was -61.436 + -31.525 + 7.701 + 24.218 = ¥-61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -159.004 + 5.548 + 14.131 + 99.249 = ¥-40 Mil.
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Total Receivables was ¥1,349 Mil.
Revenue was 773.152 + 854.264 + 609.026 + 621.226 = ¥2,858 Mil.
Gross Profit was 92.679 + 64.58 + 79.889 + 68.449 = ¥306 Mil.
Total Current Assets was ¥2,359 Mil.
Total Assets was ¥5,653 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,762 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥79 Mil.
Selling, General, & Admin. Expense(SGA) was ¥61 Mil.
Total Current Liabilities was ¥2,185 Mil.
Long-Term Debt & Capital Lease Obligation was ¥692 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) |
| = | (1415.632 / 3447.994) | / | (1348.737 / 2857.668) |
| = | 0.410567 | / | 0.471971 |
| | = | 0.8699 |
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) |
| = | (305.597 / 2857.668) | / | (193.188 / 3447.994) |
| = | 0.106939 | / | 0.056029 |
| | = | 1.9086 |
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 - (3223.884 + 3823.047) / 7349.158) | / | (1 - (2359.097 + 2762.401) / 5652.731) |
| = | 0.041124 | / | 0.093978 |
| | = | 0.4376 |
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 |
| = | 3447.994 | / | 2857.668 |
| | = | 1.2066 |
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)) |
| = | (79.004 / (79.004 + 2762.401)) | / | (54.336 / (54.336 + 3823.047)) |
| = | 0.027805 | / | 0.014014 |
| | = | 1.9841 |
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) |
| = | (86.321 / 3447.994) | / | (61.053 / 2857.668) |
| = | 0.025035 | / | 0.021365 |
| | = | 1.1718 |
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) |
| = | ((779.454 + 2914.184) / 7349.158) | / | ((691.786 + 2184.952) / 5652.731) |
| = | 0.502593 | / | 0.508911 |
| | = | 0.9876 |
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 |
| = | (-61.042 - 0 | - | -40.076) | / | 7349.158 |
| | = | -0.002853 |
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.
Shandong Hi-tech Spring Material Technology Co has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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