Eastern Communications Co Beneish M-Score Historical Data
The historical data trend for Eastern Communications 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.
Eastern Communications Co Beneish M-Score Chart
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Eastern Communications 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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-2.46 |
-2.11 |
-2.62 |
-2.64 |
-2.11 |
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Eastern Communications Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.33 |
-2.39 |
-2.72 |
-2.11 |
-2.06 |
Competitive Comparison of Eastern Communications Co's Beneish M-Score
For the Communication Equipment subindustry, Eastern Communications 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.
Eastern Communications Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Eastern Communications Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eastern Communications Co's Beneish M-Score falls into.
Eastern Communications 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 Eastern Communications 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 * 0.9836 | + | 0.528 * 1.0592 | + | 0.404 * 1.8762 | + | 0.892 * 0.9033 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9157 | + | 4.679 * 0.035793 | - | 0.327 * 1.1487 |
| = | -2.06 |
* 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 ¥1,009 Mil.
Revenue was 567.702 + 1015.29 + 662.853 + 660.447 = ¥2,906 Mil.
Gross Profit was 55.008 + 128.899 + 80.835 + 54.173 = ¥319 Mil.
Total Current Assets was ¥2,819 Mil.
Total Assets was ¥4,454 Mil.
Property, Plant and Equipment(Net PPE) was ¥488 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥62 Mil.
Total Current Liabilities was ¥741 Mil.
Long-Term Debt & Capital Lease Obligation was ¥107 Mil.
Net Income was 135.38 + 38.156 + 43.719 + 57.441 = ¥275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -162.373 + 97.064 + 63.907 + 116.685 = ¥115 Mil.
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Total Receivables was ¥1,136 Mil.
Revenue was 601.137 + 1111.665 + 773.746 + 730.695 = ¥3,217 Mil.
Gross Profit was 73.703 + 156.732 + 71.643 + 71.848 = ¥374 Mil.
Total Current Assets was ¥3,266 Mil.
Total Assets was ¥4,097 Mil.
Property, Plant and Equipment(Net PPE) was ¥269 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥75 Mil.
Total Current Liabilities was ¥679 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 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) |
| = | (1009.324 / 2906.292) | / | (1135.888 / 3217.243) |
| = | 0.347289 | / | 0.353063 |
| | = | 0.9836 |
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) |
| = | (373.926 / 3217.243) | / | (318.915 / 2906.292) |
| = | 0.116226 | / | 0.109733 |
| | = | 1.0592 |
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 - (2818.648 + 488.409) / 4453.715) | / | (1 - (3265.849 + 268.901) / 4096.971) |
| = | 0.257461 | / | 0.137228 |
| | = | 1.8762 |
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 |
| = | 2906.292 | / | 3217.243 |
| | = | 0.9033 |
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 + 268.901)) | / | (0 / (0 + 488.409)) |
| = | 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) |
| = | (62.417 / 2906.292) | / | (75.459 / 3217.243) |
| = | 0.021477 | / | 0.023455 |
| | = | 0.9157 |
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) |
| = | ((107.039 + 740.998) / 4453.715) | / | ((0 + 679.146) / 4096.971) |
| = | 0.190411 | / | 0.165768 |
| | = | 1.1487 |
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 |
| = | (274.696 - 0 | - | 115.283) | / | 4453.715 |
| | = | 0.035793 |
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.
Eastern Communications Co has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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