Tongyu Communication Beneish M-Score Historical Data
The historical data trend for Tongyu Communication'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.
Tongyu Communication Beneish M-Score Chart
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Tongyu Communication Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.36 |
-2.70 |
-2.53 |
-1.52 |
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Tongyu Communication Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.55 |
-2.43 |
-2.02 |
-1.52 |
-1.70 |
Competitive Comparison of Tongyu Communication's Beneish M-Score
For the Communication Equipment subindustry, Tongyu Communication'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.
Tongyu Communication's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Tongyu Communication's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tongyu Communication's Beneish M-Score falls into.
Tongyu Communication 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 Tongyu Communication 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 * 0.9958 | + | 0.528 * 0.8625 | + | 0.404 * 2.7271 | + | 0.892 * 1.0331 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0406 | + | 4.679 * 0.034434 | - | 0.327 * 1.0777 |
| = | -1.70 |
* 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 ¥943 Mil.
Revenue was 236.319 + 435.304 + 315.307 + 300.032 = ¥1,287 Mil.
Gross Profit was 63.276 + 88.121 + 77.925 + 64.452 = ¥294 Mil.
Total Current Assets was ¥2,877 Mil.
Total Assets was ¥3,610 Mil.
Property, Plant and Equipment(Net PPE) was ¥301 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥103 Mil.
Total Current Liabilities was ¥767 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6 Mil.
Net Income was 4.899 + 24.3 + 14.972 + 7.62 = ¥52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -82.333 + 108.632 + -65.22 + -33.605 = ¥-73 Mil.
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Total Receivables was ¥917 Mil.
Revenue was 243.133 + 283.831 + 320.247 + 398.547 = ¥1,246 Mil.
Gross Profit was 38.798 + 61.255 + 65.442 + 79.78 = ¥245 Mil.
Total Current Assets was ¥3,075 Mil.
Total Assets was ¥3,535 Mil.
Property, Plant and Equipment(Net PPE) was ¥305 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥96 Mil.
Total Current Liabilities was ¥695 Mil.
Long-Term Debt & Capital Lease Obligation was ¥8 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) |
| = | (943.234 / 1286.962) | / | (916.881 / 1245.758) |
| = | 0.732915 | / | 0.736002 |
| | = | 0.9958 |
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) |
| = | (245.275 / 1245.758) | / | (293.774 / 1286.962) |
| = | 0.196888 | / | 0.228269 |
| | = | 0.8625 |
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 - (2877.36 + 301.471) / 3610.323) | / | (1 - (3075.202 + 305.205) / 3535.347) |
| = | 0.119516 | / | 0.043826 |
| | = | 2.7271 |
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 |
| = | 1286.962 | / | 1245.758 |
| | = | 1.0331 |
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 + 305.205)) | / | (0 / (0 + 301.471)) |
| = | 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) |
| = | (102.779 / 1286.962) | / | (95.606 / 1245.758) |
| = | 0.079862 | / | 0.076745 |
| | = | 1.0406 |
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) |
| = | ((6.324 + 767.096) / 3610.323) | / | ((7.986 + 694.792) / 3535.347) |
| = | 0.214225 | / | 0.198786 |
| | = | 1.0777 |
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 |
| = | (51.791 - 0 | - | -72.526) | / | 3610.323 |
| | = | 0.034434 |
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.
Tongyu Communication has a M-score of -1.70 signals that the company is likely to be a manipulator.
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