ZJLD Group Beneish M-Score Historical Data
The historical data trend for ZJLD Group'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.
ZJLD Group Beneish M-Score Chart
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ZJLD Group Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
7.07 |
-0.66 |
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ZJLD Group Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
7.07 |
- |
-0.66 |
- |
Competitive Comparison of ZJLD Group's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, ZJLD Group'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.
ZJLD Group's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, ZJLD Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ZJLD Group's Beneish M-Score falls into.
ZJLD Group 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 ZJLD Group 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 * 1.2858 | + | 0.528 * 0.9531 | + | 0.404 * 3.0505 | + | 0.892 * 1.1759 | + | 0.115 * 0.7345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.04 | + | 4.679 * 0.111838 | - | 0.327 * 0.6659 |
| = | -0.66 |
* 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$320 Mil.
Revenue was HK$7,690 Mil.
Gross Profit was HK$4,463 Mil.
Total Current Assets was HK$14,090 Mil.
Total Assets was HK$19,226 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,936 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$284 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,303 Mil.
Total Current Liabilities was HK$5,308 Mil.
Long-Term Debt & Capital Lease Obligation was HK$28 Mil.
Net Income was HK$2,545 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$395 Mil.
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Total Receivables was HK$212 Mil.
Revenue was HK$6,539 Mil.
Gross Profit was HK$3,617 Mil.
Total Current Assets was HK$8,092 Mil.
Total Assets was HK$12,350 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,216 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$175 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,883 Mil.
Total Current Liabilities was HK$5,106 Mil.
Long-Term Debt & Capital Lease Obligation was HK$42 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) |
| = | (320.114 / 7689.776) | / | (211.71 / 6539.389) |
| = | 0.041629 | / | 0.032375 |
| | = | 1.2858 |
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) |
| = | (3616.961 / 6539.389) | / | (4462.561 / 7689.776) |
| = | 0.553104 | / | 0.580324 |
| | = | 0.9531 |
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 - (14090.271 + 4935.912) / 19226.118) | / | (1 - (8091.603 + 4215.917) / 12349.624) |
| = | 0.010399 | / | 0.003409 |
| | = | 3.0505 |
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 |
| = | 7689.776 | / | 6539.389 |
| | = | 1.1759 |
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)) |
| = | (175.401 / (175.401 + 4215.917)) | / | (283.864 / (283.864 + 4935.912)) |
| = | 0.039943 | / | 0.054382 |
| | = | 0.7345 |
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) |
| = | (2303.157 / 7689.776) | / | (1883.269 / 6539.389) |
| = | 0.299509 | / | 0.287989 |
| | = | 1.04 |
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) |
| = | ((27.653 + 5307.904) / 19226.118) | / | ((41.502 + 5105.603) / 12349.624) |
| = | 0.277516 | / | 0.416782 |
| | = | 0.6659 |
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 |
| = | (2545.314 - 0 | - | 395.101) | / | 19226.118 |
| | = | 0.111838 |
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.
ZJLD Group has a M-score of -0.66 signals that the company is likely to be a manipulator.
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