Shanxi Lanhua Sci-Tech Venture Co Beneish M-Score Historical Data
The historical data trend for Shanxi Lanhua Sci-Tech Venture 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.
Shanxi Lanhua Sci-Tech Venture Co Beneish M-Score Chart
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Shanxi Lanhua Sci-Tech Venture Co Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.91 |
-2.37 |
-1.57 |
-3.11 |
-2.51 |
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Shanxi Lanhua Sci-Tech Venture Co Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.67 |
-2.51 |
-2.61 |
-2.88 |
-2.67 |
Competitive Comparison of Shanxi Lanhua Sci-Tech Venture Co's Beneish M-Score
For the Thermal Coal subindustry, Shanxi Lanhua Sci-Tech Venture 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.
Shanxi Lanhua Sci-Tech Venture Co's Beneish M-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Shanxi Lanhua Sci-Tech Venture Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanxi Lanhua Sci-Tech Venture Co's Beneish M-Score falls into.
Shanxi Lanhua Sci-Tech Venture 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 Shanxi Lanhua Sci-Tech Venture 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 * 0.7117 | + | 0.528 * 1.4539 | + | 0.404 * 0.9398 | + | 0.892 * 0.9824 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1788 | + | 4.679 * -0.020481 | - | 0.327 * 0.9968 |
| = | -2.67 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥1,533 Mil.
Revenue was 2941.932 + 3214.8 + 2262.083 + 3679.976 = ¥12,099 Mil.
Gross Profit was 731.186 + 1094.516 + 657.105 + 1353.081 = ¥3,836 Mil.
Total Current Assets was ¥9,589 Mil.
Total Assets was ¥31,323 Mil.
Property, Plant and Equipment(Net PPE) was ¥14,742 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥145 Mil.
Total Current Liabilities was ¥9,288 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,087 Mil.
Net Income was 155.161 + 416.718 + 134.909 + 299.108 = ¥1,006 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1027.435 + 93.056 + 537.77 + -10.852 = ¥1,647 Mil.
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Total Receivables was ¥2,193 Mil.
Revenue was 3135.054 + 3451.406 + 3017.371 + 2711.741 = ¥12,316 Mil.
Gross Profit was 1385.93 + 1299.239 + 1497.816 + 1493.784 = ¥5,677 Mil.
Total Current Assets was ¥10,070 Mil.
Total Assets was ¥32,356 Mil.
Property, Plant and Equipment(Net PPE) was ¥14,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥125 Mil.
Total Current Liabilities was ¥10,008 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,888 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) |
| = | (1533.423 / 12098.791) | / | (2193.152 / 12315.572) |
| = | 0.126742 | / | 0.17808 |
| | = | 0.7117 |
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) |
| = | (5676.769 / 12315.572) | / | (3835.888 / 12098.791) |
| = | 0.460942 | / | 0.317047 |
| | = | 1.4539 |
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 - (9589.038 + 14742.476) / 31322.893) | / | (1 - (10070.462 + 14601.574) / 32356.383) |
| = | 0.223203 | / | 0.237491 |
| | = | 0.9398 |
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 |
| = | 12098.791 | / | 12315.572 |
| | = | 0.9824 |
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 + 14601.574)) | / | (0 / (0 + 14742.476)) |
| = | 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) |
| = | (144.59 / 12098.791) | / | (124.855 / 12315.572) |
| = | 0.011951 | / | 0.010138 |
| | = | 1.1788 |
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) |
| = | ((5086.707 + 9287.755) / 31322.893) | / | ((4887.73 + 10008.423) / 32356.383) |
| = | 0.458912 | / | 0.460378 |
| | = | 0.9968 |
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 |
| = | (1005.896 - 0 | - | 1647.409) | / | 31322.893 |
| | = | -0.020481 |
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.
Shanxi Lanhua Sci-Tech Venture Co has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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