Ningbo Shanshan Co Beneish M-Score Historical Data
The historical data trend for Ningbo Shanshan 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.
Ningbo Shanshan Co Beneish M-Score Chart
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Ningbo Shanshan Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.17 |
-1.38 |
-2.09 |
-2.04 |
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Ningbo Shanshan Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Mar23 |
Jun23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.09 |
-1.66 |
-1.57 |
-2.04 |
-2.49 |
Competitive Comparison of Ningbo Shanshan Co's Beneish M-Score
For the Specialty Chemicals subindustry, Ningbo Shanshan 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 Shanshan Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ningbo Shanshan Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ningbo Shanshan Co's Beneish M-Score falls into.
Ningbo Shanshan 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 Shanshan 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 * 1.1656 | + | 0.528 * 1.399 | + | 0.404 * 0.9185 | + | 0.892 * 0.8699 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.252 | + | 4.679 * -0.026851 | - | 0.327 * 1.1617 |
| = | -2.49 |
* 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 ¥6,074 Mil.
Revenue was 3752.317 + 4360.946 + 5241.503 + 5018.338 = ¥18,373 Mil.
Gross Profit was 532.967 + 485.768 + 872.589 + 1005.5 = ¥2,897 Mil.
Total Current Assets was ¥18,848 Mil.
Total Assets was ¥49,625 Mil.
Property, Plant and Equipment(Net PPE) was ¥18,880 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥507 Mil.
Total Current Liabilities was ¥15,077 Mil.
Long-Term Debt & Capital Lease Obligation was ¥9,274 Mil.
Net Income was -73.282 + -436.844 + 189.09 + 440.491 = ¥119 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 324.461 + 1351.507 + -85.514 + -138.524 = ¥1,452 Mil.
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Total Receivables was ¥5,990 Mil.
Revenue was 4449.438 + 5861.05 + 5068.633 + 5742.433 = ¥21,122 Mil.
Gross Profit was 729.157 + 1156.546 + 1325.928 + 1447.267 = ¥4,659 Mil.
Total Current Assets was ¥18,656 Mil.
Total Assets was ¥46,884 Mil.
Property, Plant and Equipment(Net PPE) was ¥15,991 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥465 Mil.
Total Current Liabilities was ¥12,302 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7,501 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) |
| = | (6073.776 / 18373.104) | / | (5990.108 / 21121.554) |
| = | 0.33058 | / | 0.283602 |
| | = | 1.1656 |
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) |
| = | (4658.898 / 21121.554) | / | (2896.824 / 18373.104) |
| = | 0.220576 | / | 0.157667 |
| | = | 1.399 |
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 - (18848.148 + 18880.222) / 49625.408) | / | (1 - (18656.064 + 15990.878) / 46884.344) |
| = | 0.239737 | / | 0.261013 |
| | = | 0.9185 |
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 |
| = | 18373.104 | / | 21121.554 |
| | = | 0.8699 |
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 + 15990.878)) | / | (0 / (0 + 18880.222)) |
| = | 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) |
| = | (506.73 / 18373.104) | / | (465.266 / 21121.554) |
| = | 0.02758 | / | 0.022028 |
| | = | 1.252 |
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) |
| = | ((9273.826 + 15076.799) / 49625.408) | / | ((7500.75 + 12302.413) / 46884.344) |
| = | 0.490689 | / | 0.422383 |
| | = | 1.1617 |
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 |
| = | (119.455 - 0 | - | 1451.93) | / | 49625.408 |
| | = | -0.026851 |
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 Shanshan Co has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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