Zhongshen Jianye Holding Beneish M-Score Historical Data
The historical data trend for Zhongshen Jianye Holding'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.
Zhongshen Jianye Holding Beneish M-Score Chart
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Zhongshen Jianye Holding Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-3.27 |
-1.85 |
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Zhongshen Jianye Holding Semi-Annual Data
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Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
-3.27 |
- |
-1.85 |
- |
Competitive Comparison of Zhongshen Jianye Holding's Beneish M-Score
For the Engineering & Construction subindustry, Zhongshen Jianye Holding'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.
Zhongshen Jianye Holding's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Zhongshen Jianye Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhongshen Jianye Holding's Beneish M-Score falls into.
Zhongshen Jianye Holding 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 Zhongshen Jianye Holding 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 * 0.9693 | + | 0.528 * 0.9836 | + | 0.404 * 0.8095 | + | 0.892 * 1.0881 | + | 0.115 * 7.1594 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9495 | + | 4.679 * -0.011347 | - | 0.327 * 0.9941 |
| = | -1.85 |
* 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$1,583 Mil.
Revenue was HK$1,674 Mil.
Gross Profit was HK$98 Mil.
Total Current Assets was HK$1,771 Mil.
Total Assets was HK$1,841 Mil.
Property, Plant and Equipment(Net PPE) was HK$48 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45 Mil.
Total Current Liabilities was HK$1,404 Mil.
Long-Term Debt & Capital Lease Obligation was HK$29 Mil.
Net Income was HK$35 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$56 Mil.
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Total Receivables was HK$1,501 Mil.
Revenue was HK$1,539 Mil.
Gross Profit was HK$88 Mil.
Total Current Assets was HK$1,658 Mil.
Total Assets was HK$1,685 Mil.
Property, Plant and Equipment(Net PPE) was HK$3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44 Mil.
Total Current Liabilities was HK$1,319 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 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) |
| = | (1582.778 / 1674.487) | / | (1500.746 / 1538.894) |
| = | 0.945232 | / | 0.975211 |
| | = | 0.9693 |
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) |
| = | (88.137 / 1538.894) | / | (97.506 / 1674.487) |
| = | 0.057273 | / | 0.05823 |
| | = | 0.9836 |
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 - (1771.17 + 47.704) / 1840.519) | / | (1 - (1657.531 + 3.338) / 1685.354) |
| = | 0.01176 | / | 0.014528 |
| | = | 0.8095 |
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 |
| = | 1674.487 | / | 1538.894 |
| | = | 1.0881 |
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)) |
| = | (3.869 / (3.869 + 3.338)) | / | (3.867 / (3.867 + 47.704)) |
| = | 0.536839 | / | 0.074984 |
| | = | 7.1594 |
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) |
| = | (45.075 / 1674.487) | / | (43.629 / 1538.894) |
| = | 0.026919 | / | 0.028351 |
| | = | 0.9495 |
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) |
| = | ((28.844 + 1404.326) / 1840.519) | / | ((1.283 + 1318.836) / 1685.354) |
| = | 0.778677 | / | 0.783289 |
| | = | 0.9941 |
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 |
| = | (34.797 - 0 | - | 55.682) | / | 1840.519 |
| | = | -0.011347 |
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.
Zhongshen Jianye Holding has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.
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