Shanghai Huafon Aluminium Beneish M-Score Historical Data
The historical data trend for Shanghai Huafon Aluminium'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.
Shanghai Huafon Aluminium Beneish M-Score Chart
|
Shanghai Huafon Aluminium Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
- |
-1.28 |
-1.46 |
-1.85 |
-1.96 |
|
Shanghai Huafon Aluminium Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.58 |
-2.64 |
-2.14 |
-1.96 |
-1.80 |
Competitive Comparison of Shanghai Huafon Aluminium's Beneish M-Score
For the Aluminum subindustry, Shanghai Huafon Aluminium'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.
Shanghai Huafon Aluminium's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Shanghai Huafon Aluminium's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Huafon Aluminium's Beneish M-Score falls into.
Shanghai Huafon Aluminium 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 Shanghai Huafon Aluminium 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 * 1.2465 | + | 0.528 * 0.945 | + | 0.404 * 0.8694 | + | 0.892 * 1.1285 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4082 | + | 4.679 * 0.098792 | - | 0.327 * 0.902 |
| = | -1.80 |
* 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 ¥2,834 Mil.
Revenue was 2361.993 + 2596.931 + 2525.567 + 2171.434 = ¥9,656 Mil.
Gross Profit was 383.06 + 387.253 + 407.192 + 342.9 = ¥1,520 Mil.
Total Current Assets was ¥5,568 Mil.
Total Assets was ¥7,397 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,593 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥102 Mil.
Total Current Liabilities was ¥2,421 Mil.
Long-Term Debt & Capital Lease Obligation was ¥50 Mil.
Net Income was 253.596 + 235.915 + 250.18 + 243.526 = ¥983 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 254.789 + 221.741 + -460.192 + 236.096 = ¥252 Mil.
|
Total Receivables was ¥2,015 Mil.
Revenue was 1997.014 + 2219.894 + 2226.168 + 2113.145 = ¥8,556 Mil.
Gross Profit was 341.262 + 259.293 + 342.495 + 330.073 = ¥1,273 Mil.
Total Current Assets was ¥4,473 Mil.
Total Assets was ¥6,452 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,743 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥64 Mil.
Total Current Liabilities was ¥2,070 Mil.
Long-Term Debt & Capital Lease Obligation was ¥319 Mil.
|
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) |
| = | (2834.089 / 9655.925) | / | (2014.709 / 8556.221) |
| = | 0.293508 | / | 0.235467 |
| | = | 1.2465 |
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) |
| = | (1273.123 / 8556.221) | / | (1520.405 / 9655.925) |
| = | 0.148795 | / | 0.157458 |
| | = | 0.945 |
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 - (5568.003 + 1592.853) / 7397.169) | / | (1 - (4472.654 + 1742.711) / 6452.466) |
| = | 0.031946 | / | 0.036746 |
| | = | 0.8694 |
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 |
| = | 9655.925 | / | 8556.221 |
| | = | 1.1285 |
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 + 1742.711)) | / | (0 / (0 + 1592.853)) |
| = | 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) |
| = | (102.062 / 9655.925) | / | (64.225 / 8556.221) |
| = | 0.01057 | / | 0.007506 |
| | = | 1.4082 |
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) |
| = | ((50.206 + 2420.97) / 7397.169) | / | ((319.329 + 2070.336) / 6452.466) |
| = | 0.334071 | / | 0.370349 |
| | = | 0.902 |
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 |
| = | (983.217 - 0 | - | 252.434) | / | 7397.169 |
| | = | 0.098792 |
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.
Shanghai Huafon Aluminium has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SHSE:601702 has been successfully added to your