Xinjiang Xinxin Mining Industry Co (HKSE:03833) Beneish M-Score : -2.32 (As of May. 06, 2024)

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What is Xinjiang Xinxin Mining Industry Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Xinjiang Xinxin Mining Industry Co's Beneish M-Score or its related term are showing as below:

HKSE:03833' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48 Med: -2.77 Max: -0.56
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Xinjiang Xinxin Mining Industry Co was -0.56. The lowest was -4.48. And the median was -2.77.

Xinjiang Xinxin Mining Industry Co Beneish M-Score Historical Data

The historical data trend for Xinjiang Xinxin Mining Industry 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.

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Xinjiang Xinxin Mining Industry Co Beneish M-Score Chart

Xinjiang Xinxin Mining Industry Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.04

-2.70

-2.57

-2.21

-2.32

Xinjiang Xinxin Mining Industry Co Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.57	-	-2.21	-	-2.32

Competitive Comparison of Xinjiang Xinxin Mining Industry Co's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Xinjiang Xinxin Mining Industry 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.

Xinjiang Xinxin Mining Industry Co's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Xinjiang Xinxin Mining Industry Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Xinjiang Xinxin Mining Industry Co's Beneish M-Score falls into.

Xinjiang Xinxin Mining Industry 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 Xinjiang Xinxin Mining Industry Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.7485

0.528 * 1.3074

0.404 * 0.922

0.892 * 0.7011

0.115 * 1.0408

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7063

4.679 * -0.050435

0.327 * 1.1331

-2.32

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$300 Mil.
Revenue was HK$2,242 Mil.
Gross Profit was HK$729 Mil.
Total Current Assets was HK$2,367 Mil.
Total Assets was HK$8,573 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,615 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$351 Mil.
Selling, General, & Admin. Expense(SGA) was HK$64 Mil.
Total Current Liabilities was HK$1,296 Mil.
Long-Term Debt & Capital Lease Obligation was HK$617 Mil.
Net Income was HK$178 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$610 Mil.

Total Receivables was HK$245 Mil.
Revenue was HK$3,198 Mil.
Gross Profit was HK$1,359 Mil.
Total Current Assets was HK$2,482 Mil.
Total Assets was HK$8,743 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,608 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$365 Mil.
Selling, General, & Admin. Expense(SGA) was HK$53 Mil.
Total Current Liabilities was HK$1,135 Mil.
Long-Term Debt & Capital Lease Obligation was HK$587 Mil.

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)
	=	(299.799 / 2242.068)	/	(244.565 / 3197.964)
	=	0.133715	/	0.076475
	=	1.7485

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)
	=	(1359.336 / 3197.964)	/	(728.961 / 2242.068)
	=	0.425063	/	0.325129
	=	1.3074

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 - (2366.957 + 5615.13) / 8572.577)	/	(1 - (2482.019 + 5608.026) / 8743.273)
	=	0.068881	/	0.074712
	=	0.922

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
	=	2242.068	/	3197.964
	=	0.7011

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))
	=	(365.337 / (365.337 + 5608.026))	/	(350.581 / (350.581 + 5615.13))
	=	0.061161	/	0.058766
	=	1.0408

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)
	=	(63.99 / 2242.068)	/	(53.491 / 3197.964)
	=	0.028541	/	0.016727
	=	1.7063

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)
	=	((616.563 + 1296.094) / 8572.577)	/	((586.7 + 1134.925) / 8743.273)
	=	0.223113	/	0.196909
	=	1.1331

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
	=	(177.918 - 0	-	610.28)	/	8572.577
	=	-0.050435

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.

Xinjiang Xinxin Mining Industry Co has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Xinjiang Xinxin Mining Industry Co Beneish M-Score Related Terms

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Xinjiang Xinxin Mining Industry Co (HKSE:03833) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Xinjiang Xinxin Mining Industry Co Ltd (HKSE:03833) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

33X1:Germany

Address

Fusion South Road, No. 501, Cooperation Zone, Economic and Technological, Urumqi, Xinjiang, CHN

Website

http://kunlun.wsfg.hk

Xinjiang Xinxin Mining Industry Co Ltd is a nickel cathode producer. In addition to producing nickel cathode using nickel sulfide resources, the company is engaged in mining, ore processing, smelting and refining operations and sales of nickel, copper and other non-ferrous metals. Its product portfolio includes nickel cathode and copper cathode. It also produces Cobalt products, gold, silver, platinum, and palladium. The majority of the group's revenue is derived from sales of nickel, copper and other non-ferrous metal products in China.

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