GuangdongCA Precision Manufacturing Co (SZSE:300464) Beneish M-Score : -2.31 (As of May. 26, 2024)

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What is GuangdongCA Precision Manufacturing Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for GuangdongCA Precision Manufacturing Co's Beneish M-Score or its related term are showing as below:

SZSE:300464' s Beneish M-Score Range Over the Past 10 Years
Min: -10.41 Med: -2.31 Max: 0.06
Current: -2.31

During the past 13 years, the highest Beneish M-Score of GuangdongCA Precision Manufacturing Co was 0.06. The lowest was -10.41. And the median was -2.31.

GuangdongCA Precision Manufacturing Co Beneish M-Score Historical Data

The historical data trend for GuangdongCA Precision Manufacturing 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.

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GuangdongCA Precision Manufacturing Co Beneish M-Score Chart

GuangdongCA Precision Manufacturing Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.72

-1.46

-5.89

-3.42

-2.36

GuangdongCA Precision Manufacturing Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.37	-3.68	-3.68	-2.36	-2.31

Competitive Comparison of GuangdongCA Precision Manufacturing Co's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, GuangdongCA Precision Manufacturing 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.

GuangdongCA Precision Manufacturing Co's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, GuangdongCA Precision Manufacturing Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GuangdongCA Precision Manufacturing Co's Beneish M-Score falls into.

GuangdongCA Precision Manufacturing 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 GuangdongCA Precision Manufacturing Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6182

0.528 * 0.9574

0.404 * 0.9896

0.892 * 0.6843

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9531

4.679 * -0.039

0.327 * 0.7462

-2.31

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥480 Mil.
Revenue was 366.414 + 375.629 + 400.995 + 382.336 = ¥1,525 Mil.
Gross Profit was 94.267 + 76.968 + 105.02 + 98.651 = ¥375 Mil.
Total Current Assets was ¥1,004 Mil.
Total Assets was ¥2,011 Mil.
Property, Plant and Equipment(Net PPE) was ¥405 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥333 Mil.
Total Current Liabilities was ¥1,197 Mil.
Long-Term Debt & Capital Lease Obligation was ¥92 Mil.
Net Income was 4.649 + -26.432 + -29.042 + -25.477 = ¥-76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 9.479 + -14.464 + 5.645 + 1.471 = ¥2 Mil.

Total Receivables was ¥434 Mil.
Revenue was 466.739 + 514.902 + 580.305 + 667.202 = ¥2,229 Mil.
Gross Profit was 146.399 + 103.132 + 117.183 + 157.819 = ¥525 Mil.
Total Current Assets was ¥944 Mil.
Total Assets was ¥2,058 Mil.
Property, Plant and Equipment(Net PPE) was ¥491 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥510 Mil.
Total Current Liabilities was ¥1,672 Mil.
Long-Term Debt & Capital Lease Obligation was ¥96 Mil.

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)
	=	(480.344 / 1525.374)	/	(433.78 / 2229.148)
	=	0.314902	/	0.194595
	=	1.6182

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)
	=	(524.533 / 2229.148)	/	(374.906 / 1525.374)
	=	0.235306	/	0.24578
	=	0.9574

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 - (1003.614 + 405.464) / 2011.106)	/	(1 - (944.297 + 491.342) / 2058.256)
	=	0.299352	/	0.302497
	=	0.9896

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
	=	1525.374	/	2229.148
	=	0.6843

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 + 491.342))	/	(0 / (0 + 405.464))
	=	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)
	=	(332.64 / 1525.374)	/	(510.023 / 2229.148)
	=	0.218071	/	0.228797
	=	0.9531

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)
	=	((92.256 + 1196.927) / 2011.106)	/	((95.725 + 1672.423) / 2058.256)
	=	0.641032	/	0.859052
	=	0.7462

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
	=	(-76.302 - 0	-	2.131)	/	2011.106
	=	-0.039

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.

GuangdongCA Precision Manufacturing Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

GuangdongCA Precision Manufacturing Co Beneish M-Score Related Terms

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GuangdongCA Precision Manufacturing Co (SZSE:300464) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Guangdong SACA Precision Manufacturing Co Ltd (SZSE:300464) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

7 Industrial Road, Shunde Beijiao Economic Development Zone Industrial Park, Guangdong Province, Shunde, CHN, 528311

Website

http://www.sh-abc.cn

Guangdong SACA Precision Manufacturing Co Ltd is metal connector supplier. Its engaged in manufacturing slides, hinges and other hardware for industries including furniture, electrical equipment, industry, financial equipment, and car.

Executives

Zhu Jia Jia	Director
Chen Hui Yin	Directors, executives
Sun Cai Jin	Director
Bao Wei	Supervisors, securities affairs representatives
Zhang Mei Sheng	Executives
Yang Le	Executives
Yang Ren Zhou	Executives
Zhang Yang	Supervisors
Cai Wen Hua	Director

GuangdongCA Precision Manufacturing Co (SZSE:300464) Headlines

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