Wanhua Chemical Group Co Beneish M-Score Historical Data
The historical data trend for Wanhua Chemical Group 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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Wanhua Chemical Group 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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-3.44 |
-2.33 |
-2.01 |
-2.75 |
-2.68 |
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Wanhua Chemical Group 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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-2.56 |
-2.83 |
-3.04 |
-2.68 |
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Competitive Comparison
For the Specialty Chemicals subindustry, Wanhua Chemical Group 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.
Wanhua Chemical Group Co Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, Wanhua Chemical Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wanhua Chemical Group Co's Beneish M-Score falls into.
Wanhua Chemical Group 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 Wanhua Chemical Group 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 * 0.8625 | + | 0.528 * 0.9394 | + | 0.404 * 0.9767 | + | 0.892 * 1.0836 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1715 | + | 4.679 * -0.031504 | - | 0.327 * 1.0094 |
| = | -2.75 |
* 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 ¥16,676 Mil.
Revenue was 46161.005 + 42806.795 + 44927.765 + 45687.05 = ¥179,583 Mil.
Gross Profit was 8137.324 + 7217.087 + 7829.683 + 7035.741 = ¥30,220 Mil.
Total Current Assets was ¥79,712 Mil.
Total Assets was ¥279,122 Mil.
Property, Plant and Equipment(Net PPE) was ¥163,642 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,212 Mil.
Total Current Liabilities was ¥123,446 Mil.
Long-Term Debt & Capital Lease Obligation was ¥53,296 Mil.
Net Income was 4157.379 + 4112.572 + 4134.947 + 4515.075 = ¥16,920 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 3083.664 + 9659.881 + 5915.057 + 7054.929 = ¥25,714 Mil.
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Total Receivables was ¥17,841 Mil.
Revenue was 41939.326 + 35145.045 + 41301.674 + 47334.341 = ¥165,720 Mil.
Gross Profit was 7352.065 + 5626.032 + 5365.969 + 7853.395 = ¥26,197 Mil.
Total Current Assets was ¥77,735 Mil.
Total Assets was ¥237,794 Mil.
Property, Plant and Equipment(Net PPE) was ¥128,861 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,742 Mil.
Total Current Liabilities was ¥120,634 Mil.
Long-Term Debt & Capital Lease Obligation was ¥28,538 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) |
| = | (16675.582 / 179582.615) | / | (17841.44 / 165720.386) |
| = | 0.092857 | / | 0.10766 |
| | = | 0.8625 |
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) |
| = | (26197.461 / 165720.386) | / | (30219.835 / 179582.615) |
| = | 0.158082 | / | 0.168278 |
| | = | 0.9394 |
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 - (79712.307 + 163642.361) / 279122.454) | / | (1 - (77735.147 + 128860.664) / 237793.786) |
| = | 0.128144 | / | 0.131198 |
| | = | 0.9767 |
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 |
| = | 179582.615 | / | 165720.386 |
| | = | 1.0836 |
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 + 128860.664)) | / | (0 / (0 + 163642.361)) |
| = | 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) |
| = | (2211.877 / 179582.615) | / | (1742.356 / 165720.386) |
| = | 0.012317 | / | 0.010514 |
| | = | 1.1715 |
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) |
| = | ((53295.99 + 123446.075) / 279122.454) | / | ((28537.675 + 120633.788) / 237793.786) |
| = | 0.633206 | / | 0.627314 |
| | = | 1.0094 |
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 |
| = | (16919.973 - 0 | - | 25713.531) | / | 279122.454 |
| | = | -0.031504 |
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.
Wanhua Chemical Group Co has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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