Camellia Metal Co Beneish M-Score Historical Data
The historical data trend for Camellia Metal 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.
Camellia Metal Co Beneish M-Score Chart
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Camellia Metal Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.01 |
-2.00 |
-3.45 |
0.25 |
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Camellia Metal Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.48 |
-3.05 |
-0.36 |
0.25 |
-2.45 |
Competitive Comparison of Camellia Metal Co's Beneish M-Score
For the Steel subindustry, Camellia Metal 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.
Camellia Metal Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Camellia Metal Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Camellia Metal Co's Beneish M-Score falls into.
Camellia Metal 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 Camellia Metal 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 * 1.2371 | + | 0.528 * 1.9667 | + | 0.404 * 1.1901 | + | 0.892 * 0.7537 | + | 0.115 * 0.9941 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2849 | + | 4.679 * -0.104933 | - | 0.327 * 1.0307 |
| = | -2.45 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$328 Mil.
Revenue was 355.204 + 367.843 + 352.05 + 342.853 = NT$1,418 Mil.
Gross Profit was 3.414 + 25.365 + 0.119 + 10.732 = NT$40 Mil.
Total Current Assets was NT$1,133 Mil.
Total Assets was NT$2,588 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,037 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$83 Mil.
Selling, General, & Admin. Expense(SGA) was NT$108 Mil.
Total Current Liabilities was NT$1,460 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5 Mil.
Net Income was -5.033 + -29.491 + -15.446 + -5.365 = NT$-55 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 31.934 + -4.096 + 100.57 + 87.875 = NT$216 Mil.
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Total Receivables was NT$351 Mil.
Revenue was 367.482 + 441.771 + 483.931 + 588.199 = NT$1,881 Mil.
Gross Profit was -20.479 + 27.434 + 35.367 + 61.09 = NT$103 Mil.
Total Current Assets was NT$1,186 Mil.
Total Assets was NT$2,595 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,057 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84 Mil.
Selling, General, & Admin. Expense(SGA) was NT$112 Mil.
Total Current Liabilities was NT$1,423 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 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) |
| = | (327.514 / 1417.95) | / | (351.261 / 1881.383) |
| = | 0.230977 | / | 0.186704 |
| | = | 1.2371 |
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) |
| = | (103.412 / 1881.383) | / | (39.63 / 1417.95) |
| = | 0.054966 | / | 0.027949 |
| | = | 1.9667 |
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 - (1132.956 + 1037.41) / 2588.495) | / | (1 - (1185.598 + 1057.453) / 2595.31) |
| = | 0.161534 | / | 0.135729 |
| | = | 1.1901 |
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 |
| = | 1417.95 | / | 1881.383 |
| | = | 0.7537 |
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)) |
| = | (83.877 / (83.877 + 1057.453)) | / | (82.813 / (82.813 + 1037.41)) |
| = | 0.073491 | / | 0.073925 |
| | = | 0.9941 |
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) |
| = | (108.005 / 1417.95) | / | (111.531 / 1881.383) |
| = | 0.07617 | / | 0.059281 |
| | = | 1.2849 |
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) |
| = | ((5.214 + 1459.678) / 2588.495) | / | ((2.332 + 1422.644) / 2595.31) |
| = | 0.565924 | / | 0.549058 |
| | = | 1.0307 |
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 |
| = | (-55.335 - 0 | - | 216.283) | / | 2588.495 |
| | = | -0.104933 |
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.
Camellia Metal Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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