Liuzhou Iron & Steel Co Beneish M-Score Historical Data
The historical data trend for Liuzhou Iron & Steel 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.
Liuzhou Iron & Steel Co Beneish M-Score Chart
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Liuzhou Iron & Steel Co Annual Data
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Trend |
Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.63 |
-2.03 |
-2.62 |
-7.04 |
-3.65 |
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Liuzhou Iron & Steel Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Sep24 |
| Beneish M-Score |
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-2.62 |
-3.65 |
-1.17 |
-3.55 |
-2.55 |
Competitive Comparison of Liuzhou Iron & Steel Co's Beneish M-Score
For the Steel subindustry, Liuzhou Iron & Steel 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.
Liuzhou Iron & Steel Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Liuzhou Iron & Steel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liuzhou Iron & Steel Co's Beneish M-Score falls into.
Liuzhou Iron & Steel 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 Liuzhou Iron & Steel 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 * 0.5951 | + | 0.528 * 0.7845 | + | 0.404 * 1.2602 | + | 0.892 * 1.0051 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -1.1895 | + | 4.679 * -0.017716 | - | 0.327 * 0.9704 |
| = | -2.55 |
* 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 ¥3,116 Mil.
Revenue was 15272.178 + 17835.405 + 19988.333 + 22659.917 = ¥75,756 Mil.
Gross Profit was -36.348 + 931.225 + 997.1 + 477.001 = ¥2,369 Mil.
Total Current Assets was ¥14,301 Mil.
Total Assets was ¥64,156 Mil.
Property, Plant and Equipment(Net PPE) was ¥47,095 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥81 Mil.
Total Current Liabilities was ¥23,150 Mil.
Long-Term Debt & Capital Lease Obligation was ¥19,979 Mil.
Net Income was -361.55 + 16.644 + 37.495 + -496.448 = ¥-804 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -732.601 + 4658.94 + -3779.347 + 185.738 = ¥333 Mil.
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Total Receivables was ¥5,210 Mil.
Revenue was 19466.445 + 20373.527 + 17164.682 + 18364.456 = ¥75,369 Mil.
Gross Profit was 225.08 + 202.965 + 732.161 + 688.849 = ¥1,849 Mil.
Total Current Assets was ¥23,055 Mil.
Total Assets was ¥71,310 Mil.
Property, Plant and Equipment(Net PPE) was ¥45,821 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-68 Mil.
Total Current Liabilities was ¥28,535 Mil.
Long-Term Debt & Capital Lease Obligation was ¥20,866 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) |
| = | (3116.246 / 75755.833) | / | (5209.685 / 75369.11) |
| = | 0.041135 | / | 0.069122 |
| | = | 0.5951 |
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) |
| = | (1849.055 / 75369.11) | / | (2368.978 / 75755.833) |
| = | 0.024533 | / | 0.031271 |
| | = | 0.7845 |
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 - (14301.262 + 47094.774) / 64155.927) | / | (1 - (23054.984 + 45820.995) / 71310.251) |
| = | 0.043018 | / | 0.034136 |
| | = | 1.2602 |
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 |
| = | 75755.833 | / | 75369.11 |
| | = | 1.0051 |
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 + 45820.995)) | / | (0 / (0 + 47094.774)) |
| = | 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) |
| = | (80.84 / 75755.833) | / | (-67.579 / 75369.11) |
| = | 0.001067 | / | -0.000897 |
| | = | -1.1895 |
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) |
| = | ((19978.995 + 23149.956) / 64155.927) | / | ((20865.882 + 28535.454) / 71310.251) |
| = | 0.672252 | / | 0.692766 |
| | = | 0.9704 |
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 |
| = | (-803.859 - 0 | - | 332.73) | / | 64155.927 |
| | = | -0.017716 |
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.
Liuzhou Iron & Steel Co has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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