Shanghai Metersbonwe Fashion & Accessories Co (SZSE:002269) Beneish M-Score : -2.71 (As of Apr. 30, 2024)

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What is Shanghai Metersbonwe Fashion & Accessories Co Beneish M-Score?

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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shanghai Metersbonwe Fashion & Accessories Co's Beneish M-Score or its related term are showing as below:

SZSE:002269' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73 Med: -2.8 Max: -1.68
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Shanghai Metersbonwe Fashion & Accessories Co was -1.68. The lowest was -3.73. And the median was -2.80.

Shanghai Metersbonwe Fashion & Accessories Co Beneish M-Score Historical Data

The historical data trend for Shanghai Metersbonwe Fashion & Accessories 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.

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Shanghai Metersbonwe Fashion & Accessories Co Beneish M-Score Chart

Shanghai Metersbonwe Fashion & Accessories Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.76

-3.32

-3.22

-2.94

-3.00

Shanghai Metersbonwe Fashion & Accessories Co Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-3.21	-3.00	-3.03	-2.52	-2.71

Competitive Comparison of Shanghai Metersbonwe Fashion & Accessories Co's Beneish M-Score

For the Apparel Manufacturing subindustry, Shanghai Metersbonwe Fashion & Accessories 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.

Shanghai Metersbonwe Fashion & Accessories Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Shanghai Metersbonwe Fashion & Accessories Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shanghai Metersbonwe Fashion & Accessories Co's Beneish M-Score falls into.

Shanghai Metersbonwe Fashion & Accessories 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 Shanghai Metersbonwe Fashion & Accessories Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0894

0.528 * 0.8901

0.404 * 0.7908

0.892 * 0.7819

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4606

4.679 * -0.016544

0.327 * 0.9658

-2.71

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ¥492 Mil.
Revenue was 278.796 + 151.679 + 406.724 + 471.627 = ¥1,309 Mil.
Gross Profit was 82.863 + 55.793 + 164.323 + 115.095 = ¥418 Mil.
Total Current Assets was ¥1,354 Mil.
Total Assets was ¥2,828 Mil.
Property, Plant and Equipment(Net PPE) was ¥649 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥285 Mil.
Total Current Liabilities was ¥2,392 Mil.
Long-Term Debt & Capital Lease Obligation was ¥113 Mil.
Net Income was 31.374 + -33.571 + 43.835 + -63.6 = ¥-22 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 35.938 + -22.454 + 33.853 + -22.517 = ¥25 Mil.

Total Receivables was ¥577 Mil.
Revenue was 244.689 + 253.414 + 469.63 + 706.111 = ¥1,674 Mil.
Gross Profit was 91.124 + 88.801 + 166.973 + 129.023 = ¥476 Mil.
Total Current Assets was ¥1,744 Mil.
Total Assets was ¥4,156 Mil.
Property, Plant and Equipment(Net PPE) was ¥880 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥791 Mil.
Total Current Liabilities was ¥3,687 Mil.
Long-Term Debt & Capital Lease Obligation was ¥125 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)
	=	(491.736 / 1308.826)	/	(577.246 / 1673.844)
	=	0.375708	/	0.344862
	=	1.0894

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)
	=	(475.921 / 1673.844)	/	(418.074 / 1308.826)
	=	0.284328	/	0.319427
	=	0.8901

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 - (1353.773 + 649.422) / 2827.816)	/	(1 - (1743.589 + 879.59) / 4155.607)
	=	0.291611	/	0.368762
	=	0.7908

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
	=	1308.826	/	1673.844
	=	0.7819

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 + 879.59))	/	(0 / (0 + 649.422))
	=	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)
	=	(284.852 / 1308.826)	/	(790.947 / 1673.844)
	=	0.217639	/	0.472533
	=	0.4606

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)
	=	((112.732 + 2392.346) / 2827.816)	/	((125.073 + 3686.672) / 4155.607)
	=	0.88587	/	0.917253
	=	0.9658

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
	=	(-21.962 - 0	-	24.82)	/	2827.816
	=	-0.016544

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.

Shanghai Metersbonwe Fashion & Accessories Co has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Shanghai Metersbonwe Fashion & Accessories Co Beneish M-Score Related Terms

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Shanghai Metersbonwe Fashion & Accessories Co (SZSE:002269) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Shanghai Metersbonwe Fashion & Accessories Co Ltd (SZSE:002269) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 800 Kangqiao East Road, China (Shanghai) Pilot Free Trade Zone, Nanhui District, Shanghai, CHN, 201315

Website

http://www.metersbonwe.com

Shanghai Metersbonwe Fashion & Accessories Co Ltd is a China-based company engaged in the design, manufacture and sale of fashion casual wear and accessories. It provides apparel under the brand names Meters/bonwe and ME&CITY.

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