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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-2.52 |
-2.20 |
-1.55 |
-2.02 |
-2.03 |
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Ningbo Shanshan Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
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Mar22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.50 |
-2.03 |
-2.50 |
-2.66 |
-2.96 |
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 * 0.9007 | + | 0.528 * 1.2966 | + | 0.404 * 0.8868 | + | 0.892 * 0.8578 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4398 | + | 4.679 * -0.058194 | - | 0.327 * 1.0892 |
| = | -2.96 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥5,423 Mil.
Revenue was 4463.779 + 5067.539 + 3752.317 + 4360.946 = ¥17,645 Mil.
Gross Profit was 722.639 + 748.634 + 532.967 + 485.768 = ¥2,490 Mil.
Total Current Assets was ¥17,838 Mil.
Total Assets was ¥47,576 Mil.
Property, Plant and Equipment(Net PPE) was ¥19,147 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥339 Mil.
Total Current Liabilities was ¥13,711 Mil.
Long-Term Debt & Capital Lease Obligation was ¥9,611 Mil.
Net Income was 5.638 + 90.856 + -73.282 + -436.844 = ¥-414 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 312.01 + 367.012 + 324.461 + 1351.507 = ¥2,355 Mil.
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Total Receivables was ¥7,019 Mil.
Revenue was 5241.503 + 5018.338 + 4449.438 + 5861.05 = ¥20,570 Mil.
Gross Profit was 872.589 + 1005.5 + 729.157 + 1156.546 = ¥3,764 Mil.
Total Current Assets was ¥19,669 Mil.
Total Assets was ¥49,205 Mil.
Property, Plant and Equipment(Net PPE) was ¥17,185 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥274 Mil.
Total Current Liabilities was ¥13,451 Mil.
Long-Term Debt & Capital Lease Obligation was ¥8,694 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) |
| = | (5422.599 / 17644.581) | / | (7018.849 / 20570.329) |
| = | 0.307324 | / | 0.341212 |
| | = | 0.9007 |
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) |
| = | (3763.792 / 20570.329) | / | (2490.008 / 17644.581) |
| = | 0.182972 | / | 0.14112 |
| | = | 1.2966 |
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 - (17838.056 + 19147.46) / 47575.697) | / | (1 - (19668.974 + 17185.062) / 49205.442) |
| = | 0.222596 | / | 0.251017 |
| | = | 0.8868 |
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 |
| = | 17644.581 | / | 20570.329 |
| | = | 0.8578 |
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 + 17185.062)) | / | (0 / (0 + 19147.46)) |
| = | 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) |
| = | (338.623 / 17644.581) | / | (274.188 / 20570.329) |
| = | 0.019191 | / | 0.013329 |
| | = | 1.4398 |
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) |
| = | ((9610.603 + 13710.814) / 47575.697) | / | ((8693.998 + 13450.526) / 49205.442) |
| = | 0.490196 | / | 0.450042 |
| | = | 1.0892 |
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 |
| = | (-413.632 - 0 | - | 2354.99) | / | 47575.697 |
| | = | -0.058194 |
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 -2.96 suggests that the company is unlikely to be a manipulator.
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