Vesync Co Beneish M-Score Historical Data
The historical data trend for Vesync 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.
Vesync Co Beneish M-Score Chart
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Vesync Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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1.00 |
-0.90 |
0.18 |
-2.05 |
-2.76 |
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Vesync Co Semi-Annual Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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0.18 |
- |
-2.05 |
- |
-2.76 |
Competitive Comparison of Vesync Co's Beneish M-Score
For the Internet Retail subindustry, Vesync 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.
Vesync Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Vesync Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vesync Co's Beneish M-Score falls into.
Vesync 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 Vesync 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 * 1.1015 | + | 0.528 * 0.6192 | + | 0.404 * 0.8242 | + | 0.892 * 1.1977 | + | 0.115 * 0.8701 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.998 | + | 4.679 * -0.050641 | - | 0.327 * 1.0715 |
| = | -2.76 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$1,533 Mil.
Revenue was HK$4,573 Mil.
Gross Profit was HK$2,143 Mil.
Total Current Assets was HK$3,951 Mil.
Total Assets was HK$4,414 Mil.
Property, Plant and Equipment(Net PPE) was HK$93 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55 Mil.
Selling, General, & Admin. Expense(SGA) was HK$734 Mil.
Total Current Liabilities was HK$1,783 Mil.
Long-Term Debt & Capital Lease Obligation was HK$41 Mil.
Net Income was HK$605 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$829 Mil.
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Total Receivables was HK$1,162 Mil.
Revenue was HK$3,818 Mil.
Gross Profit was HK$1,108 Mil.
Total Current Assets was HK$3,084 Mil.
Total Assets was HK$3,560 Mil.
Property, Plant and Equipment(Net PPE) was HK$115 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55 Mil.
Selling, General, & Admin. Expense(SGA) was HK$614 Mil.
Total Current Liabilities was HK$1,310 Mil.
Long-Term Debt & Capital Lease Obligation was HK$63 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) |
| = | (1532.642 / 4572.513) | / | (1161.714 / 3817.789) |
| = | 0.335186 | / | 0.30429 |
| | = | 1.1015 |
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) |
| = | (1107.777 / 3817.789) | / | (2142.79 / 4572.513) |
| = | 0.290162 | / | 0.468624 |
| | = | 0.6192 |
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 - (3950.876 + 93.155) / 4413.584) | / | (1 - (3083.524 + 115.014) / 3560.217) |
| = | 0.083731 | / | 0.101589 |
| | = | 0.8242 |
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 |
| = | 4572.513 | / | 3817.789 |
| | = | 1.1977 |
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)) |
| = | (54.747 / (54.747 + 115.014)) | / | (54.864 / (54.864 + 93.155)) |
| = | 0.322495 | / | 0.370655 |
| | = | 0.8701 |
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) |
| = | (734.027 / 4572.513) | / | (614.081 / 3817.789) |
| = | 0.16053 | / | 0.160847 |
| | = | 0.998 |
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) |
| = | ((40.634 + 1782.571) / 4413.584) | / | ((62.665 + 1309.909) / 3560.217) |
| = | 0.413089 | / | 0.385531 |
| | = | 1.0715 |
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 |
| = | (605.111 - 0 | - | 828.62) | / | 4413.584 |
| | = | -0.050641 |
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.
Vesync Co has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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