GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » VeriSilicon Microelectronics Shanghai Co Ltd (SHSE:688521) » Definitions » Beneish M-Score

VeriSilicon Microelectronics Shanghai Co (SHSE:688521) Beneish M-Score : -2.93 (As of Apr. 24, 2025)


View and export this data going back to 2020. Start your Free Trial

What is VeriSilicon Microelectronics Shanghai Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for VeriSilicon Microelectronics Shanghai Co's Beneish M-Score or its related term are showing as below:

SHSE:688521' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -1.75   Max: 11.25
Current: -2.93

During the past 8 years, the highest Beneish M-Score of VeriSilicon Microelectronics Shanghai Co was 11.25. The lowest was -3.29. And the median was -1.75.


VeriSilicon Microelectronics Shanghai Co Beneish M-Score Historical Data

The historical data trend for VeriSilicon Microelectronics Shanghai 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.

* Premium members only.

VeriSilicon Microelectronics Shanghai Co Beneish M-Score Chart

VeriSilicon Microelectronics Shanghai Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - -1.23 -1.75 -1.71 -2.82

VeriSilicon Microelectronics Shanghai Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.11 -2.82 -3.29 -3.14 -2.93

Competitive Comparison of VeriSilicon Microelectronics Shanghai Co's Beneish M-Score

For the Semiconductors subindustry, VeriSilicon Microelectronics Shanghai 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.


VeriSilicon Microelectronics Shanghai Co's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, VeriSilicon Microelectronics Shanghai Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where VeriSilicon Microelectronics Shanghai Co's Beneish M-Score falls into.


;
;

VeriSilicon Microelectronics Shanghai 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 VeriSilicon Microelectronics Shanghai 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 * 1.1318+0.528 * 0.9871+0.404 * 0.9014+0.892 * 0.8687+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9483+4.679 * -0.06368-0.327 * 1.3551
=-2.93

* 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 ¥1,417 Mil.
Revenue was 717.976 + 613.862 + 318.133 + 573.349 = ¥2,223 Mil.
Gross Profit was 287.69 + 268.503 + 145.382 + 280.106 = ¥982 Mil.
Total Current Assets was ¥2,849 Mil.
Total Assets was ¥4,717 Mil.
Property, Plant and Equipment(Net PPE) was ¥808 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥61 Mil.
Total Current Liabilities was ¥1,428 Mil.
Long-Term Debt & Capital Lease Obligation was ¥890 Mil.
Net Income was -111.054 + -77.821 + -206.984 + -162.248 = ¥-558 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -56.128 + -119.82 + -217.433 + 135.669 = ¥-258 Mil.
Total Receivables was ¥1,441 Mil.
Revenue was 580.892 + 644.386 + 539.369 + 794.84 = ¥2,559 Mil.
Gross Profit was 202.121 + 354.005 + 210.041 + 349.352 = ¥1,116 Mil.
Total Current Assets was ¥2,887 Mil.
Total Assets was ¥4,602 Mil.
Property, Plant and Equipment(Net PPE) was ¥568 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥74 Mil.
Total Current Liabilities was ¥1,031 Mil.
Long-Term Debt & Capital Lease Obligation was ¥638 Mil.




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)
=(1416.735 / 2223.32) / (1441.064 / 2559.487)
=0.637216 / 0.563028
=1.1318

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)
=(1115.519 / 2559.487) / (981.681 / 2223.32)
=0.435837 / 0.441538
=0.9871

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 - (2849.165 + 808.138) / 4717.287) / (1 - (2886.602 + 568.047) / 4601.8)
=0.224702 / 0.249283
=0.9014

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
=2223.32 / 2559.487
=0.8687

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 + 568.047)) / (0 / (0 + 808.138))
=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)
=(61.224 / 2223.32) / (74.322 / 2559.487)
=0.027537 / 0.029038
=0.9483

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)
=((889.749 + 1428.41) / 4717.287) / ((638.248 + 1030.565) / 4601.8)
=0.491418 / 0.362644
=1.3551

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
=(-558.107 - 0 - -257.712) / 4717.287
=-0.06368

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.

VeriSilicon Microelectronics Shanghai Co has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.


VeriSilicon Microelectronics Shanghai Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of VeriSilicon Microelectronics Shanghai Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


VeriSilicon Microelectronics Shanghai Co Business Description

Traded in Other Exchanges
N/A
Address
No.289, Chunxiao Road, 20A, Zhangjiang Building, China (Shanghai) Pilot Free Trade Zone, Shanghai, CHN, 201203
VeriSilicon Microelectronics Shanghai Co Ltd provides its customers with platform-based, all-round, one-stop custom silicon services and semiconductor IP licensing services leveraging its in-house semiconductor IP. The company provides a variety of customized silicon solutions, including high-definition video, high-definition audio and voice, In-Vehicle Infotainment, video surveillance, IoT connectivity, data center. In addition, VeriSilicon has five types of in-house processor IPs, namely GPU IP, NPU IP, VPU, DSP IP and ISP IP, and more than 1,400 analog and mixed signal IPs and RF IPs.
Executives
Yang Hai Core technical personnel
Zhang Hui Ming Core technical personnel
Wang Zhi Wei Directors, senior managers, core technical personn
Directors, senior managers, core technical personn
Wang Yang senior management
senior management
Director
Shi Wen Qian Directors, senior managers
Fan Hao Cheng Senior management, core technical personnel
Qian Zhe Hong Senior management, core technical personnel

VeriSilicon Microelectronics Shanghai Co Headlines

No Headlines