Kingold Jewelry Beneish M-Score Historical Data
The historical data trend for Kingold Jewelry'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.
Kingold Jewelry Beneish M-Score Chart
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Kingold Jewelry Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.13 |
0.51 |
9.60 |
-2.37 |
-3.34 |
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Kingold Jewelry Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-0.59 |
-3.34 |
-2.73 |
-2.53 |
-0.08 |
Competitive Comparison of Kingold Jewelry's Beneish M-Score
For the Luxury Goods subindustry, Kingold Jewelry'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.
Kingold Jewelry's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Kingold Jewelry's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kingold Jewelry's Beneish M-Score falls into.
Kingold Jewelry 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 Kingold Jewelry 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 * 1.1553 | + | 0.528 * 0.9433 | + | 0.404 * 0.1806 | + | 0.892 * 0.8257 | + | 0.115 * 0.8842 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8033 | + | 4.679 * 0.051224 | - | 0.327 * 0.7883 |
| = | -2.70 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $243 Mil.
Revenue was 382.79 + 598.008 + 453.539 + 631.175 = $2,066 Mil.
Gross Profit was 15.172 + 69.532 + 55.301 + 75.06 = $215 Mil.
Total Current Assets was $3,046 Mil.
Total Assets was $3,320 Mil.
Property, Plant and Equipment(Net PPE) was $5 Mil.
Depreciation, Depletion and Amortization(DDA) was $2 Mil.
Selling, General, & Admin. Expense(SGA) was $16 Mil.
Total Current Liabilities was $1,537 Mil.
Long-Term Debt & Capital Lease Obligation was $702 Mil.
Net Income was -24.004 + 12.589 + 6.381 + 9.5 = $4 Mil.
Non Operating Income was 0 + 0 + 0 + -0.001 = $-0 Mil.
Cash Flow from Operations was 62.361 + -35.544 + -96.714 + -95.681 = $-166 Mil.
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Total Receivables was $255 Mil.
Revenue was 626.171 + 678.796 + 539.524 + 657.066 = $2,502 Mil.
Gross Profit was 61.23 + 63.792 + 64.241 + 56.442 = $246 Mil.
Total Current Assets was $1,345 Mil.
Total Assets was $2,454 Mil.
Property, Plant and Equipment(Net PPE) was $6 Mil.
Depreciation, Depletion and Amortization(DDA) was $2 Mil.
Selling, General, & Admin. Expense(SGA) was $11 Mil.
Total Current Liabilities was $721 Mil.
Long-Term Debt & Capital Lease Obligation was $1,378 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) |
| = | (243.279 / 2065.512) | / | (255.018 / 2501.557) |
| = | 0.117781 | / | 0.101944 |
| | = | 1.1553 |
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) |
| = | (245.705 / 2501.557) | / | (215.065 / 2065.512) |
| = | 0.098221 | / | 0.104122 |
| | = | 0.9433 |
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 - (3045.55 + 4.794) / 3319.662) | / | (1 - (1344.989 + 6.303) / 2453.566) |
| = | 0.081128 | / | 0.449254 |
| | = | 0.1806 |
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 |
| = | 2065.512 | / | 2501.557 |
| | = | 0.8257 |
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)) |
| = | (1.684 / (1.684 + 6.303)) | / | (1.501 / (1.501 + 4.794)) |
| = | 0.210843 | / | 0.238443 |
| | = | 0.8842 |
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) |
| = | (15.658 / 2065.512) | / | (10.517 / 2501.557) |
| = | 0.007581 | / | 0.004204 |
| | = | 1.8033 |
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) |
| = | ((702.336 + 1536.707) / 3319.662) | / | ((1377.832 + 721.428) / 2453.566) |
| = | 0.674479 | / | 0.855595 |
| | = | 0.7883 |
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 |
| = | (4.466 - -0.001 | - | -165.578) | / | 3319.662 |
| | = | 0.051224 |
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.
Kingold Jewelry has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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