Jiuzi Holdings (Jiuzi Holdings) Beneish M-Score : -5.28 (As of May. 23, 2024)

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What is Jiuzi Holdings 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 -5.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Jiuzi Holdings's Beneish M-Score or its related term are showing as below:

JZXN' s Beneish M-Score Range Over the Past 10 Years
Min: -12.04 Med: -3.39 Max: -0.46
Current: -5.28

During the past 6 years, the highest Beneish M-Score of Jiuzi Holdings was -0.46. The lowest was -12.04. And the median was -3.39.

Jiuzi Holdings Beneish M-Score Historical Data

The historical data trend for Jiuzi Holdings'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.

* Premium members only.

Jiuzi Holdings Beneish M-Score Chart

Jiuzi Holdings Annual Data

Trend

Oct18

Oct19

Oct20

Apr21

Oct22

Oct23

Beneish M-Score

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-0.46

-1.50

-12.04

-5.28

Jiuzi Holdings Semi-Annual Data
	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Beneish M-Score	Get a 7-Day Free Trial						-	-	-12.04	-	-5.28

Competitive Comparison of Jiuzi Holdings's Beneish M-Score

For the Auto & Truck Dealerships subindustry, Jiuzi Holdings'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.

Jiuzi Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Jiuzi Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jiuzi Holdings's Beneish M-Score falls into.

Jiuzi Holdings 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 Jiuzi Holdings 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 * 0.9563

0.528 * -0.2946

0.404 * 0.0298

0.892 * 1.0014

0.115 * 0.5204

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.968

4.679 * -0.345215

0.327 * 1.0664

-5.28

This Year (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was $6.71 Mil.
Revenue was $5.93 Mil.
Gross Profit was $1.34 Mil.
Total Current Assets was $10.47 Mil.
Total Assets was $11.39 Mil.
Property, Plant and Equipment(Net PPE) was $0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.30 Mil.
Selling, General, & Admin. Expense(SGA) was $5.66 Mil.
Total Current Liabilities was $6.73 Mil.
Long-Term Debt & Capital Lease Obligation was $0.19 Mil.
Net Income was $-9.39 Mil.
Gross Profit was $0.02 Mil.
Cash Flow from Operations was $-5.48 Mil.

Total Receivables was $7.01 Mil.
Revenue was $5.92 Mil.
Gross Profit was $-0.39 Mil.
Total Current Assets was $12.25 Mil.
Total Assets was $15.33 Mil.
Property, Plant and Equipment(Net PPE) was $1.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $5.84 Mil.
Total Current Liabilities was $8.34 Mil.
Long-Term Debt & Capital Lease Obligation was $0.39 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)
	=	(6.714 / 5.931)	/	(7.011 / 5.923)
	=	1.132018	/	1.183691
	=	0.9563

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)
	=	(-0.394 / 5.923)	/	(1.339 / 5.931)
	=	-0.06652	/	0.225763
	=	-0.2946

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 - (10.472 + 0.88) / 11.39)	/	(1 - (12.248 + 1.363) / 15.326)
	=	0.003336	/	0.111901
	=	0.0298

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
	=	5.931	/	5.923
	=	1.0014

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))
	=	(0.209 / (0.209 + 1.363))	/	(0.302 / (0.302 + 0.88))
	=	0.132952	/	0.255499
	=	0.5204

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)
	=	(5.656 / 5.931)	/	(5.835 / 5.923)
	=	0.953633	/	0.985143
	=	0.968

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)
	=	((0.189 + 6.729) / 11.39)	/	((0.394 + 8.335) / 15.326)
	=	0.607375	/	0.569555
	=	1.0664

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
	=	(-9.389 - 0.019	-	-5.476)	/	11.39
	=	-0.345215

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.

Jiuzi Holdings has a M-score of -5.28 suggests that the company is unlikely to be a manipulator.

Jiuzi Holdings Beneish M-Score Related Terms

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Jiuzi Holdings (Jiuzi Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Jiuzi Holdings Inc (NAS:JZXN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 168 Qianjiang Nongchang Gengwen Road, 15th Floor, Economic and Technological Development Zone, Xiaoshan District, Zhejiang Province, Hangzhou, CHN, 310000

Website

http://m.zjjzxny.cn

Jiuzi Holdings Inc operates as a franchise under the brand name Jiuzi. It sells new energy vehicles in third-fourth tier cities in China. The firm also sells plug-in electric vehicles on-demand from vehicle buyers. Its business segments are sales of NEVs and Franchisees service. The company generates a majority of its revenue from NEVs segment. Geographically, the firm operates in China.