Guocheng Mining Co Beneish M-Score Historical Data
The historical data trend for Guocheng Mining 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.
Guocheng Mining Co Beneish M-Score Chart
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Guocheng Mining Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.46 |
3.32 |
-2.37 |
-3.39 |
-1.26 |
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Guocheng Mining Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-3.43 |
-3.80 |
-2.86 |
-1.26 |
-1.62 |
Competitive Comparison of Guocheng Mining Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Guocheng Mining 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.
Guocheng Mining Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Guocheng Mining Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guocheng Mining Co's Beneish M-Score falls into.
Guocheng Mining 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 Guocheng Mining 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 * 2.3667 | + | 0.528 * 1.0972 | + | 0.404 * 0.9032 | + | 0.892 * 0.8154 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.379 | + | 4.679 * -0.070444 | - | 0.327 * 1.0603 |
| = | -1.62 |
* 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 ¥59 Mil.
Revenue was 298.885 + 377.019 + 268.516 + 266.678 = ¥1,211 Mil.
Gross Profit was 114.808 + 127.644 + 99.229 + 76.116 = ¥418 Mil.
Total Current Assets was ¥396 Mil.
Total Assets was ¥8,756 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,332 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥3,172 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,715 Mil.
Net Income was 3.328 + 65.454 + -6.273 + -13.794 = ¥49 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 41.152 + 434.373 + 21.51 + 168.463 = ¥665 Mil.
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Total Receivables was ¥31 Mil.
Revenue was 283.63 + 387.766 + 299.298 + 514.638 = ¥1,485 Mil.
Gross Profit was 132.508 + 120.025 + 106.319 + 203.368 = ¥562 Mil.
Total Current Assets was ¥345 Mil.
Total Assets was ¥7,884 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥168 Mil.
Total Current Liabilities was ¥2,533 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,617 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) |
| = | (59.106 / 1211.098) | / | (30.629 / 1485.332) |
| = | 0.048804 | / | 0.020621 |
| | = | 2.3667 |
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) |
| = | (562.22 / 1485.332) | / | (417.797 / 1211.098) |
| = | 0.378515 | / | 0.344974 |
| | = | 1.0972 |
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 - (396.413 + 4331.974) / 8755.634) | / | (1 - (344.588 + 3524.635) / 7884.238) |
| = | 0.459961 | / | 0.509246 |
| | = | 0.9032 |
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 |
| = | 1211.098 | / | 1485.332 |
| | = | 0.8154 |
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 + 3524.635)) | / | (0 / (0 + 4331.974)) |
| = | 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) |
| = | (52.022 / 1211.098) | / | (168.333 / 1485.332) |
| = | 0.042954 | / | 0.11333 |
| | = | 0.379 |
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) |
| = | ((1715.432 + 3171.764) / 8755.634) | / | ((1616.954 + 2533.399) / 7884.238) |
| = | 0.558177 | / | 0.526411 |
| | = | 1.0603 |
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 |
| = | (48.715 - 0 | - | 665.498) | / | 8755.634 |
| | = | -0.070444 |
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.
Guocheng Mining Co has a M-score of -1.62 signals that the company is likely to be a manipulator.
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