Edianyun Beneish M-Score Historical Data
The historical data trend for Edianyun'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.
Edianyun Beneish M-Score Chart
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Edianyun Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-4.69 |
-3.81 |
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Edianyun Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
-4.69 |
- |
-3.81 |
- |
Competitive Comparison of Edianyun's Beneish M-Score
For the Information Technology Services subindustry, Edianyun'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.
Edianyun's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Edianyun's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Edianyun's Beneish M-Score falls into.
Edianyun 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 Edianyun 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 * 1.6136 | + | 0.528 * 1.0507 | + | 0.404 * 0.6947 | + | 0.892 * 0.9072 | + | 0.115 * 0.9705 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1669 | + | 4.679 * -0.362119 | - | 0.327 * 0.9715 |
| = | -3.81 |
* 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$350 Mil.
Revenue was HK$1,390 Mil.
Gross Profit was HK$604 Mil.
Total Current Assets was HK$1,199 Mil.
Total Assets was HK$3,622 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,170 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$457 Mil.
Selling, General, & Admin. Expense(SGA) was HK$320 Mil.
Total Current Liabilities was HK$1,371 Mil.
Long-Term Debt & Capital Lease Obligation was HK$904 Mil.
Net Income was HK$-985 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$327 Mil.
|
Total Receivables was HK$239 Mil.
Revenue was HK$1,532 Mil.
Gross Profit was HK$700 Mil.
Total Current Assets was HK$871 Mil.
Total Assets was HK$3,392 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,180 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$443 Mil.
Selling, General, & Admin. Expense(SGA) was HK$302 Mil.
Total Current Liabilities was HK$1,719 Mil.
Long-Term Debt & Capital Lease Obligation was HK$473 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) |
| = | (350.116 / 1389.91) | / | (239.155 / 1532.009) |
| = | 0.251898 | / | 0.156105 |
| | = | 1.6136 |
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) |
| = | (699.67 / 1532.009) | / | (604.147 / 1389.91) |
| = | 0.456701 | / | 0.434666 |
| | = | 1.0507 |
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 - (1199.104 + 2170.016) / 3622.458) | / | (1 - (870.595 + 2180.064) / 3392.125) |
| = | 0.069935 | / | 0.100664 |
| | = | 0.6947 |
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 |
| = | 1389.91 | / | 1532.009 |
| | = | 0.9072 |
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)) |
| = | (443 / (443 + 2180.064)) | / | (457.17 / (457.17 + 2170.016)) |
| = | 0.168886 | / | 0.174015 |
| | = | 0.9705 |
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) |
| = | (320.151 / 1389.91) | / | (302.411 / 1532.009) |
| = | 0.230339 | / | 0.197395 |
| | = | 1.1669 |
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) |
| = | ((904.32 + 1370.617) / 3622.458) | / | ((473.429 + 1719.333) / 3392.125) |
| = | 0.628009 | / | 0.646427 |
| | = | 0.9715 |
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 |
| = | (-985.098 - 0 | - | 326.664) | / | 3622.458 |
| | = | -0.362119 |
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.
Edianyun has a M-score of -3.81 suggests that the company is unlikely to be a manipulator.
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