Huayi Brothers Media Beneish M-Score Historical Data
The historical data trend for Huayi Brothers Media'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.
Huayi Brothers Media Beneish M-Score Chart
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Huayi Brothers Media Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.79 |
-1.90 |
-3.27 |
-5.68 |
-3.30 |
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Huayi Brothers Media Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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44.73 |
-18.89 |
-3.61 |
-3.30 |
-3.76 |
Competitive Comparison of Huayi Brothers Media's Beneish M-Score
For the Entertainment subindustry, Huayi Brothers Media'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.
Huayi Brothers Media's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Huayi Brothers Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huayi Brothers Media's Beneish M-Score falls into.
Huayi Brothers Media 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 Huayi Brothers Media 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 * 1.0224 | + | 0.528 * 0.013 | + | 0.404 * 1.017 | + | 0.892 * 1.0487 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9612 | + | 4.679 * -0.173069 | - | 0.327 * 1.0967 |
| = | -3.76 |
* 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 ¥374.1 Mil.
Revenue was 95.215 + 189.223 + 138.339 + 105.281 = ¥528.1 Mil.
Gross Profit was 36.554 + 89.776 + 77.138 + -14.858 = ¥188.6 Mil.
Total Current Assets was ¥1,221.2 Mil.
Total Assets was ¥3,949.1 Mil.
Property, Plant and Equipment(Net PPE) was ¥541.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥120.9 Mil.
Total Current Liabilities was ¥2,181.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥579.7 Mil.
Net Income was -18.56 + -257.04 + -138.946 + -132.346 = ¥-546.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 34.599 + 31.161 + 26.484 + 44.329 = ¥136.6 Mil.
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Total Receivables was ¥349.0 Mil.
Revenue was 233.385 + 35.961 + 154.619 + 79.585 = ¥503.6 Mil.
Gross Profit was 75.903 + -53.389 + -12.924 + -7.247 = ¥2.3 Mil.
Total Current Assets was ¥1,372.7 Mil.
Total Assets was ¥5,140.9 Mil.
Property, Plant and Equipment(Net PPE) was ¥969.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥119.9 Mil.
Total Current Liabilities was ¥2,764.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥513.3 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) |
| = | (374.14 / 528.058) | / | (348.958 / 503.55) |
| = | 0.708521 | / | 0.692996 |
| | = | 1.0224 |
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) |
| = | (2.343 / 503.55) | / | (188.61 / 528.058) |
| = | 0.004653 | / | 0.357177 |
| | = | 0.013 |
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 - (1221.205 + 541.164) / 3949.098) | / | (1 - (1372.722 + 969.148) / 5140.943) |
| = | 0.553729 | / | 0.544467 |
| | = | 1.017 |
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 |
| = | 528.058 | / | 503.55 |
| | = | 1.0487 |
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 + 969.148)) | / | (0 / (0 + 541.164)) |
| = | 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) |
| = | (120.911 / 528.058) | / | (119.948 / 503.55) |
| = | 0.228973 | / | 0.238205 |
| | = | 0.9612 |
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) |
| = | ((579.721 + 2181.81) / 3949.098) | / | ((513.284 + 2764.827) / 5140.943) |
| = | 0.699281 | / | 0.637648 |
| | = | 1.0967 |
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 |
| = | (-546.892 - 0 | - | 136.573) | / | 3949.098 |
| | = | -0.173069 |
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.
Huayi Brothers Media has a M-score of -3.76 suggests that the company is unlikely to be a manipulator.
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