Fengzhushou Co Beneish M-Score Historical Data
The historical data trend for Fengzhushou 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.
Fengzhushou Co Beneish M-Score Chart
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Fengzhushou Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-0.90 |
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Fengzhushou Co Quarterly Data
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Dec17 |
Dec18 |
Sep19 |
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Jun20 |
Sep20 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.09 |
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-0.90 |
-0.78 |
Competitive Comparison of Fengzhushou Co's Beneish M-Score
For the Software - Application subindustry, Fengzhushou 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.
Fengzhushou Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Fengzhushou Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fengzhushou Co's Beneish M-Score falls into.
Fengzhushou 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 Fengzhushou 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 * 0.8038 | + | 0.528 * 1.2304 | + | 0.404 * 1.6336 | + | 0.892 * 1.4265 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9877 | + | 4.679 * 0.204471 | - | 0.327 * 0.4868 |
| = | -0.78 |
* 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 ¥592 Mil.
Revenue was 345.94 + 372.332 + 315.521 + 280.256 = ¥1,314 Mil.
Gross Profit was 72.572 + 81 + 64.071 + 75.764 = ¥293 Mil.
Total Current Assets was ¥1,892 Mil.
Total Assets was ¥2,157 Mil.
Property, Plant and Equipment(Net PPE) was ¥197 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥45 Mil.
Total Current Liabilities was ¥386 Mil.
Long-Term Debt & Capital Lease Obligation was ¥48 Mil.
Net Income was 32.511 + 52.158 + 27.172 + 33.364 = ¥145 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -146.236 + 34.023 + -72.715 + -110.981 = ¥-296 Mil.
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Total Receivables was ¥516 Mil.
Revenue was 210.938 + 255.334 + 224.319 + 230.555 = ¥921 Mil.
Gross Profit was 62.686 + 65.973 + 63.721 + 60.682 = ¥253 Mil.
Total Current Assets was ¥1,064 Mil.
Total Assets was ¥1,224 Mil.
Property, Plant and Equipment(Net PPE) was ¥136 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥32 Mil.
Total Current Liabilities was ¥430 Mil.
Long-Term Debt & Capital Lease Obligation was ¥75 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) |
| = | (592.046 / 1314.049) | / | (516.326 / 921.146) |
| = | 0.450551 | / | 0.560526 |
| | = | 0.8038 |
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) |
| = | (253.062 / 921.146) | / | (293.407 / 1314.049) |
| = | 0.274725 | / | 0.223285 |
| | = | 1.2304 |
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 - (1891.877 + 196.986) / 2157.343) | / | (1 - (1063.965 + 136.436) / 1224.188) |
| = | 0.031743 | / | 0.019431 |
| | = | 1.6336 |
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 |
| = | 1314.049 | / | 921.146 |
| | = | 1.4265 |
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 + 136.436)) | / | (0 / (0 + 196.986)) |
| = | 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) |
| = | (45.243 / 1314.049) | / | (32.108 / 921.146) |
| = | 0.03443 | / | 0.034857 |
| | = | 0.9877 |
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) |
| = | ((47.828 + 385.771) / 2157.343) | / | ((75.115 + 430.289) / 1224.188) |
| = | 0.200988 | / | 0.412848 |
| | = | 0.4868 |
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 |
| = | (145.205 - 0 | - | -295.909) | / | 2157.343 |
| | = | 0.204471 |
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.
Fengzhushou Co has a M-score of -0.78 signals that the company is likely to be a manipulator.
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