Jiu Rong Holdings Beneish M-Score Historical Data
The historical data trend for Jiu Rong Holdings'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.
Jiu Rong Holdings Beneish M-Score Chart
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Jiu Rong Holdings Annual Data
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Dec13 |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-0.70 |
-3.44 |
-2.18 |
-1.61 |
-2.36 |
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Jiu Rong Holdings Semi-Annual Data
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Dec13 |
Jun14 |
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Jun23 |
| Beneish M-Score |
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-1.61 |
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-2.36 |
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Competitive Comparison of Jiu Rong Holdings's Beneish M-Score
For the Consumer Electronics subindustry, Jiu Rong Holdings'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.
Jiu Rong Holdings's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Jiu Rong Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jiu Rong Holdings's Beneish M-Score falls into.
Jiu Rong Holdings 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 Jiu Rong Holdings 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 * 1.7972 | + | 0.528 * 1.1663 | + | 0.404 * 1.1178 | + | 0.892 * 0.6534 | + | 0.115 * 0.7246 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7024 | + | 4.679 * -0.057748 | - | 0.327 * 1.062 |
| = | -2.36 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$878.8 Mil.
Revenue was HK$837.9 Mil.
Gross Profit was HK$85.8 Mil.
Total Current Assets was HK$1,204.8 Mil.
Total Assets was HK$2,956.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$564.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$69.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$98.7 Mil.
Total Current Liabilities was HK$1,865.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$480.0 Mil.
Net Income was HK$-90.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$80.6 Mil.
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Total Receivables was HK$748.4 Mil.
Revenue was HK$1,282.5 Mil.
Gross Profit was HK$153.2 Mil.
Total Current Assets was HK$1,292.4 Mil.
Total Assets was HK$2,980.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$617.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$53.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$88.8 Mil.
Total Current Liabilities was HK$1,839.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$387.7 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) |
| = | (878.808 / 837.897) | / | (748.416 / 1282.459) |
| = | 1.048826 | / | 0.583579 |
| | = | 1.7972 |
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) |
| = | (153.209 / 1282.459) | / | (85.828 / 837.897) |
| = | 0.119465 | / | 0.102433 |
| | = | 1.1663 |
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 - (1204.801 + 564.455) / 2956.226) | / | (1 - (1292.402 + 617.548) / 2980.555) |
| = | 0.401515 | / | 0.359197 |
| | = | 1.1178 |
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 |
| = | 837.897 | / | 1282.459 |
| | = | 0.6534 |
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)) |
| = | (53.077 / (53.077 + 617.548)) | / | (69.211 / (69.211 + 564.455)) |
| = | 0.079146 | / | 0.109223 |
| | = | 0.7246 |
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) |
| = | (98.749 / 837.897) | / | (88.781 / 1282.459) |
| = | 0.117853 | / | 0.069227 |
| | = | 1.7024 |
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) |
| = | ((479.993 + 1865.627) / 2956.226) | / | ((387.718 + 1839.18) / 2980.555) |
| = | 0.793451 | / | 0.747142 |
| | = | 1.062 |
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 |
| = | (-90.151 - 0 | - | 80.565) | / | 2956.226 |
| | = | -0.057748 |
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.
Jiu Rong Holdings has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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