Freewon China Co Beneish M-Score Historical Data
The historical data trend for Freewon China 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.
Freewon China Co Beneish M-Score Chart
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Freewon China Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
1.67 |
-1.76 |
-2.36 |
-2.58 |
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Freewon China Co Quarterly Data
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Mar19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.85 |
-2.55 |
-2.64 |
-2.58 |
-2.22 |
Competitive Comparison of Freewon China Co's Beneish M-Score
For the Tools & Accessories subindustry, Freewon China 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.
Freewon China Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Freewon China Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freewon China Co's Beneish M-Score falls into.
Freewon China 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 Freewon China 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 * 1.3177 | + | 0.528 * 1.0349 | + | 0.404 * 0.8028 | + | 0.892 * 1.2398 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6471 | + | 4.679 * -0.010589 | - | 0.327 * 1.604 |
| = | -2.22 |
* 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 ¥570 Mil.
Revenue was 245.994 + 292.019 + 298.522 + 243.96 = ¥1,080 Mil.
Gross Profit was 75.545 + 96.663 + 88.355 + 56.713 = ¥317 Mil.
Total Current Assets was ¥1,803 Mil.
Total Assets was ¥3,477 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,431 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥33 Mil.
Total Current Liabilities was ¥909 Mil.
Long-Term Debt & Capital Lease Obligation was ¥810 Mil.
Net Income was 27.121 + 38.329 + 26.093 + 16.765 = ¥108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 50.867 + 53.224 + 17.177 + 23.862 = ¥145 Mil.
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Total Receivables was ¥349 Mil.
Revenue was 157.131 + 259.471 + 271.175 + 183.742 = ¥872 Mil.
Gross Profit was 39.094 + 86.294 + 82.088 + 57.37 = ¥265 Mil.
Total Current Assets was ¥865 Mil.
Total Assets was ¥2,286 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,221 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥41 Mil.
Total Current Liabilities was ¥606 Mil.
Long-Term Debt & Capital Lease Obligation was ¥98 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) |
| = | (570.48 / 1080.495) | / | (349.198 / 871.519) |
| = | 0.52798 | / | 0.400677 |
| | = | 1.3177 |
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) |
| = | (264.846 / 871.519) | / | (317.276 / 1080.495) |
| = | 0.30389 | / | 0.293639 |
| | = | 1.0349 |
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 - (1803 + 1430.604) / 3477.429) | / | (1 - (865.221 + 1220.927) / 2285.785) |
| = | 0.070116 | / | 0.087338 |
| | = | 0.8028 |
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 |
| = | 1080.495 | / | 871.519 |
| | = | 1.2398 |
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 + 1220.927)) | / | (0 / (0 + 1430.604)) |
| = | 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) |
| = | (32.658 / 1080.495) | / | (40.71 / 871.519) |
| = | 0.030225 | / | 0.046712 |
| | = | 0.6471 |
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) |
| = | ((810.413 + 908.891) / 3477.429) | / | ((98.227 + 606.356) / 2285.785) |
| = | 0.494418 | / | 0.308246 |
| | = | 1.604 |
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 |
| = | (108.308 - 0 | - | 145.13) | / | 3477.429 |
| | = | -0.010589 |
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.
Freewon China Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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