Chongqing Millison Technologies Beneish M-Score Historical Data
The historical data trend for Chongqing Millison Technologies'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.
Chongqing Millison Technologies Beneish M-Score Chart
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Chongqing Millison Technologies Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.62 |
-2.91 |
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Chongqing Millison Technologies Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-2.55 |
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-2.91 |
-2.78 |
Competitive Comparison of Chongqing Millison Technologies's Beneish M-Score
For the Metal Fabrication subindustry, Chongqing Millison Technologies'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.
Chongqing Millison Technologies's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Chongqing Millison Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chongqing Millison Technologies's Beneish M-Score falls into.
Chongqing Millison Technologies 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 Chongqing Millison Technologies 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 * 1.0149 | + | 0.528 * 1.223 | + | 0.404 * 1.1115 | + | 0.892 * 0.9383 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5114 | + | 4.679 * -0.09471 | - | 0.327 * 0.6509 |
| = | -2.78 |
* 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 ¥933 Mil.
Revenue was 770.493 + 827.774 + 750.922 + 787.431 = ¥3,137 Mil.
Gross Profit was 102.866 + 75.138 + 123.637 + 144.203 = ¥446 Mil.
Total Current Assets was ¥2,232 Mil.
Total Assets was ¥5,848 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,014 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥86 Mil.
Total Current Liabilities was ¥1,799 Mil.
Long-Term Debt & Capital Lease Obligation was ¥631 Mil.
Net Income was 6.158 + -4.445 + 19.289 + 65.382 = ¥86 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 185.371 + 255.835 + 138.039 + 61.021 = ¥640 Mil.
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Total Receivables was ¥980 Mil.
Revenue was 823.019 + 915.884 + 828.864 + 775.255 = ¥3,343 Mil.
Gross Profit was 152.735 + 179.236 + 128.409 + 120.767 = ¥581 Mil.
Total Current Assets was ¥2,143 Mil.
Total Assets was ¥4,939 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,338 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥61 Mil.
Total Current Liabilities was ¥2,313 Mil.
Long-Term Debt & Capital Lease Obligation was ¥840 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) |
| = | (933.238 / 3136.62) | / | (980.023 / 3343.022) |
| = | 0.29753 | / | 0.293155 |
| | = | 1.0149 |
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) |
| = | (581.147 / 3343.022) | / | (445.844 / 3136.62) |
| = | 0.173839 | / | 0.142142 |
| | = | 1.223 |
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 - (2232.378 + 3013.767) / 5848.212) | / | (1 - (2142.881 + 2338.225) / 4938.52) |
| = | 0.102949 | / | 0.092622 |
| | = | 1.1115 |
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 |
| = | 3136.62 | / | 3343.022 |
| | = | 0.9383 |
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 + 2338.225)) | / | (0 / (0 + 3013.767)) |
| = | 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) |
| = | (86.202 / 3136.62) | / | (60.785 / 3343.022) |
| = | 0.027482 | / | 0.018183 |
| | = | 1.5114 |
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) |
| = | ((631.38 + 1798.929) / 5848.212) | / | ((839.721 + 2313.144) / 4938.52) |
| = | 0.415564 | / | 0.638423 |
| | = | 0.6509 |
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 |
| = | (86.384 - 0 | - | 640.266) | / | 5848.212 |
| | = | -0.09471 |
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.
Chongqing Millison Technologies has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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