Yueyang Forest & Paper Co Beneish M-Score Historical Data
The historical data trend for Yueyang Forest & Paper 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.
Yueyang Forest & Paper Co Beneish M-Score Chart
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Yueyang Forest & Paper Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.57 |
-2.04 |
-2.43 |
-2.68 |
-2.85 |
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Yueyang Forest & Paper Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.88 |
-2.95 |
-2.98 |
-2.85 |
-2.74 |
Competitive Comparison of Yueyang Forest & Paper Co's Beneish M-Score
For the Paper & Paper Products subindustry, Yueyang Forest & Paper 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.
Yueyang Forest & Paper Co's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Yueyang Forest & Paper Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yueyang Forest & Paper Co's Beneish M-Score falls into.
Yueyang Forest & Paper 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 Yueyang Forest & Paper 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 * 1.2632 | + | 0.528 * 0.853 | + | 0.404 * 0.7953 | + | 0.892 * 0.7804 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3521 | + | 4.679 * 0.002939 | - | 0.327 * 1.3179 |
| = | -2.74 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥3,232 Mil.
Revenue was 2108.519 + 2979.837 + 1581.017 + 1050.412 = ¥7,720 Mil.
Gross Profit was 194.435 + 710.661 + 78.191 + 23.612 = ¥1,007 Mil.
Total Current Assets was ¥9,633 Mil.
Total Assets was ¥19,999 Mil.
Property, Plant and Equipment(Net PPE) was ¥8,343 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥87 Mil.
Total Current Liabilities was ¥8,258 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,696 Mil.
Net Income was 46.922 + 261.719 + -46.371 + -197.055 = ¥65 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -536.807 + 395.765 + 124.579 + 22.892 = ¥6 Mil.
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Total Receivables was ¥3,279 Mil.
Revenue was 2523.239 + 3270.971 + 1923.526 + 2173.939 = ¥9,892 Mil.
Gross Profit was 253.93 + 562.155 + 96.526 + 187.889 = ¥1,101 Mil.
Total Current Assets was ¥9,683 Mil.
Total Assets was ¥15,752 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,064 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥82 Mil.
Total Current Liabilities was ¥5,676 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,468 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) |
| = | (3232.269 / 7719.785) | / | (3278.577 / 9891.675) |
| = | 0.418699 | / | 0.331448 |
| | = | 1.2632 |
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) |
| = | (1100.5 / 9891.675) | / | (1006.899 / 7719.785) |
| = | 0.111255 | / | 0.130431 |
| | = | 0.853 |
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 - (9632.521 + 8343.201) / 19999.297) | / | (1 - (9683.205 + 4064.449) / 15751.619) |
| = | 0.101182 | / | 0.127223 |
| | = | 0.7953 |
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 |
| = | 7719.785 | / | 9891.675 |
| | = | 0.7804 |
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 + 4064.449)) | / | (0 / (0 + 8343.201)) |
| = | 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) |
| = | (86.941 / 7719.785) | / | (82.391 / 9891.675) |
| = | 0.011262 | / | 0.008329 |
| | = | 1.3521 |
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) |
| = | ((3696.372 + 8258.311) / 19999.297) | / | ((1467.804 + 5676.433) / 15751.619) |
| = | 0.597755 | / | 0.453556 |
| | = | 1.3179 |
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 |
| = | (65.215 - 0 | - | 6.429) | / | 19999.297 |
| | = | 0.002939 |
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.
Yueyang Forest & Paper Co has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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