ZhongTongGuoMai Communication Co Beneish M-Score Historical Data
The historical data trend for ZhongTongGuoMai Communication 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.
ZhongTongGuoMai Communication Co Beneish M-Score Chart
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ZhongTongGuoMai Communication Co Annual Data
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Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
0.79 |
-3.03 |
-3.45 |
-2.59 |
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ZhongTongGuoMai Communication Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec23 |
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Jun24 |
Sep24 |
| Beneish M-Score |
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-3.94 |
-2.59 |
-0.19 |
46.56 |
4.20 |
Competitive Comparison of ZhongTongGuoMai Communication Co's Beneish M-Score
For the Information Technology Services subindustry, ZhongTongGuoMai Communication 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.
ZhongTongGuoMai Communication Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, ZhongTongGuoMai Communication Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ZhongTongGuoMai Communication Co's Beneish M-Score falls into.
ZhongTongGuoMai Communication 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 ZhongTongGuoMai Communication 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 * 0.9513 | + | 0.528 * 15.1791 | + | 0.404 * 0.7364 | + | 0.892 * 1.1641 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.331 | + | 4.679 * -0.210332 | - | 0.327 * 1.1393 |
| = | 4.20 |
* 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 ¥455.9 Mil.
Revenue was 127.483 + 90.099 + 26.126 + 158.326 = ¥402.0 Mil.
Gross Profit was 6.591 + 4.307 + 2.006 + -11.05 = ¥1.9 Mil.
Total Current Assets was ¥996.3 Mil.
Total Assets was ¥1,080.6 Mil.
Property, Plant and Equipment(Net PPE) was ¥24.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-9.8 Mil.
Total Current Liabilities was ¥921.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0.3 Mil.
Net Income was -24.922 + -48.651 + -10.746 + -179.45 = ¥-263.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 1.36 + -5.561 + -0.17 + -32.107 = ¥-36.5 Mil.
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Total Receivables was ¥411.7 Mil.
Revenue was 39.32 + 66.994 + 44.58 + 194.474 = ¥345.4 Mil.
Gross Profit was 4.987 + 7.009 + 5.757 + 6.425 = ¥24.2 Mil.
Total Current Assets was ¥1,144.3 Mil.
Total Assets was ¥1,278.3 Mil.
Property, Plant and Equipment(Net PPE) was ¥37.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥25.5 Mil.
Total Current Liabilities was ¥955.1 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2.2 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) |
| = | (455.887 / 402.034) | / | (411.668 / 345.368) |
| = | 1.133951 | / | 1.191969 |
| | = | 0.9513 |
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) |
| = | (24.178 / 345.368) | / | (1.854 / 402.034) |
| = | 0.070006 | / | 0.004612 |
| | = | 15.1791 |
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 - (996.304 + 24.238) / 1080.628) | / | (1 - (1144.254 + 37.511) / 1278.282) |
| = | 0.055603 | / | 0.075505 |
| | = | 0.7364 |
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 |
| = | 402.034 | / | 345.368 |
| | = | 1.1641 |
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 + 37.511)) | / | (0 / (0 + 24.238)) |
| = | 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) |
| = | (-9.837 / 402.034) | / | (25.531 / 345.368) |
| = | -0.024468 | / | 0.073924 |
| | = | -0.331 |
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) |
| = | ((0.273 + 921.751) / 1080.628) | / | ((2.229 + 955.075) / 1278.282) |
| = | 0.85323 | / | 0.748899 |
| | = | 1.1393 |
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 |
| = | (-263.769 - 0 | - | -36.478) | / | 1080.628 |
| | = | -0.210332 |
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.
ZhongTongGuoMai Communication Co has a M-score of 4.20 signals that the company is likely to be a manipulator.
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