Tianshui Zhongxing Bio-technology Co (SZSE:002772) Beneish M-Score : -2.31 (As of Apr. 17, 2025)

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What is Tianshui Zhongxing Bio-technology 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tianshui Zhongxing Bio-technology Co's Beneish M-Score or its related term are showing as below:

SZSE:002772' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.34 Max: -2.13
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Tianshui Zhongxing Bio-technology Co was -2.13. The lowest was -3.17. And the median was -2.34.

Tianshui Zhongxing Bio-technology Co Beneish M-Score Historical Data

The historical data trend for Tianshui Zhongxing Bio-technology 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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Tianshui Zhongxing Bio-technology Co Beneish M-Score Chart

Tianshui Zhongxing Bio-technology Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.83

-2.13

-2.24

-2.85

-2.31

Tianshui Zhongxing Bio-technology Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.85	-2.27	-2.25	-2.32	-2.31

Competitive Comparison of Tianshui Zhongxing Bio-technology Co's Beneish M-Score

For the Farm Products subindustry, Tianshui Zhongxing Bio-technology 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.

Tianshui Zhongxing Bio-technology Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Tianshui Zhongxing Bio-technology Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tianshui Zhongxing Bio-technology Co's Beneish M-Score falls into.

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Tianshui Zhongxing Bio-technology 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 Tianshui Zhongxing Bio-technology 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 * 1.3624

0.528 * 1.1034

0.404 * 1.2005

0.892 * 1.0021

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0242

4.679 * -0.059198

0.327 * 1.0734

-2.31

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ¥39 Mil.
Revenue was 518.749 + 501.8 + 427.976 + 486.703 = ¥1,935 Mil.
Gross Profit was 123.168 + 118.109 + 64.832 + 97.202 = ¥403 Mil.
Total Current Assets was ¥2,830 Mil.
Total Assets was ¥6,191 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,784 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥180 Mil.
Total Current Liabilities was ¥1,714 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,060 Mil.
Net Income was 39.379 + 59.172 + -5.268 + 34.747 = ¥128 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 192.739 + 120.979 + 80.89 + 99.91 = ¥495 Mil.

Total Receivables was ¥28 Mil.
Revenue was 478.606 + 433.616 + 395.946 + 622.91 = ¥1,931 Mil.
Gross Profit was 79.533 + 41.941 + 53.295 + 269.276 = ¥444 Mil.
Total Current Assets was ¥2,659 Mil.
Total Assets was ¥6,074 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,943 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥176 Mil.
Total Current Liabilities was ¥1,461 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,075 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)
	=	(38.621 / 1935.228)	/	(28.286 / 1931.078)
	=	0.019957	/	0.014648
	=	1.3624

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)
	=	(444.045 / 1931.078)	/	(403.311 / 1935.228)
	=	0.229947	/	0.208405
	=	1.1034

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 - (2830.31 + 2783.602) / 6190.908)	/	(1 - (2659.174 + 2943.06) / 6073.765)
	=	0.093201	/	0.077634
	=	1.2005

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
	=	1935.228	/	1931.078
	=	1.0021

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 + 2943.06))	/	(0 / (0 + 2783.602))
	=	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)
	=	(180.165 / 1935.228)	/	(175.527 / 1931.078)
	=	0.093098	/	0.090896
	=	1.0242

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)
	=	((1059.705 + 1714.226) / 6190.908)	/	((1074.738 + 1460.59) / 6073.765)
	=	0.448065	/	0.417423
	=	1.0734

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
	=	(128.03 - 0	-	494.518)	/	6190.908
	=	-0.059198

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.

Tianshui Zhongxing Bio-technology Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

Tianshui Zhongxing Bio-technology Co Beneish M-Score Related Terms

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Tianshui Zhongxing Bio-technology Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Tianshui Zhongxing Bio-technology Co Ltd (SZSE:002772) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Tianshui National Agricultural Science and Technology Park, Maiji District, Gansu Province, Tianshui, CHN, 741030

Website

http://www.tszxjy.cn

Tianshui Zhongxing Bio-technology Co Ltd is engaged in the research and development, production and sales of edible fungus. The Company edible mushroom products include enoki mushroom, king oyster mushroom, and beech mushroom. The company also uses edible fungi crop waste as raw material to produce green food rich in high protein.

Executives

Yuan Bin	Executives
Tian De	Directors, executives
Gao Bo Shu	Directors, Directors, and Executives
Li Yan Qing	Director
Liu Liang	Directors, executives
Wang Guo Xiang	Supervisors

Tianshui Zhongxing Bio-technology Co Headlines

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