Folangsi Co Beneish M-Score Historical Data
The historical data trend for Folangsi 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.
Folangsi Co Beneish M-Score Chart
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Folangsi Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
-4.16 |
-3.00 |
- |
|
Folangsi Co Semi-Annual Data
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|
Dec20 |
Dec21 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-4.16 |
- |
-3.00 |
- |
- |
Competitive Comparison of Folangsi Co's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Folangsi 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.
Folangsi Co's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Folangsi Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Folangsi Co's Beneish M-Score falls into.
Folangsi 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 Folangsi 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 * 1.1059 | + | 0.528 * 0.9953 | + | 0.404 * 0.9048 | + | 0.892 * 1.1251 | + | 0.115 * 1.0786 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9338 | + | 4.679 * -0.151142 | - | 0.327 * 0.9961 |
| = | -3.00 |
* 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$410 Mil.
Revenue was HK$1,500 Mil.
Gross Profit was HK$457 Mil.
Total Current Assets was HK$926 Mil.
Total Assets was HK$3,443 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,376 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$481 Mil.
Selling, General, & Admin. Expense(SGA) was HK$285 Mil.
Total Current Liabilities was HK$1,222 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,023 Mil.
Net Income was HK$34 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$555 Mil.
|
Total Receivables was HK$330 Mil.
Revenue was HK$1,334 Mil.
Gross Profit was HK$404 Mil.
Total Current Assets was HK$710 Mil.
Total Assets was HK$2,973 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,128 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$472 Mil.
Selling, General, & Admin. Expense(SGA) was HK$271 Mil.
Total Current Liabilities was HK$1,009 Mil.
Long-Term Debt & Capital Lease Obligation was HK$937 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) |
| = | (410.474 / 1500.451) | / | (329.878 / 1333.591) |
| = | 0.273567 | / | 0.247361 |
| | = | 1.1059 |
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) |
| = | (403.876 / 1333.591) | / | (456.542 / 1500.451) |
| = | 0.302848 | / | 0.30427 |
| | = | 0.9953 |
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 - (925.886 + 2375.992) / 3442.965) | / | (1 - (710.291 + 2128.294) / 2973.242) |
| = | 0.040978 | / | 0.04529 |
| | = | 0.9048 |
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 |
| = | 1500.451 | / | 1333.591 |
| | = | 1.1251 |
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)) |
| = | (471.878 / (471.878 + 2128.294)) | / | (480.64 / (480.64 + 2375.992)) |
| = | 0.18148 | / | 0.168254 |
| | = | 1.0786 |
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) |
| = | (285.029 / 1500.451) | / | (271.284 / 1333.591) |
| = | 0.189962 | / | 0.203424 |
| | = | 0.9338 |
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) |
| = | ((1022.522 + 1222.068) / 3442.965) | / | ((937.108 + 1008.879) / 2973.242) |
| = | 0.651935 | / | 0.6545 |
| | = | 0.9961 |
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 |
| = | (34.148 - 0 | - | 554.526) | / | 3442.965 |
| | = | -0.151142 |
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.
Folangsi Co has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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