Shanghai Baolong Automotive Beneish M-Score Historical Data
The historical data trend for Shanghai Baolong Automotive'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 Baolong Automotive Beneish M-Score Chart
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Shanghai Baolong Automotive Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.04 |
-2.49 |
-2.20 |
-2.11 |
-2.14 |
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Shanghai Baolong Automotive Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.24 |
-2.14 |
-2.22 |
-1.93 |
-2.18 |
Competitive Comparison of Shanghai Baolong Automotive's Beneish M-Score
For the Auto Parts subindustry, Shanghai Baolong Automotive'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 Baolong Automotive's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Shanghai Baolong Automotive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Baolong Automotive's Beneish M-Score falls into.
Shanghai Baolong Automotive 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 Baolong Automotive 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 * 1.2953 | + | 0.528 * 1.0729 | + | 0.404 * 0.8954 | + | 0.892 * 1.184 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9952 | + | 4.679 * -0.021841 | - | 0.327 * 1.095 |
| = | -2.18 |
* 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 ¥2,317 Mil.
Revenue was 1842.608 + 1700.768 + 1482.928 + 1742.274 = ¥6,769 Mil.
Gross Profit was 453.356 + 426.578 + 436.721 + 456.068 = ¥1,773 Mil.
Total Current Assets was ¥5,541 Mil.
Total Assets was ¥9,634 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,782 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥319 Mil.
Total Current Liabilities was ¥4,062 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,071 Mil.
Net Income was 100.282 + 80.307 + 68.008 + 40.051 = ¥289 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 216.604 + 104.129 + -10.244 + 188.573 = ¥499 Mil.
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Total Receivables was ¥1,511 Mil.
Revenue was 1538.713 + 1429.609 + 1186.869 + 1561.703 = ¥5,717 Mil.
Gross Profit was 433.081 + 391.617 + 335.23 + 446.518 = ¥1,606 Mil.
Total Current Assets was ¥4,314 Mil.
Total Assets was ¥7,652 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,176 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥271 Mil.
Total Current Liabilities was ¥2,543 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,906 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) |
| = | (2316.928 / 6768.578) | / | (1510.8 / 5716.894) |
| = | 0.342306 | / | 0.264269 |
| | = | 1.2953 |
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) |
| = | (1606.446 / 5716.894) | / | (1772.723 / 6768.578) |
| = | 0.281 | / | 0.261905 |
| | = | 1.0729 |
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 - (5540.881 + 2782.151) / 9633.763) | / | (1 - (4313.738 + 2175.838) / 7652.325) |
| = | 0.136056 | / | 0.151947 |
| | = | 0.8954 |
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 |
| = | 6768.578 | / | 5716.894 |
| | = | 1.184 |
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 + 2175.838)) | / | (0 / (0 + 2782.151)) |
| = | 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) |
| = | (319.454 / 6768.578) | / | (271.135 / 5716.894) |
| = | 0.047197 | / | 0.047427 |
| | = | 0.9952 |
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) |
| = | ((2071.02 + 4062.373) / 9633.763) | / | ((1906.231 + 2542.964) / 7652.325) |
| = | 0.636656 | / | 0.581417 |
| | = | 1.095 |
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 |
| = | (288.648 - 0 | - | 499.062) | / | 9633.763 |
| | = | -0.021841 |
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 Baolong Automotive has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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