China Resources Microelectronics Beneish M-Score Historical Data
The historical data trend for China Resources Microelectronics'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.
China Resources Microelectronics Beneish M-Score Chart
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China Resources Microelectronics Annual Data
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Dec18 |
Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.67 |
-2.57 |
-2.33 |
-2.06 |
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China Resources Microelectronics Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.25 |
-2.03 |
-2.01 |
-2.06 |
-2.00 |
Competitive Comparison of China Resources Microelectronics's Beneish M-Score
For the Semiconductors subindustry, China Resources Microelectronics'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.
China Resources Microelectronics's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, China Resources Microelectronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Resources Microelectronics's Beneish M-Score falls into.
China Resources Microelectronics 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 China Resources Microelectronics 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 * 1.0823 | + | 0.528 * 1.1968 | + | 0.404 * 1.7506 | + | 0.892 * 0.9775 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9113 | + | 4.679 * -0.013484 | - | 0.327 * 0.8114 |
| = | -2.00 |
* 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 ¥2,179 Mil.
Revenue was 2115.859 + 2370.62 + 2500.208 + 2683.442 = ¥9,670 Mil.
Gross Profit was 560.182 + 673.898 + 791.503 + 908.408 = ¥2,934 Mil.
Total Current Assets was ¥13,384 Mil.
Total Assets was ¥29,365 Mil.
Property, Plant and Equipment(Net PPE) was ¥7,817 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥328 Mil.
Total Current Liabilities was ¥5,178 Mil.
Long-Term Debt & Capital Lease Obligation was ¥73 Mil.
Net Income was 33.196 + 423.111 + 278.275 + 397.518 = ¥1,132 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 285.177 + 465.283 + 489.095 + 288.505 = ¥1,528 Mil.
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Total Receivables was ¥2,060 Mil.
Revenue was 2346.334 + 2428.423 + 2485.96 + 2631.694 = ¥9,892 Mil.
Gross Profit was 816.579 + 842.011 + 923.291 + 1010.278 = ¥3,592 Mil.
Total Current Assets was ¥16,383 Mil.
Total Assets was ¥27,505 Mil.
Property, Plant and Equipment(Net PPE) was ¥6,754 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥368 Mil.
Total Current Liabilities was ¥5,062 Mil.
Long-Term Debt & Capital Lease Obligation was ¥999 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) |
| = | (2179.472 / 9670.129) | / | (2060.121 / 9892.411) |
| = | 0.225382 | / | 0.208253 |
| | = | 1.0823 |
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) |
| = | (3592.159 / 9892.411) | / | (2933.991 / 9670.129) |
| = | 0.363123 | / | 0.303408 |
| | = | 1.1968 |
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 - (13384.051 + 7817.271) / 29365.02) | / | (1 - (16382.982 + 6754.132) / 27505.07) |
| = | 0.278008 | / | 0.158805 |
| | = | 1.7506 |
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 |
| = | 9670.129 | / | 9892.411 |
| | = | 0.9775 |
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 + 6754.132)) | / | (0 / (0 + 7817.271)) |
| = | 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) |
| = | (328.095 / 9670.129) | / | (368.3 / 9892.411) |
| = | 0.033929 | / | 0.037231 |
| | = | 0.9113 |
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) |
| = | ((72.851 + 5177.626) / 29365.02) | / | ((998.593 + 5062.29) / 27505.07) |
| = | 0.1788 | / | 0.220355 |
| | = | 0.8114 |
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 |
| = | (1132.1 - 0 | - | 1528.06) | / | 29365.02 |
| | = | -0.013484 |
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.
China Resources Microelectronics has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
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