China Steel Chemical Beneish M-Score Historical Data
The historical data trend for China Steel Chemical'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.
China Steel Chemical Beneish M-Score Chart
|
China Steel Chemical Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.00 |
-2.58 |
-2.00 |
-3.07 |
-2.05 |
|
China Steel Chemical 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.08 |
-3.14 |
-2.75 |
-2.05 |
-2.36 |
Competitive Comparison of China Steel Chemical's Beneish M-Score
For the Chemicals subindustry, China Steel Chemical'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.
China Steel Chemical's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, China Steel Chemical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Steel Chemical's Beneish M-Score falls into.
China Steel Chemical 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 China Steel Chemical 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 * 1.4696 | + | 0.528 * 0.8907 | + | 0.404 * 0.9505 | + | 0.892 * 0.7507 | + | 0.115 * 1.0645 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1969 | + | 4.679 * -0.000262 | - | 0.327 * 0.9471 |
| = | -2.36 |
* 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 NT$686 Mil.
Revenue was 1729.241 + 1914.001 + 1838.808 + 2293.761 = NT$7,776 Mil.
Gross Profit was 410.477 + 456.01 + 448.655 + 678.316 = NT$1,993 Mil.
Total Current Assets was NT$3,279 Mil.
Total Assets was NT$10,850 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,812 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$463 Mil.
Selling, General, & Admin. Expense(SGA) was NT$306 Mil.
Total Current Liabilities was NT$1,291 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,061 Mil.
Net Income was 277.597 + 290.433 + 337.401 + 481.809 = NT$1,387 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 550.327 + 63.536 + 313.586 + 462.636 = NT$1,390 Mil.
|
Total Receivables was NT$621 Mil.
Revenue was 2271.108 + 2236.094 + 2608.663 + 3242.128 = NT$10,358 Mil.
Gross Profit was 512.929 + 503.208 + 569.415 + 779.699 = NT$2,365 Mil.
Total Current Assets was NT$3,645 Mil.
Total Assets was NT$11,125 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,503 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$464 Mil.
Selling, General, & Admin. Expense(SGA) was NT$341 Mil.
Total Current Liabilities was NT$1,638 Mil.
Long-Term Debt & Capital Lease Obligation was NT$907 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) |
| = | (685.608 / 7775.811) | / | (621.455 / 10357.993) |
| = | 0.088172 | / | 0.059998 |
| | = | 1.4696 |
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) |
| = | (2365.251 / 10357.993) | / | (1993.458 / 7775.811) |
| = | 0.22835 | / | 0.256367 |
| | = | 0.8907 |
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 - (3279.003 + 4811.794) / 10850.366) | / | (1 - (3644.591 + 4503.322) / 11124.779) |
| = | 0.25433 | / | 0.267589 |
| | = | 0.9505 |
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 |
| = | 7775.811 | / | 10357.993 |
| | = | 0.7507 |
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)) |
| = | (464.179 / (464.179 + 4503.322)) | / | (463.035 / (463.035 + 4811.794)) |
| = | 0.093443 | / | 0.087782 |
| | = | 1.0645 |
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) |
| = | (306.337 / 7775.811) | / | (340.933 / 10357.993) |
| = | 0.039396 | / | 0.032915 |
| | = | 1.1969 |
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) |
| = | ((1060.74 + 1290.555) / 10850.366) | / | ((907.058 + 1638.426) / 11124.779) |
| = | 0.216702 | / | 0.228812 |
| | = | 0.9471 |
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 |
| = | (1387.24 - 0 | - | 1390.085) | / | 10850.366 |
| | = | -0.000262 |
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.
China Steel Chemical has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TPE:1723 has been successfully added to your