Naruida Technology Co Beneish M-Score Historical Data
The historical data trend for Naruida Technology 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.
Naruida Technology Co Beneish M-Score Chart
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Naruida Technology Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.19 |
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Naruida Technology Co Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
0.57 |
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-2.19 |
-2.21 |
Competitive Comparison of Naruida Technology Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Naruida Technology 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.
Naruida Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Naruida Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Naruida Technology Co's Beneish M-Score falls into.
Naruida Technology 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 Naruida Technology 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 * 1.3227 | + | 0.528 * 1.063 | + | 0.404 * 1.2963 | + | 0.892 * 0.958 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5989 | + | 4.679 * 0.02059 | - | 0.327 * 1.4089 |
| = | -2.21 |
* 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 ¥314.0 Mil.
Revenue was 31.488 + 98.985 + 41.335 + 37.053 = ¥208.9 Mil.
Gross Profit was 25.456 + 75.483 + 33.746 + 24.535 = ¥159.2 Mil.
Total Current Assets was ¥2,132.9 Mil.
Total Assets was ¥2,344.7 Mil.
Property, Plant and Equipment(Net PPE) was ¥132.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥39.9 Mil.
Total Current Liabilities was ¥131.0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4.5 Mil.
Net Income was 4.231 + 30.065 + 13.865 + 10.892 = ¥59.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -53.269 + 65.929 + -19.925 + 18.042 = ¥10.8 Mil.
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Total Receivables was ¥247.8 Mil.
Revenue was 35.12 + 114.884 + 47.923 + 20.097 = ¥218.0 Mil.
Gross Profit was 28.36 + 94.361 + 38.939 + 15.012 = ¥176.7 Mil.
Total Current Assets was ¥2,219.1 Mil.
Total Assets was ¥2,347.4 Mil.
Property, Plant and Equipment(Net PPE) was ¥66.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥26.1 Mil.
Total Current Liabilities was ¥91.4 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4.8 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) |
| = | (314.019 / 208.861) | / | (247.828 / 218.024) |
| = | 1.503483 | / | 1.136701 |
| | = | 1.3227 |
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) |
| = | (176.672 / 218.024) | / | (159.22 / 208.861) |
| = | 0.810333 | / | 0.762325 |
| | = | 1.063 |
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 - (2132.92 + 132.005) / 2344.674) | / | (1 - (2219.105 + 66.672) / 2347.369) |
| = | 0.034013 | / | 0.026239 |
| | = | 1.2963 |
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 |
| = | 208.861 | / | 218.024 |
| | = | 0.958 |
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 + 66.672)) | / | (0 / (0 + 132.005)) |
| = | 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) |
| = | (39.929 / 208.861) | / | (26.068 / 218.024) |
| = | 0.191175 | / | 0.119565 |
| | = | 1.5989 |
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) |
| = | ((4.452 + 130.95) / 2344.674) | / | ((4.82 + 91.395) / 2347.369) |
| = | 0.057749 | / | 0.040988 |
| | = | 1.4089 |
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 |
| = | (59.053 - 0 | - | 10.777) | / | 2344.674 |
| | = | 0.02059 |
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.
Naruida Technology Co has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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