JW Construction Holding Beneish M-Score Historical Data
The historical data trend for JW Construction Holding'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.
JW Construction Holding Beneish M-Score Chart
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JW Construction Holding Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.28 |
-2.76 |
-2.90 |
-2.56 |
-1.63 |
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JW Construction Holding Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-2.88 |
-2.87 |
-1.63 |
-2.45 |
-2.60 |
Competitive Comparison of JW Construction Holding's Beneish M-Score
For the Real Estate - Development subindustry, JW Construction Holding'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.
JW Construction Holding's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, JW Construction Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JW Construction Holding's Beneish M-Score falls into.
JW Construction Holding 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 JW Construction Holding 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 * 2.7702 | + | 0.528 * 1.626 | + | 0.404 * 0.7499 | + | 0.892 * 0.5516 | + | 0.115 * 0.8795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4163 | + | 4.679 * -0.098788 | - | 0.327 * 1.0524 |
| = | -1.59 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was zł34.7 Mil.
Revenue was 59.194 + 103.769 + 58.709 + 55.025 = zł276.7 Mil.
Gross Profit was 6.531 + 14.593 + 12.469 + 8.018 = zł41.6 Mil.
Total Current Assets was zł1,218.8 Mil.
Total Assets was zł1,919.6 Mil.
Property, Plant and Equipment(Net PPE) was zł440.4 Mil.
Depreciation, Depletion and Amortization(DDA) was zł14.8 Mil.
Selling, General, & Admin. Expense(SGA) was zł42.5 Mil.
Total Current Liabilities was zł951.8 Mil.
Long-Term Debt & Capital Lease Obligation was zł179.3 Mil.
Net Income was -10.111 + 0.375 + 12.821 + -9.529 = zł-6.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 41.137 + 23.239 + 99.857 + 18.954 = zł183.2 Mil.
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Total Receivables was zł22.7 Mil.
Revenue was 22.868 + 45.552 + 198.996 + 234.239 = zł501.7 Mil.
Gross Profit was -0.173 + 11.548 + 44.782 + 66.513 = zł122.7 Mil.
Total Current Assets was zł1,024.5 Mil.
Total Assets was zł1,808.0 Mil.
Property, Plant and Equipment(Net PPE) was zł456.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł13.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł54.4 Mil.
Total Current Liabilities was zł677.8 Mil.
Long-Term Debt & Capital Lease Obligation was zł334.6 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) |
| = | (34.72 / 276.697) | / | (22.723 / 501.655) |
| = | 0.12548 | / | 0.045296 |
| | = | 2.7702 |
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) |
| = | (122.67 / 501.655) | / | (41.611 / 276.697) |
| = | 0.244531 | / | 0.150385 |
| | = | 1.626 |
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 - (1218.825 + 440.417) / 1919.567) | / | (1 - (1024.52 + 456.542) / 1808.014) |
| = | 0.135617 | / | 0.180835 |
| | = | 0.7499 |
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 |
| = | 276.697 | / | 501.655 |
| | = | 0.5516 |
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)) |
| = | (13.45 / (13.45 + 456.542)) | / | (14.813 / (14.813 + 440.417)) |
| = | 0.028618 | / | 0.03254 |
| | = | 0.8795 |
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) |
| = | (42.504 / 276.697) | / | (54.411 / 501.655) |
| = | 0.153612 | / | 0.108463 |
| | = | 1.4163 |
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) |
| = | ((179.33 + 951.796) / 1919.567) | / | ((334.599 + 677.785) / 1808.014) |
| = | 0.589261 | / | 0.559943 |
| | = | 1.0524 |
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 |
| = | (-6.444 - 0 | - | 183.187) | / | 1919.567 |
| | = | -0.098788 |
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.
JW Construction Holding has a M-score of -1.59 signals that the company is likely to be a manipulator.
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