Huafang Co Beneish M-Score Historical Data
The historical data trend for Huafang 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.
Huafang Co Beneish M-Score Chart
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Huafang 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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-2.87 |
-2.32 |
-2.62 |
-2.52 |
-3.43 |
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Huafang 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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-2.74 |
-2.82 |
-2.95 |
-3.43 |
-3.13 |
Competitive Comparison of Huafang Co's Beneish M-Score
For the Textile Manufacturing subindustry, Huafang 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.
Huafang Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Huafang Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huafang Co's Beneish M-Score falls into.
Huafang 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 Huafang 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 * 0.8684 | + | 0.528 * 0.7271 | + | 0.404 * 0.8666 | + | 0.892 * 0.8564 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2826 | + | 4.679 * -0.035148 | - | 0.327 * 0.9806 |
| = | -3.13 |
* 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 ¥326 Mil.
Revenue was 661.415 + 569.784 + 853.417 + 737.909 = ¥2,823 Mil.
Gross Profit was 55.837 + 135.3 + 111.852 + 87.566 = ¥391 Mil.
Total Current Assets was ¥1,722 Mil.
Total Assets was ¥3,522 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,540 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥55 Mil.
Total Current Liabilities was ¥2,085 Mil.
Long-Term Debt & Capital Lease Obligation was ¥179 Mil.
Net Income was 0.945 + 6.105 + 1.472 + 0.755 = ¥9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 29.841 + 32.91 + 76.109 + -5.784 = ¥133 Mil.
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Total Receivables was ¥439 Mil.
Revenue was 636.4 + 628.358 + 1032.312 + 998.696 = ¥3,296 Mil.
Gross Profit was 72.576 + 90.98 + 90.483 + 77.55 = ¥332 Mil.
Total Current Assets was ¥1,769 Mil.
Total Assets was ¥3,686 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥50 Mil.
Total Current Liabilities was ¥2,179 Mil.
Long-Term Debt & Capital Lease Obligation was ¥237 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) |
| = | (326.239 / 2822.525) | / | (438.686 / 3295.766) |
| = | 0.115584 | / | 0.133106 |
| | = | 0.8684 |
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) |
| = | (331.589 / 3295.766) | / | (390.555 / 2822.525) |
| = | 0.100611 | / | 0.138371 |
| | = | 0.7271 |
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 - (1721.655 + 1540.112) / 3522.212) | / | (1 - (1768.617 + 1602.563) / 3685.659) |
| = | 0.073944 | / | 0.085325 |
| | = | 0.8666 |
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 |
| = | 2822.525 | / | 3295.766 |
| | = | 0.8564 |
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 + 1602.563)) | / | (0 / (0 + 1540.112)) |
| = | 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) |
| = | (54.655 / 2822.525) | / | (49.759 / 3295.766) |
| = | 0.019364 | / | 0.015098 |
| | = | 1.2826 |
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) |
| = | ((179.138 + 2084.677) / 3522.212) | / | ((236.823 + 2178.805) / 3685.659) |
| = | 0.642725 | / | 0.655413 |
| | = | 0.9806 |
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 |
| = | (9.277 - 0 | - | 133.076) | / | 3522.212 |
| | = | -0.035148 |
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.
Huafang Co has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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