Pu`er Lancang Ancient Tea Co Beneish M-Score Historical Data
The historical data trend for Pu`er Lancang Ancient Tea 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.
Pu`er Lancang Ancient Tea Co Beneish M-Score Chart
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Pu`er Lancang Ancient Tea Co Annual Data
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|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.25 |
-1.44 |
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Pu`er Lancang Ancient Tea Co Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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|
- |
- |
-2.25 |
- |
-1.44 |
Competitive Comparison of Pu`er Lancang Ancient Tea Co's Beneish M-Score
For the Farm Products subindustry, Pu`er Lancang Ancient Tea 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.
Pu`er Lancang Ancient Tea Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Pu`er Lancang Ancient Tea Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pu`er Lancang Ancient Tea Co's Beneish M-Score falls into.
Pu`er Lancang Ancient Tea 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 Pu`er Lancang Ancient Tea 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 * 1.9016 | + | 0.528 * 0.984 | + | 0.404 * 0.8616 | + | 0.892 * 1.1159 | + | 0.115 * 0.7319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0271 | + | 4.679 * 0.035846 | - | 0.327 * 0.8747 |
| = | -1.44 |
* 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$84.9 Mil.
Revenue was HK$576.8 Mil.
Gross Profit was HK$386.2 Mil.
Total Current Assets was HK$1,325.4 Mil.
Total Assets was HK$1,780.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$291.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$65.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$274.7 Mil.
Total Current Liabilities was HK$421.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$242.6 Mil.
Net Income was HK$87.6 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$23.8 Mil.
|
Total Receivables was HK$40.0 Mil.
Revenue was HK$516.9 Mil.
Gross Profit was HK$340.6 Mil.
Total Current Assets was HK$1,058.4 Mil.
Total Assets was HK$1,575.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$349.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$54.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$239.7 Mil.
Total Current Liabilities was HK$431.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$240.2 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) |
| = | (84.934 / 576.799) | / | (40.025 / 516.893) |
| = | 0.147251 | / | 0.077434 |
| | = | 1.9016 |
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) |
| = | (340.595 / 516.893) | / | (386.233 / 576.799) |
| = | 0.658927 | / | 0.669615 |
| | = | 0.984 |
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 - (1325.4 + 291.758) / 1780.646) | / | (1 - (1058.392 + 349.277) / 1575.574) |
| = | 0.091814 | / | 0.106568 |
| | = | 0.8616 |
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 |
| = | 576.799 | / | 516.893 |
| | = | 1.1159 |
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)) |
| = | (54.443 / (54.443 + 349.277)) | / | (65.9 / (65.9 + 291.758)) |
| = | 0.134853 | / | 0.184254 |
| | = | 0.7319 |
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) |
| = | (274.747 / 576.799) | / | (239.706 / 516.893) |
| = | 0.476331 | / | 0.463744 |
| | = | 1.0271 |
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) |
| = | ((242.577 + 421.493) / 1780.646) | / | ((240.154 + 431.645) / 1575.574) |
| = | 0.372938 | / | 0.426384 |
| | = | 0.8747 |
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 |
| = | (87.59 - 0 | - | 23.761) | / | 1780.646 |
| | = | 0.035846 |
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.
Pu`er Lancang Ancient Tea Co has a M-score of -1.44 signals that the company is likely to be a manipulator.
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