Ningbo Fuda Co Beneish M-Score Historical Data
The historical data trend for Ningbo Fuda 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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Ningbo Fuda 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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-3.25 |
-2.95 |
-2.30 |
-2.01 |
-2.78 |
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Ningbo Fuda Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.01 |
-2.16 |
-2.12 |
-2.35 |
-2.78 |
Competitive Comparison
For the Real Estate Services subindustry, Ningbo Fuda 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.
Ningbo Fuda Co Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, Ningbo Fuda Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ningbo Fuda Co's Beneish M-Score falls into.
Ningbo Fuda 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 Ningbo Fuda 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 * 1.0078 | + | 0.528 * 1.089 | + | 0.404 * 0.9192 | + | 0.892 * 0.9727 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0636 | + | 4.679 * -0.039678 | - | 0.327 * 1.3173 |
| = | -2.78 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ¥481 Mil.
Revenue was 640.648 + 799.311 + 904.787 + 822.589 = ¥3,167 Mil.
Gross Profit was 112.302 + 79.369 + 119.058 + 139.13 = ¥450 Mil.
Total Current Assets was ¥2,484 Mil.
Total Assets was ¥4,630 Mil.
Property, Plant and Equipment(Net PPE) was ¥729 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥77 Mil.
Total Current Liabilities was ¥1,128 Mil.
Long-Term Debt & Capital Lease Obligation was ¥118 Mil.
Net Income was 68.761 + 44.929 + 54.357 + 62.106 = ¥230 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 223.739 + 137.358 + 150.331 + -97.58 = ¥414 Mil.
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Total Receivables was ¥491 Mil.
Revenue was 984.417 + 758.469 + 777.317 + 736.115 = ¥3,256 Mil.
Gross Profit was 148.394 + 110.512 + 104.741 + 140.002 = ¥504 Mil.
Total Current Assets was ¥2,118 Mil.
Total Assets was ¥4,337 Mil.
Property, Plant and Equipment(Net PPE) was ¥775 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥75 Mil.
Total Current Liabilities was ¥768 Mil.
Long-Term Debt & Capital Lease Obligation was ¥118 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) |
| = | (481.148 / 3167.335) | / | (490.853 / 3256.318) |
| = | 0.151909 | / | 0.150739 |
| | = | 1.0078 |
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) |
| = | (503.649 / 3256.318) | / | (449.859 / 3167.335) |
| = | 0.154668 | / | 0.142031 |
| | = | 1.089 |
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 - (2484.368 + 728.805) / 4629.655) | / | (1 - (2118.202 + 774.923) / 4336.563) |
| = | 0.305958 | / | 0.332853 |
| | = | 0.9192 |
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 |
| = | 3167.335 | / | 3256.318 |
| | = | 0.9727 |
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 + 774.923)) | / | (0 / (0 + 728.805)) |
| = | 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) |
| = | (77.28 / 3167.335) | / | (74.7 / 3256.318) |
| = | 0.024399 | / | 0.02294 |
| | = | 1.0636 |
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) |
| = | ((117.842 + 1127.778) / 4629.655) | / | ((118.18 + 767.565) / 4336.563) |
| = | 0.269052 | / | 0.20425 |
| | = | 1.3173 |
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 |
| = | (230.153 - 0 | - | 413.848) | / | 4629.655 |
| | = | -0.039678 |
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.
Ningbo Fuda Co has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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