Wus Printed Circuit (Kunshan) Co (SZSE:002463) Beneish M-Score : -2.26 (As of Dec. 13, 2024)

View and export this data going back to 2010. Start your Free Trial

What is Wus Printed Circuit (Kunshan) 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Wus Printed Circuit (Kunshan) Co's Beneish M-Score or its related term are showing as below:

SZSE:002463' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.46 Max: -1.29
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Wus Printed Circuit (Kunshan) Co was -1.29. The lowest was -2.89. And the median was -2.46.

Wus Printed Circuit (Kunshan) Co Beneish M-Score Historical Data

The historical data trend for Wus Printed Circuit (Kunshan) 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.

* Premium members only.

Wus Printed Circuit (Kunshan) Co Beneish M-Score Chart

Wus Printed Circuit (Kunshan) Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.97

-2.30

-2.37

-2.60

-2.49

Wus Printed Circuit (Kunshan) Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.42	-2.49	-2.50	-2.25	-2.26

Competitive Comparison of Wus Printed Circuit (Kunshan) Co's Beneish M-Score

For the Electronic Components subindustry, Wus Printed Circuit (Kunshan) 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.

Wus Printed Circuit (Kunshan) Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Wus Printed Circuit (Kunshan) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Wus Printed Circuit (Kunshan) Co's Beneish M-Score falls into.

Wus Printed Circuit (Kunshan) 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 Wus Printed Circuit (Kunshan) 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 * 1.034

0.528 * 0.8772

0.404 * 0.8907

0.892 * 1.3711

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0025

4.679 * 0.001289

0.327 * 1.1248

-2.26

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ¥3,041 Mil.
Revenue was 3586.808 + 2840.071 + 2584.035 + 2855.852 = ¥11,867 Mil.
Gross Profit was 1253.247 + 1102.868 + 874.989 + 926.406 = ¥4,158 Mil.
Total Current Assets was ¥9,407 Mil.
Total Assets was ¥19,108 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,047 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥566 Mil.
Total Current Liabilities was ¥7,191 Mil.
Long-Term Debt & Capital Lease Obligation was ¥557 Mil.
Net Income was 707.559 + 626.018 + 514.812 + 559.456 = ¥2,408 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 666.377 + 301.568 + 892.367 + 522.902 = ¥2,383 Mil.

Total Receivables was ¥2,145 Mil.
Revenue was 2318.983 + 1895.561 + 1867.912 + 2572.438 = ¥8,655 Mil.
Gross Profit was 744.794 + 634.243 + 480.662 + 800.152 = ¥2,660 Mil.
Total Current Assets was ¥6,643 Mil.
Total Assets was ¥14,867 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,159 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥412 Mil.
Total Current Liabilities was ¥4,448 Mil.
Long-Term Debt & Capital Lease Obligation was ¥912 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)
	=	(3041.209 / 11866.766)	/	(2145.094 / 8654.894)
	=	0.25628	/	0.247848
	=	1.034

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)
	=	(2659.851 / 8654.894)	/	(4157.51 / 11866.766)
	=	0.307323	/	0.350349
	=	0.8772

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 - (9407.075 + 5047.186) / 19108.068)	/	(1 - (6642.862 + 4159.301) / 14867.43)
	=	0.243552	/	0.273434
	=	0.8907

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
	=	11866.766	/	8654.894
	=	1.3711

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 + 4159.301))	/	(0 / (0 + 5047.186))
	=	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)
	=	(566.03 / 11866.766)	/	(411.779 / 8654.894)
	=	0.047699	/	0.047578
	=	1.0025

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)
	=	((557.166 + 7191.231) / 19108.068)	/	((912.299 + 4447.554) / 14867.43)
	=	0.405504	/	0.36051
	=	1.1248

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
	=	(2407.845 - 0	-	2383.214)	/	19108.068
	=	0.001289

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.

Wus Printed Circuit (Kunshan) Co has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Wus Printed Circuit (Kunshan) Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Wus Printed Circuit (Kunshan) Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Wus Printed Circuit (Kunshan) Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Wus Printed Circuit (Kunshan) Co Ltd (SZSE:002463) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Donglong Road, No. 1, Yushan Town, Jiangsu Province, Kunshan, CHN, 215300

Website

http://www.wustec.com

Wus Printed Circuit (Kunshan) Co Ltd is a China-based company. It is principally engaged in the manufacture, distribution and after-sale services of printed circuit boards (PCBs).

Executives

Li Ming Gui	Directors, executives
Qian Yuan Jun	Securities Affairs Representative
Wu Chuan Bin	Directors, executives
Wu Li Gan	Director
Wu Chuan Lin	Director
Zhu Yu Jie	Director
Lin Ming Yan	Supervisors
Chen Hui Fen	Supervisors
Zheng Hui Zhen	Director

Wus Printed Circuit (Kunshan) Co Headlines

No Headlines