Huangshan Novel Co Beneish M-Score Historical Data
The historical data trend for Huangshan Novel 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.
Huangshan Novel Co Beneish M-Score Chart
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Huangshan Novel Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.88 |
-2.21 |
-2.97 |
-2.31 |
-2.46 |
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Huangshan Novel Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.44 |
-2.47 |
-2.37 |
-2.46 |
-2.52 |
Competitive Comparison of Huangshan Novel Co's Beneish M-Score
For the Packaging & Containers subindustry, Huangshan Novel 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.
Huangshan Novel Co's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Huangshan Novel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huangshan Novel Co's Beneish M-Score falls into.
Huangshan Novel 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 Huangshan Novel 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 * 0.8895 | + | 0.528 * 1.0209 | + | 0.404 * 0.9188 | + | 0.892 * 1.0321 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7208 | + | 4.679 * -0.008448 | - | 0.327 * 0.8571 |
| = | -2.52 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥714 Mil.
Revenue was 848.181 + 986.004 + 888.591 + 815.886 = ¥3,539 Mil.
Gross Profit was 180.703 + 255.221 + 213.715 + 185.226 = ¥835 Mil.
Total Current Assets was ¥2,908 Mil.
Total Assets was ¥4,250 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,111 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥39 Mil.
Total Current Liabilities was ¥1,358 Mil.
Long-Term Debt & Capital Lease Obligation was ¥133 Mil.
Net Income was 88.919 + 162.91 + 124.676 + 93.743 = ¥470 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -27.094 + 61.81 + 184.77 + 286.67 = ¥506 Mil.
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Total Receivables was ¥778 Mil.
Revenue was 834.978 + 899.878 + 873.692 + 820.03 = ¥3,429 Mil.
Gross Profit was 184.227 + 218.248 + 223.513 + 199.821 = ¥826 Mil.
Total Current Assets was ¥2,461 Mil.
Total Assets was ¥3,877 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,186 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥1,431 Mil.
Long-Term Debt & Capital Lease Obligation was ¥156 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) |
| = | (714.132 / 3538.662) | / | (777.879 / 3428.578) |
| = | 0.201808 | / | 0.226881 |
| | = | 0.8895 |
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) |
| = | (825.809 / 3428.578) | / | (834.865 / 3538.662) |
| = | 0.24086 | / | 0.235927 |
| | = | 1.0209 |
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 - (2907.826 + 1111.046) / 4250.274) | / | (1 - (2461.459 + 1186.021) / 3877.216) |
| = | 0.054444 | / | 0.059253 |
| | = | 0.9188 |
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 |
| = | 3538.662 | / | 3428.578 |
| | = | 1.0321 |
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 + 1186.021)) | / | (0 / (0 + 1111.046)) |
| = | 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) |
| = | (38.692 / 3538.662) | / | (52.007 / 3428.578) |
| = | 0.010934 | / | 0.015169 |
| | = | 0.7208 |
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) |
| = | ((132.943 + 1358.471) / 4250.274) | / | ((156.272 + 1430.994) / 3877.216) |
| = | 0.350898 | / | 0.409383 |
| | = | 0.8571 |
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 |
| = | (470.248 - 0 | - | 506.156) | / | 4250.274 |
| | = | -0.008448 |
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.
Huangshan Novel Co has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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