Shandong Sunpaper Co Beneish M-Score Historical Data
The historical data trend for Shandong Sunpaper 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.
Shandong Sunpaper Co Beneish M-Score Chart
|
Shandong Sunpaper Co Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.79 |
-3.18 |
-2.52 |
-2.28 |
-2.66 |
|
Shandong Sunpaper Co Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.28 |
-2.48 |
-2.49 |
-2.54 |
-2.66 |
Competitive Comparison of Shandong Sunpaper Co's Beneish M-Score
For the Paper & Paper Products subindustry, Shandong Sunpaper 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.
Shandong Sunpaper Co's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Shandong Sunpaper Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shandong Sunpaper Co's Beneish M-Score falls into.
Shandong Sunpaper 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 Shandong Sunpaper 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 * 1.1721 | + | 0.528 * 0.9545 | + | 0.404 * 0.9086 | + | 0.892 * 0.9944 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8424 | + | 4.679 * -0.069867 | - | 0.327 * 0.93 |
| = | -2.66 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ¥4,586 Mil.
Revenue was 10341.814 + 9860.519 + 9536.981 + 9805.029 = ¥39,544 Mil.
Gross Profit was 1770.656 + 1650.345 + 1538.196 + 1324.625 = ¥6,284 Mil.
Total Current Assets was ¥12,868 Mil.
Total Assets was ¥50,551 Mil.
Property, Plant and Equipment(Net PPE) was ¥34,567 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥533 Mil.
Total Current Liabilities was ¥16,879 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,723 Mil.
Net Income was 949.102 + 885.261 + 685.724 + 565.599 = ¥3,086 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 976.786 + 1576.725 + 2440.702 + 1623.284 = ¥6,617 Mil.
|
Total Receivables was ¥3,934 Mil.
Revenue was 10126.45 + 9785.485 + 10187.616 + 9667.375 = ¥39,767 Mil.
Gross Profit was 1339.041 + 1418.859 + 1923.345 + 1350.283 = ¥6,032 Mil.
Total Current Assets was ¥12,588 Mil.
Total Assets was ¥48,022 Mil.
Property, Plant and Equipment(Net PPE) was ¥32,177 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥636 Mil.
Total Current Liabilities was ¥17,448 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,661 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) |
| = | (4585.74 / 39544.343) | / | (3934.407 / 39766.926) |
| = | 0.115965 | / | 0.098937 |
| | = | 1.1721 |
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) |
| = | (6031.528 / 39766.926) | / | (6283.822 / 39544.343) |
| = | 0.151672 | / | 0.158906 |
| | = | 0.9545 |
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 - (12868.091 + 34567.281) / 50550.753) | / | (1 - (12587.935 + 32176.858) / 48021.865) |
| = | 0.061629 | / | 0.067825 |
| | = | 0.9086 |
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 |
| = | 39544.343 | / | 39766.926 |
| | = | 0.9944 |
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 + 32176.858)) | / | (0 / (0 + 34567.281)) |
| = | 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) |
| = | (532.766 / 39544.343) | / | (635.978 / 39766.926) |
| = | 0.013473 | / | 0.015993 |
| | = | 0.8424 |
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) |
| = | ((6722.829 + 16879.09) / 50550.753) | / | ((6661.219 + 17447.987) / 48021.865) |
| = | 0.466895 | / | 0.502046 |
| | = | 0.93 |
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 |
| = | (3085.686 - 0 | - | 6617.497) | / | 50550.753 |
| | = | -0.069867 |
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.
Shandong Sunpaper Co has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SZSE:002078 has been successfully added to your