Sunvim Group Co Beneish M-Score Historical Data
The historical data trend for Sunvim Group 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.
Sunvim Group Co Beneish M-Score Chart
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Sunvim Group Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-3.41 |
-2.51 |
-2.68 |
-2.74 |
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Sunvim Group Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.57 |
-2.61 |
-2.56 |
-2.74 |
-2.82 |
Competitive Comparison of Sunvim Group Co's Beneish M-Score
For the Textile Manufacturing subindustry, Sunvim Group 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.
Sunvim Group Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Sunvim Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sunvim Group Co's Beneish M-Score falls into.
Sunvim Group 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 Sunvim Group 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 * 1.1149 | + | 0.528 * 0.6597 | + | 0.404 * 0.8936 | + | 0.892 * 1.0311 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1203 | + | 4.679 * -0.048094 | - | 0.327 * 1.0213 |
| = | -2.82 |
* 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 ¥795 Mil.
Revenue was 1316.836 + 1349.366 + 1375.09 + 1285.049 = ¥5,326 Mil.
Gross Profit was 228.371 + 216.959 + 270.092 + 241.83 = ¥957 Mil.
Total Current Assets was ¥3,656 Mil.
Total Assets was ¥8,287 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,446 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥147 Mil.
Total Current Liabilities was ¥3,351 Mil.
Long-Term Debt & Capital Lease Obligation was ¥846 Mil.
Net Income was 90.445 + 40.821 + 119.287 + 101.57 = ¥352 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 109.448 + 315.116 + 135.48 + 190.638 = ¥751 Mil.
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Total Receivables was ¥692 Mil.
Revenue was 1330.798 + 1263.022 + 1267.731 + 1304.288 = ¥5,166 Mil.
Gross Profit was 153.416 + 125.442 + 143.736 + 189.835 = ¥612 Mil.
Total Current Assets was ¥3,337 Mil.
Total Assets was ¥7,841 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,249 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥128 Mil.
Total Current Liabilities was ¥2,894 Mil.
Long-Term Debt & Capital Lease Obligation was ¥994 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) |
| = | (795.268 / 5326.341) | / | (691.798 / 5165.839) |
| = | 0.149309 | / | 0.133918 |
| | = | 1.1149 |
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) |
| = | (612.429 / 5165.839) | / | (957.252 / 5326.341) |
| = | 0.118554 | / | 0.17972 |
| | = | 0.6597 |
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 - (3655.981 + 3445.852) / 8287.085) | / | (1 - (3337.051 + 3248.98) / 7841.022) |
| = | 0.143024 | / | 0.160055 |
| | = | 0.8936 |
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 |
| = | 5326.341 | / | 5165.839 |
| | = | 1.0311 |
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 + 3248.98)) | / | (0 / (0 + 3445.852)) |
| = | 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) |
| = | (147.435 / 5326.341) | / | (127.635 / 5165.839) |
| = | 0.02768 | / | 0.024708 |
| | = | 1.1203 |
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) |
| = | ((845.982 + 3351.017) / 8287.085) | / | ((993.701 + 2894.41) / 7841.022) |
| = | 0.506451 | / | 0.495868 |
| | = | 1.0213 |
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 |
| = | (352.123 - 0 | - | 750.682) | / | 8287.085 |
| | = | -0.048094 |
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.
Sunvim Group Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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