Tianjin Hi-Tech Development Co Beneish M-Score Historical Data
The historical data trend for Tianjin Hi-Tech Development 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.
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Tianjin Hi-Tech Development Co Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.27 |
0.45 |
13.01 |
-2.39 |
-2.63 |
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Tianjin Hi-Tech Development Co Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-1.46 |
-2.63 |
-2.52 |
-3.09 |
-2.74 |
Competitive Comparison
For the Conglomerates subindustry, Tianjin Hi-Tech Development 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.
Tianjin Hi-Tech Development Co Beneish M-Score Distribution
For the Conglomerates industry and Industrials sector, Tianjin Hi-Tech Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tianjin Hi-Tech Development Co's Beneish M-Score falls into.
Tianjin Hi-Tech Development 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 Tianjin Hi-Tech Development 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 * 1.7337 | + | 0.528 * 0.8204 | + | 0.404 * 2.2164 | + | 0.892 * 0.8715 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.9535 | + | 4.679 * -0.182393 | - | 0.327 * 1.0908 |
| = | -2.74 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ¥171.1 Mil.
Revenue was 138.163 + 216.004 + 22.18 + 187.076 = ¥563.4 Mil.
Gross Profit was 1.793 + 5.384 + 12.898 + 93.955 = ¥114.0 Mil.
Total Current Assets was ¥2,616.1 Mil.
Total Assets was ¥2,963.5 Mil.
Property, Plant and Equipment(Net PPE) was ¥0.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥13.1 Mil.
Total Current Liabilities was ¥1,081.7 Mil.
Long-Term Debt & Capital Lease Obligation was ¥62.5 Mil.
Net Income was -17.783 + -15.067 + -2.62 + 45.815 = ¥10.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 68.74 + 37.395 + 16.703 + 428.03 = ¥550.9 Mil.
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Total Receivables was ¥113.2 Mil.
Revenue was 78.151 + 108.417 + 119.749 + 340.191 = ¥646.5 Mil.
Gross Profit was 2.45 + 2.903 + 4.452 + 97.541 = ¥107.3 Mil.
Total Current Assets was ¥2,551.8 Mil.
Total Assets was ¥2,694.7 Mil.
Property, Plant and Equipment(Net PPE) was ¥0.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5.1 Mil.
Total Current Liabilities was ¥867.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥86.0 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) |
| = | (171.092 / 563.423) | / | (113.236 / 646.508) |
| = | 0.303665 | / | 0.17515 |
| | = | 1.7337 |
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) |
| = | (107.346 / 646.508) | / | (114.03 / 563.423) |
| = | 0.16604 | / | 0.202388 |
| | = | 0.8204 |
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 - (2616.118 + 0.422) / 2963.506) | / | (1 - (2551.775 + 0.613) / 2694.736) |
| = | 0.11708 | / | 0.052824 |
| | = | 2.2164 |
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 |
| = | 563.423 | / | 646.508 |
| | = | 0.8715 |
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 / (0 + 0.613)) | / | (0 / (0 + 0.422)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (13.128 / 563.423) | / | (5.1 / 646.508) |
| = | 0.0233 | / | 0.007889 |
| | = | 2.9535 |
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) |
| = | ((62.471 + 1081.738) / 2963.506) | / | ((86 + 867.788) / 2694.736) |
| = | 0.3861 | / | 0.353945 |
| | = | 1.0908 |
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 |
| = | (10.345 - 0 | - | 550.868) | / | 2963.506 |
| | = | -0.182393 |
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.
Tianjin Hi-Tech Development Co has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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