EmbedWay Technologies (Shanghai) Beneish M-Score Historical Data
The historical data trend for EmbedWay Technologies (Shanghai)'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.
EmbedWay Technologies (Shanghai) Beneish M-Score Chart
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EmbedWay Technologies (Shanghai) Annual Data
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Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.75 |
-1.59 |
-2.35 |
-2.15 |
-2.48 |
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EmbedWay Technologies (Shanghai) Quarterly Data
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Dec19 |
Mar20 |
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Sep24 |
| Beneish M-Score |
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-2.10 |
-2.48 |
-2.86 |
-1.93 |
-1.78 |
Competitive Comparison of EmbedWay Technologies (Shanghai)'s Beneish M-Score
For the Communication Equipment subindustry, EmbedWay Technologies (Shanghai)'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.
EmbedWay Technologies (Shanghai)'s Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, EmbedWay Technologies (Shanghai)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EmbedWay Technologies (Shanghai)'s Beneish M-Score falls into.
EmbedWay Technologies (Shanghai) 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 EmbedWay Technologies (Shanghai) 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 * 0.9152 | + | 0.528 * 1.0208 | + | 0.404 * 0.8249 | + | 0.892 * 1.4316 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6816 | + | 4.679 * 0.074267 | - | 0.327 * 0.8438 |
| = | -1.78 |
* 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 ¥485 Mil.
Revenue was 245.048 + 376.409 + 259.481 + 273.049 = ¥1,154 Mil.
Gross Profit was 73.862 + 116.012 + 91 + 164.116 = ¥445 Mil.
Total Current Assets was ¥1,291 Mil.
Total Assets was ¥1,893 Mil.
Property, Plant and Equipment(Net PPE) was ¥365 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥46 Mil.
Total Current Liabilities was ¥408 Mil.
Long-Term Debt & Capital Lease Obligation was ¥56 Mil.
Net Income was 6.542 + 31.354 + 40.381 + 46.947 = ¥125 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -16.746 + -172.995 + 68.643 + 105.7 = ¥-15 Mil.
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Total Receivables was ¥370 Mil.
Revenue was 179.501 + 153.581 + 165.286 + 307.701 = ¥806 Mil.
Gross Profit was 65.131 + 59.583 + 64.361 + 128.234 = ¥317 Mil.
Total Current Assets was ¥1,291 Mil.
Total Assets was ¥1,846 Mil.
Property, Plant and Equipment(Net PPE) was ¥274 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥47 Mil.
Total Current Liabilities was ¥509 Mil.
Long-Term Debt & Capital Lease Obligation was ¥27 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) |
| = | (484.66 / 1153.987) | / | (369.887 / 806.069) |
| = | 0.419987 | / | 0.458878 |
| | = | 0.9152 |
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) |
| = | (317.309 / 806.069) | / | (444.99 / 1153.987) |
| = | 0.39365 | / | 0.385611 |
| | = | 1.0208 |
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 - (1290.952 + 365.148) / 1893.456) | / | (1 - (1291.345 + 273.767) / 1845.57) |
| = | 0.125356 | / | 0.151963 |
| | = | 0.8249 |
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 |
| = | 1153.987 | / | 806.069 |
| | = | 1.4316 |
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 + 273.767)) | / | (0 / (0 + 365.148)) |
| = | 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) |
| = | (45.626 / 1153.987) | / | (46.755 / 806.069) |
| = | 0.039538 | / | 0.058004 |
| | = | 0.6816 |
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) |
| = | ((55.95 + 408.223) / 1893.456) | / | ((26.851 + 509.357) / 1845.57) |
| = | 0.245146 | / | 0.290538 |
| | = | 0.8438 |
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 |
| = | (125.224 - 0 | - | -15.398) | / | 1893.456 |
| | = | 0.074267 |
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.
EmbedWay Technologies (Shanghai) has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
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