Shenzhen Topband Co Beneish M-Score Historical Data
The historical data trend for Shenzhen Topband 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.
Shenzhen Topband Co Beneish M-Score Chart
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Shenzhen Topband 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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-2.27 |
-3.08 |
-2.14 |
-2.98 |
-2.60 |
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Shenzhen Topband Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.98 |
-2.84 |
-2.81 |
-2.58 |
-2.60 |
Competitive Comparison of Shenzhen Topband Co's Beneish M-Score
For the Electronic Components subindustry, Shenzhen Topband 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.
Shenzhen Topband Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Shenzhen Topband Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenzhen Topband Co's Beneish M-Score falls into.
Shenzhen Topband 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 Shenzhen Topband 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 * 0.9817 | + | 0.528 * 0.9711 | + | 0.404 * 0.8247 | + | 0.892 * 1.1678 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8156 | + | 4.679 * -0.032727 | - | 0.327 * 1.1315 |
| = | -2.60 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ¥3,211 Mil.
Revenue was 2801.61 + 2683.825 + 2697.653 + 2318.132 = ¥10,501 Mil.
Gross Profit was 586.77 + 626.974 + 650.265 + 548.309 = ¥2,412 Mil.
Total Current Assets was ¥7,862 Mil.
Total Assets was ¥12,849 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,573 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥243 Mil.
Total Current Liabilities was ¥5,855 Mil.
Long-Term Debt & Capital Lease Obligation was ¥288 Mil.
Net Income was 119.221 + 163.393 + 213.191 + 175.638 = ¥671 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 340.068 + 281.569 + 370.843 + 99.471 = ¥1,092 Mil.
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Total Receivables was ¥2,801 Mil.
Revenue was 2631.014 + 2105.207 + 2261.108 + 1995.013 = ¥8,992 Mil.
Gross Profit was 600.405 + 487.318 + 481.719 + 436.575 = ¥2,006 Mil.
Total Current Assets was ¥6,919 Mil.
Total Assets was ¥11,184 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,772 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥255 Mil.
Total Current Liabilities was ¥4,226 Mil.
Long-Term Debt & Capital Lease Obligation was ¥499 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) |
| = | (3211.085 / 10501.22) | / | (2801.017 / 8992.342) |
| = | 0.305782 | / | 0.311489 |
| | = | 0.9817 |
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) |
| = | (2006.017 / 8992.342) | / | (2412.318 / 10501.22) |
| = | 0.223081 | / | 0.229718 |
| | = | 0.9711 |
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 - (7861.51 + 3573.41) / 12848.866) | / | (1 - (6919.29 + 2772.418) / 11184.119) |
| = | 0.110044 | / | 0.13344 |
| | = | 0.8247 |
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 |
| = | 10501.22 | / | 8992.342 |
| | = | 1.1678 |
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 + 2772.418)) | / | (0 / (0 + 3573.41)) |
| = | 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) |
| = | (242.734 / 10501.22) | / | (254.862 / 8992.342) |
| = | 0.023115 | / | 0.028342 |
| | = | 0.8156 |
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) |
| = | ((287.817 + 5855.09) / 12848.866) | / | ((499.178 + 4226.467) / 11184.119) |
| = | 0.478089 | / | 0.422532 |
| | = | 1.1315 |
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 |
| = | (671.443 - 0 | - | 1091.951) | / | 12848.866 |
| | = | -0.032727 |
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.
Shenzhen Topband Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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