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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.
Good Sign:
Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Zhongshan Broad-ocean Motor Co's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Zhongshan Broad-ocean Motor Co was -1.59. The lowest was -3.75. And the median was -2.54.
The historical data trend for Zhongshan Broad-ocean Motor 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.
Zhongshan Broad-ocean Motor Co Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.69 | -2.81 | -2.51 | -2.63 | -2.81 |
Zhongshan Broad-ocean Motor Co Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.87 | -2.53 | -2.54 | -2.81 | -2.57 |
For the Auto Parts subindustry, Zhongshan Broad-ocean Motor 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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Zhongshan Broad-ocean Motor Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhongshan Broad-ocean Motor Co's Beneish M-Score falls into.
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 Zhongshan Broad-ocean Motor 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 * 1.1921 | + | 0.528 * 0.9127 | + | 0.404 * 1.1603 | + | 0.892 * 1.0332 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1609 | + | 4.679 * -0.055181 | - | 0.327 * 1.1 | |||||||
= | -2.57 |
* 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 ¥4,821 Mil. Revenue was 2721.807 + 2792.215 + 2894.714 + 2901.463 = ¥11,310 Mil. Gross Profit was 616.267 + 713.459 + 681.129 + 599.802 = ¥2,611 Mil. Total Current Assets was ¥10,563 Mil. Total Assets was ¥16,726 Mil. Property, Plant and Equipment(Net PPE) was ¥1,960 Mil. Depreciation, Depletion and Amortization(DDA) was ¥0 Mil. Selling, General, & Admin. Expense(SGA) was ¥1,117 Mil. Total Current Liabilities was ¥6,768 Mil. Long-Term Debt & Capital Lease Obligation was ¥224 Mil. Net Income was 208.357 + 97.901 + 144.991 + 217.394 = ¥669 Mil. Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil. Cash Flow from Operations was 187.536 + 579.582 + 525.517 + 298.994 = ¥1,592 Mil. |
Total Receivables was ¥3,915 Mil. Revenue was 2699.832 + 2779.353 + 2644.44 + 2823.025 = ¥10,947 Mil. Gross Profit was 567.286 + 736.492 + 502.341 + 500.122 = ¥2,306 Mil. Total Current Assets was ¥9,948 Mil. Total Assets was ¥15,257 Mil. Property, Plant and Equipment(Net PPE) was ¥2,004 Mil. Depreciation, Depletion and Amortization(DDA) was ¥0 Mil. Selling, General, & Admin. Expense(SGA) was ¥931 Mil. Total Current Liabilities was ¥5,550 Mil. Long-Term Debt & Capital Lease Obligation was ¥248 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) |
= | (4821.449 / 11310.199) | / | (3914.553 / 10946.65) | |
= | 0.426292 | / | 0.357603 | |
= | 1.1921 |
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) | |
= | (2306.241 / 10946.65) | / | (2610.657 / 11310.199) | |
= | 0.21068 | / | 0.230823 | |
= | 0.9127 |
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 - (10563.186 + 1959.618) / 16726.437) | / | (1 - (9948.407 + 2004.357) / 15257.374) | |
= | 0.251317 | / | 0.216591 | |
= | 1.1603 |
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 | |
= | 11310.199 | / | 10946.65 | |
= | 1.0332 |
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 + 2004.357)) | / | (0 / (0 + 1959.618)) | |
= | 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) |
= | (1117.1 / 11310.199) | / | (931.349 / 10946.65) | |
= | 0.098769 | / | 0.085081 | |
= | 1.1609 |
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) |
= | ((223.885 + 6767.731) / 16726.437) | / | ((248.017 + 5549.662) / 15257.374) | |
= | 0.417998 | / | 0.379992 | |
= | 1.1 |
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 | |
= | (668.643 - 0 | - | 1591.629) | / | 16726.437 | |
= | -0.055181 |
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.
Zhongshan Broad-ocean Motor Co has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Zhongshan Broad-ocean Motor Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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