NetEase Cloud Music Beneish M-Score Historical Data
The historical data trend for NetEase Cloud Music'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.
NetEase Cloud Music Beneish M-Score Chart
|
NetEase Cloud Music Annual Data
|
|
Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
-1.52 |
-5.78 |
-4.37 |
-2.20 |
- |
|
NetEase Cloud Music Semi-Annual Data
|
|
Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
-4.37 |
- |
-2.20 |
- |
- |
Competitive Comparison of NetEase Cloud Music's Beneish M-Score
For the Internet Content & Information subindustry, NetEase Cloud Music'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.
NetEase Cloud Music's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, NetEase Cloud Music's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NetEase Cloud Music's Beneish M-Score falls into.
NetEase Cloud Music 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 NetEase Cloud Music 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 * 1.1513 | + | 0.528 * 0.7924 | + | 0.404 * 5.5269 | + | 0.892 * 0.9864 | + | 0.115 * 0.8329 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8533 | + | 4.679 * -0.015691 | - | 0.327 * 0.9137 |
| = | -0.67 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$1,376 Mil.
Revenue was HK$8,488 Mil.
Gross Profit was HK$2,863 Mil.
Total Current Assets was HK$12,761 Mil.
Total Assets was HK$14,501 Mil.
Property, Plant and Equipment(Net PPE) was HK$28 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18 Mil.
Selling, General, & Admin. Expense(SGA) was HK$850 Mil.
Total Current Liabilities was HK$3,536 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 Mil.
Net Income was HK$1,667 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,895 Mil.
|
Total Receivables was HK$1,211 Mil.
Revenue was HK$8,605 Mil.
Gross Profit was HK$2,300 Mil.
Total Current Assets was HK$12,385 Mil.
Total Assets was HK$12,699 Mil.
Property, Plant and Equipment(Net PPE) was HK$43 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$21 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,010 Mil.
Total Current Liabilities was HK$3,390 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4 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) |
| = | (1375.749 / 8488.149) | / | (1211.343 / 8604.75) |
| = | 0.162079 | / | 0.140776 |
| | = | 1.1513 |
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) |
| = | (2299.856 / 8604.75) | / | (2862.975 / 8488.149) |
| = | 0.267277 | / | 0.337291 |
| | = | 0.7924 |
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 - (12761.014 + 28.021) / 14501.388) | / | (1 - (12385.032 + 43.024) / 12699.376) |
| = | 0.118082 | / | 0.021365 |
| | = | 5.5269 |
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 |
| = | 8488.149 | / | 8604.75 |
| | = | 0.9864 |
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)) |
| = | (21.186 / (21.186 + 43.024)) | / | (18.384 / (18.384 + 28.021)) |
| = | 0.329949 | / | 0.396164 |
| | = | 0.8329 |
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) |
| = | (850.063 / 8488.149) | / | (1009.927 / 8604.75) |
| = | 0.100147 | / | 0.117369 |
| | = | 0.8533 |
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) |
| = | ((5.084 + 3536.221) / 14501.388) | / | ((3.673 + 3390.443) / 12699.376) |
| = | 0.244205 | / | 0.267266 |
| | = | 0.9137 |
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 |
| = | (1667.177 - 0 | - | 1894.712) | / | 14501.388 |
| | = | -0.015691 |
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.
NetEase Cloud Music has a M-score of -0.67 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HKSE:09899 has been successfully added to your