Tongwei Co Beneish M-Score Historical Data
The historical data trend for Tongwei 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.
Tongwei Co Beneish M-Score Chart
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Tongwei Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.63 |
5.90 |
-2.64 |
-2.64 |
-1.34 |
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Tongwei Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.83 |
-1.63 |
-2.61 |
-1.34 |
-0.90 |
Competitive Comparison of Tongwei Co's Beneish M-Score
For the Solar subindustry, Tongwei 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.
Tongwei Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Tongwei Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tongwei Co's Beneish M-Score falls into.
Tongwei 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 Tongwei 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 * 1.2225 | + | 0.528 * 4.6429 | + | 0.404 * 0.8804 | + | 0.892 * 0.7044 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6962 | + | 4.679 * -0.047482 | - | 0.327 * 1.1996 |
| = | -0.90 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥17,414 Mil.
Revenue was 15933.401 + 23721.927 + 24475.361 + 24226.696 = ¥88,357 Mil.
Gross Profit was -458.083 + 580.678 + 2179.08 + 1316.509 = ¥3,618 Mil.
Total Current Assets was ¥80,915 Mil.
Total Assets was ¥209,045 Mil.
Property, Plant and Equipment(Net PPE) was ¥112,934 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,601 Mil.
Total Current Liabilities was ¥61,252 Mil.
Long-Term Debt & Capital Lease Obligation was ¥75,982 Mil.
Net Income was -2592.75 + -3065.5 + -843.806 + -2342.714 = ¥-8,845 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -1456.552 + -1844.712 + 2027.152 + 2355.203 = ¥1,081 Mil.
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Total Receivables was ¥20,222 Mil.
Revenue was 19570.42 + 27683.527 + 37352.377 + 40823.565 = ¥125,430 Mil.
Gross Profit was 1800.924 + 3718.203 + 7384.48 + 10943.637 = ¥23,847 Mil.
Total Current Assets was ¥70,965 Mil.
Total Assets was ¥179,724 Mil.
Property, Plant and Equipment(Net PPE) was ¥93,919 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥3,264 Mil.
Total Current Liabilities was ¥41,093 Mil.
Long-Term Debt & Capital Lease Obligation was ¥57,265 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) |
| = | (17414.196 / 88357.385) | / | (20221.91 / 125429.889) |
| = | 0.197088 | / | 0.161221 |
| | = | 1.2225 |
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) |
| = | (23847.244 / 125429.889) | / | (3618.184 / 88357.385) |
| = | 0.190124 | / | 0.040949 |
| | = | 4.6429 |
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 - (80914.777 + 112933.996) / 209045.313) | / | (1 - (70964.865 + 93919.087) / 179724.442) |
| = | 0.072695 | / | 0.082574 |
| | = | 0.8804 |
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 |
| = | 88357.385 | / | 125429.889 |
| | = | 0.7044 |
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 + 93919.087)) | / | (0 / (0 + 112933.996)) |
| = | 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) |
| = | (1600.937 / 88357.385) | / | (3264.478 / 125429.889) |
| = | 0.018119 | / | 0.026026 |
| | = | 0.6962 |
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) |
| = | ((75982.21 + 61252.329) / 209045.313) | / | ((57265.326 + 41092.596) / 179724.442) |
| = | 0.656482 | / | 0.547271 |
| | = | 1.1996 |
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 |
| = | (-8844.77 - 0 | - | 1081.091) | / | 209045.313 |
| | = | -0.047482 |
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.
Tongwei Co has a M-score of -0.90 signals that the company is likely to be a manipulator.
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