Yuneng Technology Co Beneish M-Score Historical Data
The historical data trend for Yuneng Technology 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.
Yuneng Technology Co Beneish M-Score Chart
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Yuneng Technology Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
0.21 |
-1.08 |
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Yuneng Technology Co Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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0.44 |
2.03 |
2.24 |
-1.08 |
-1.46 |
Competitive Comparison of Yuneng Technology Co's Beneish M-Score
For the Communication Equipment subindustry, Yuneng Technology 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.
Yuneng Technology Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Yuneng Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yuneng Technology Co's Beneish M-Score falls into.
Yuneng Technology 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 Yuneng Technology 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 * 1.2964 | + | 0.528 * 1.1706 | + | 0.404 * 1.8974 | + | 0.892 * 0.8823 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9549 | + | 4.679 * 0.096137 | - | 0.327 * 0.6468 |
| = | -1.46 |
* 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 ¥469 Mil.
Revenue was 427.748 + 451.63 + 310.431 + 222.34 = ¥1,412 Mil.
Gross Profit was 153.229 + 111.934 + 124.052 + 91.374 = ¥481 Mil.
Total Current Assets was ¥4,041 Mil.
Total Assets was ¥4,652 Mil.
Property, Plant and Equipment(Net PPE) was ¥88 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥214 Mil.
Total Current Liabilities was ¥848 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6 Mil.
Net Income was 39.931 + 39.844 + 46.185 + 16.557 = ¥143 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 127.203 + 69.516 + -173.446 + -327.967 = ¥-305 Mil.
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Total Receivables was ¥410 Mil.
Revenue was 435.738 + 410.517 + 430.445 + 323.863 = ¥1,601 Mil.
Gross Profit was 181.222 + 159.743 + 167.802 + 128.891 = ¥638 Mil.
Total Current Assets was ¥5,086 Mil.
Total Assets was ¥5,468 Mil.
Property, Plant and Equipment(Net PPE) was ¥59 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥124 Mil.
Total Current Liabilities was ¥1,547 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5 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) |
| = | (468.992 / 1412.149) | / | (410.03 / 1600.563) |
| = | 0.332112 | / | 0.256179 |
| | = | 1.2964 |
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) |
| = | (637.658 / 1600.563) | / | (480.589 / 1412.149) |
| = | 0.398396 | / | 0.340325 |
| | = | 1.1706 |
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 - (4041.1 + 88.159) / 4651.798) | / | (1 - (5085.749 + 58.636) / 5468.106) |
| = | 0.112331 | / | 0.059202 |
| | = | 1.8974 |
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 |
| = | 1412.149 | / | 1600.563 |
| | = | 0.8823 |
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 + 58.636)) | / | (0 / (0 + 88.159)) |
| = | 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) |
| = | (213.933 / 1412.149) | / | (124.036 / 1600.563) |
| = | 0.151495 | / | 0.077495 |
| | = | 1.9549 |
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) |
| = | ((6.152 + 847.838) / 4651.798) | / | ((5.318 + 1546.731) / 5468.106) |
| = | 0.183583 | / | 0.283837 |
| | = | 0.6468 |
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 |
| = | (142.517 - 0 | - | -304.694) | / | 4651.798 |
| | = | 0.096137 |
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.
Yuneng Technology Co has a M-score of -1.46 signals that the company is likely to be a manipulator.
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