Zhejiang Shibao Co Beneish M-Score Historical Data
The historical data trend for Zhejiang Shibao 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.
Zhejiang Shibao Co Beneish M-Score Chart
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Zhejiang Shibao 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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-3.52 |
-2.41 |
-2.54 |
-2.52 |
-2.02 |
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Zhejiang Shibao 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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-2.56 |
-2.31 |
-2.29 |
-2.02 |
-2.09 |
Competitive Comparison of Zhejiang Shibao Co's Beneish M-Score
For the Auto Parts subindustry, Zhejiang Shibao 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.
Zhejiang Shibao Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Zhejiang Shibao Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhejiang Shibao Co's Beneish M-Score falls into.
Zhejiang Shibao 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 Zhejiang Shibao 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 * 1.0112 | + | 0.528 * 1.0226 | + | 0.404 * 0.7816 | + | 0.892 * 1.2833 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9936 | + | 4.679 * 0.023136 | - | 0.327 * 0.8868 |
| = | -2.15 |
* 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 HK$897 Mil.
Revenue was 536.025 + 703.212 + 481.188 + 418.859 = HK$2,139 Mil.
Gross Profit was 110.928 + 146.38 + 99.204 + 77.218 = HK$434 Mil.
Total Current Assets was HK$2,082 Mil.
Total Assets was HK$3,130 Mil.
Property, Plant and Equipment(Net PPE) was HK$763 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$128 Mil.
Total Current Liabilities was HK$1,081 Mil.
Long-Term Debt & Capital Lease Obligation was HK$27 Mil.
Net Income was 23.659 + 39.899 + 22.408 + 11.777 = HK$98 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 4.544 + 26.049 + 44.301 + -49.557 = HK$25 Mil.
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Total Receivables was HK$691 Mil.
Revenue was 392.956 + 513.309 + 416.744 + 343.945 = HK$1,667 Mil.
Gross Profit was 89.153 + 111.608 + 77.19 + 67.67 = HK$346 Mil.
Total Current Assets was HK$1,562 Mil.
Total Assets was HK$2,682 Mil.
Property, Plant and Equipment(Net PPE) was HK$807 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$100 Mil.
Total Current Liabilities was HK$1,009 Mil.
Long-Term Debt & Capital Lease Obligation was HK$61 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) |
| = | (897.147 / 2139.284) | / | (691.297 / 1666.954) |
| = | 0.419368 | / | 0.414707 |
| | = | 1.0112 |
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) |
| = | (345.621 / 1666.954) | / | (433.73 / 2139.284) |
| = | 0.207337 | / | 0.202745 |
| | = | 1.0226 |
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 - (2082.055 + 762.792) / 3129.569) | / | (1 - (1562.309 + 807.427) / 2681.89) |
| = | 0.090978 | / | 0.116393 |
| | = | 0.7816 |
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 |
| = | 2139.284 | / | 1666.954 |
| | = | 1.2833 |
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 + 807.427)) | / | (0 / (0 + 762.792)) |
| = | 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) |
| = | (128.068 / 2139.284) | / | (100.438 / 1666.954) |
| = | 0.059865 | / | 0.060252 |
| | = | 0.9936 |
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) |
| = | ((27.077 + 1080.795) / 3129.569) | / | ((61.305 + 1009.31) / 2681.89) |
| = | 0.354001 | / | 0.399202 |
| | = | 0.8868 |
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 |
| = | (97.743 - 0 | - | 25.337) | / | 3129.569 |
| | = | 0.023136 |
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.
Zhejiang Shibao Co has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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