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STFS (Star Fashion Culture Holdings) Beneish M-Score : -0.49 (As of Mar. 16, 2025)


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What is Star Fashion Culture Holdings 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.

Warning Sign:

Beneish M-Score -0.49 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Star Fashion Culture Holdings's Beneish M-Score or its related term are showing as below:

STFS' s Beneish M-Score Range Over the Past 10 Years
Min: -0.49   Med: -0.49   Max: -0.49
Current: -0.49

During the past 3 years, the highest Beneish M-Score of Star Fashion Culture Holdings was -0.49. The lowest was -0.49. And the median was -0.49.


Star Fashion Culture Holdings Beneish M-Score Historical Data

The historical data trend for Star Fashion Culture Holdings'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.

Star Fashion Culture Holdings Beneish M-Score Chart

Star Fashion Culture Holdings Annual Data
Trend Jun22 Jun23 Jun24
Beneish M-Score
- - -0.49

Star Fashion Culture Holdings Semi-Annual Data
Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score - - - - -0.49

Competitive Comparison of Star Fashion Culture Holdings's Beneish M-Score

For the Advertising Agencies subindustry, Star Fashion Culture Holdings'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.


Star Fashion Culture Holdings's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Star Fashion Culture Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Star Fashion Culture Holdings's Beneish M-Score falls into.



Star Fashion Culture Holdings 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 Star Fashion Culture Holdings 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 * 1.7029+0.528 * 1.8102+0.404 * 0.6527+0.892 * 1.5558+0.115 * 0.3855
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2104+4.679 * 0.064454-0.327 * 0.4211
=-0.49

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $5.72 Mil.
Revenue was $15.00 Mil.
Gross Profit was $2.34 Mil.
Total Current Assets was $8.09 Mil.
Total Assets was $8.25 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.41 Mil.
Total Current Liabilities was $5.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $1.55 Mil.
Gross Profit was $0.02 Mil.
Cash Flow from Operations was $1.00 Mil.
Total Receivables was $2.16 Mil.
Revenue was $9.64 Mil.
Gross Profit was $2.73 Mil.
Total Current Assets was $5.55 Mil.
Total Assets was $5.84 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.06 Mil.
Selling, General, & Admin. Expense(SGA) was $1.24 Mil.
Total Current Liabilities was $8.63 Mil.
Long-Term Debt & Capital Lease Obligation was $0.04 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)
=(5.72 / 14.998) / (2.159 / 9.64)
=0.381384 / 0.223963
=1.7029

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)
=(2.725 / 9.64) / (2.342 / 14.998)
=0.282676 / 0.156154
=1.8102

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 - (8.086 + 0) / 8.254) / (1 - (5.552 + 0.102) / 5.836)
=0.020354 / 0.031186
=0.6527

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
=14.998 / 9.64
=1.5558

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))
=(0.064 / (0.064 + 0.102)) / (0.016 / (0.016 + 0))
=0.385542 / 1
=0.3855

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)
=(0.405 / 14.998) / (1.237 / 9.64)
=0.027004 / 0.12832
=0.2104

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 + 5.162) / 8.254) / ((0.035 + 8.633) / 5.836)
=0.625394 / 1.485264
=0.4211

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
=(1.545 - 0.016 - 0.997) / 8.254
=0.064454

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.

Star Fashion Culture Holdings has a M-score of -0.49 signals that the company is likely to be a manipulator.


Star Fashion Culture Holdings Beneish M-Score Related Terms

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Star Fashion Culture Holdings Business Description

Traded in Other Exchanges
N/A
Address
Sishui Road, 12th Floor, No.611, Huli District, Xiamen, CHN
Star Fashion Culture Holdings Ltd is a content marketing solutions services provider. The company offer services focusing on marketing campaign planning and execution, offline advertising services; and online precision marketing services. The services also include marketing campaign planning and execution, events including marathons, sports events, and music festivals.