Beijing SinoHytec Co Beneish M-Score Historical Data
The historical data trend for Beijing SinoHytec 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.
Beijing SinoHytec Co Beneish M-Score Chart
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Beijing SinoHytec 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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- |
-1.29 |
-2.82 |
-2.18 |
-1.79 |
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Beijing SinoHytec Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.88 |
-1.79 |
-1.87 |
-1.89 |
-1.89 |
Competitive Comparison of Beijing SinoHytec Co's Beneish M-Score
For the Auto Parts subindustry, Beijing SinoHytec 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.
Beijing SinoHytec Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Beijing SinoHytec Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beijing SinoHytec Co's Beneish M-Score falls into.
Beijing SinoHytec 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 Beijing SinoHytec 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 * 1.1246 | + | 0.528 * 1.4662 | + | 0.404 * 0.9241 | + | 0.892 * 1.2707 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3404 | + | 4.679 * 0.013763 | - | 0.327 * 1.4288 |
| = | -1.87 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was HK$1,994.8 Mil.
Revenue was 179.212 + 151.47 + 14.278 + 554.923 = HK$899.9 Mil.
Gross Profit was 31.129 + 38.478 + -9.227 + 163.261 = HK$223.6 Mil.
Total Current Assets was HK$3,709.8 Mil.
Total Assets was HK$5,478.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$599.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$81.6 Mil.
Total Current Liabilities was HK$1,802.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$29.1 Mil.
Net Income was -128.449 + -54.134 + -99.075 + -54.858 = HK$-336.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0.0 Mil.
Cash Flow from Operations was -42.104 + -111.132 + -86.785 + -171.89 = HK$-411.9 Mil.
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Total Receivables was HK$1,395.9 Mil.
Revenue was 150.004 + 115.007 + 55.097 + 388.068 = HK$708.2 Mil.
Gross Profit was 58.975 + 43.057 + 19.226 + 136.793 = HK$258.1 Mil.
Total Current Assets was HK$3,336.4 Mil.
Total Assets was HK$5,056.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$552.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$188.6 Mil.
Total Current Liabilities was HK$1,161.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$21.9 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) |
| = | (1994.779 / 899.883) | / | (1395.895 / 708.176) |
| = | 2.216709 | / | 1.971113 |
| | = | 1.1246 |
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) |
| = | (258.051 / 708.176) | / | (223.641 / 899.883) |
| = | 0.364388 | / | 0.248522 |
| | = | 1.4662 |
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 - (3709.833 + 599.572) / 5478.187) | / | (1 - (3336.367 + 552.605) / 5056.424) |
| = | 0.213352 | / | 0.230885 |
| | = | 0.9241 |
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 |
| = | 899.883 | / | 708.176 |
| | = | 1.2707 |
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 + 552.605)) | / | (0 / (0 + 599.572)) |
| = | 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) |
| = | (81.578 / 899.883) | / | (188.581 / 708.176) |
| = | 0.090654 | / | 0.266291 |
| | = | 0.3404 |
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) |
| = | ((29.082 + 1802.132) / 5478.187) | / | ((21.862 + 1161.115) / 5056.424) |
| = | 0.334274 | / | 0.233955 |
| | = | 1.4288 |
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 |
| = | (-336.516 - 0 | - | -411.911) | / | 5478.187 |
| | = | 0.013763 |
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.
Beijing SinoHytec Co has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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