Nanjing Baose Co Beneish M-Score Historical Data
The historical data trend for Nanjing Baose 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.
Nanjing Baose Co Beneish M-Score Chart
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Nanjing Baose 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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-2.57 |
-2.06 |
-2.52 |
-2.53 |
-2.31 |
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Nanjing Baose Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.18 |
-2.46 |
-2.73 |
-2.31 |
-2.26 |
Competitive Comparison of Nanjing Baose Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nanjing Baose 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.
Nanjing Baose Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nanjing Baose Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nanjing Baose Co's Beneish M-Score falls into.
Nanjing Baose 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 Nanjing Baose 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 * 0.7177 | + | 0.528 * 1.1905 | + | 0.404 * 0.9555 | + | 0.892 * 1.1061 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9198 | + | 4.679 * 0.035141 | - | 0.327 * 0.6056 |
| = | -2.26 |
* 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 ¥710 Mil.
Revenue was 467.403 + 415.503 + 383.003 + 445.36 = ¥1,711 Mil.
Gross Profit was 80.577 + 43.488 + 72.702 + 71.908 = ¥269 Mil.
Total Current Assets was ¥2,093 Mil.
Total Assets was ¥2,563 Mil.
Property, Plant and Equipment(Net PPE) was ¥356 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥53 Mil.
Total Current Liabilities was ¥998 Mil.
Long-Term Debt & Capital Lease Obligation was ¥112 Mil.
Net Income was 18.383 + 11.702 + 15.323 + 19.73 = ¥65 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 3.829 + -84.127 + 62.064 + -6.684 = ¥-25 Mil.
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Total Receivables was ¥894 Mil.
Revenue was 461.795 + 379.771 + 313.967 + 391.602 = ¥1,547 Mil.
Gross Profit was 71.536 + 77.235 + 65.422 + 74.975 = ¥289 Mil.
Total Current Assets was ¥2,004 Mil.
Total Assets was ¥2,496 Mil.
Property, Plant and Equipment(Net PPE) was ¥376 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥1,645 Mil.
Long-Term Debt & Capital Lease Obligation was ¥140 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) |
| = | (709.733 / 1711.269) | / | (894.049 / 1547.135) |
| = | 0.414741 | / | 0.577874 |
| | = | 0.7177 |
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) |
| = | (289.168 / 1547.135) | / | (268.675 / 1711.269) |
| = | 0.186905 | / | 0.157003 |
| | = | 1.1905 |
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 - (2093.491 + 355.6) / 2562.694) | / | (1 - (2004.02 + 376.142) / 2495.96) |
| = | 0.04433 | / | 0.046394 |
| | = | 0.9555 |
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 |
| = | 1711.269 | / | 1547.135 |
| | = | 1.1061 |
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 + 376.142)) | / | (0 / (0 + 355.6)) |
| = | 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) |
| = | (52.66 / 1711.269) | / | (51.761 / 1547.135) |
| = | 0.030772 | / | 0.033456 |
| | = | 0.9198 |
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) |
| = | ((112.206 + 997.843) / 2562.694) | / | ((140.134 + 1645.102) / 2495.96) |
| = | 0.433157 | / | 0.71525 |
| | = | 0.6056 |
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 |
| = | (65.138 - 0 | - | -24.918) | / | 2562.694 |
| | = | 0.035141 |
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.
Nanjing Baose Co has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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