Beijing eGova Co Beneish M-Score Historical Data
The historical data trend for Beijing eGova 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.
Beijing eGova Co Beneish M-Score Chart
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Beijing eGova Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.46 |
-2.28 |
-2.07 |
-2.44 |
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Beijing eGova Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Mar23 |
Jun23 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.22 |
-2.44 |
-2.39 |
-2.51 |
-2.35 |
Competitive Comparison of Beijing eGova Co's Beneish M-Score
For the Software - Application subindustry, Beijing eGova 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.
Beijing eGova Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Beijing eGova Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beijing eGova Co's Beneish M-Score falls into.
Beijing eGova 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 Beijing eGova Co 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 * 1.5935 | + | 0.528 * 1.316 | + | 0.404 * 1.027 | + | 0.892 * 0.5758 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4607 | + | 4.679 * -0.033268 | - | 0.327 * 0.9281 |
| = | -2.35 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥1,889.1 Mil.
Revenue was 158.958 + 244.452 + 294.261 + 148.844 = ¥846.5 Mil.
Gross Profit was 20.066 + 104.846 + 129.792 + 18.583 = ¥273.3 Mil.
Total Current Assets was ¥3,680.3 Mil.
Total Assets was ¥4,776.7 Mil.
Property, Plant and Equipment(Net PPE) was ¥126.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥93.3 Mil.
Total Current Liabilities was ¥661.1 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7.5 Mil.
Net Income was -51.456 + 15.425 + 56.535 + -47.982 = ¥-27.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -23.409 + -9.764 + -102.78 + 267.386 = ¥131.4 Mil.
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Total Receivables was ¥2,058.8 Mil.
Revenue was 326.056 + 466.122 + 272.096 + 405.814 = ¥1,470.1 Mil.
Gross Profit was 148.331 + 193.611 + 125.174 + 157.444 = ¥624.6 Mil.
Total Current Assets was ¥3,892.1 Mil.
Total Assets was ¥5,006.5 Mil.
Property, Plant and Equipment(Net PPE) was ¥124.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥111.0 Mil.
Total Current Liabilities was ¥755.0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0.0 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) |
| = | (1889.051 / 846.515) | / | (2058.766 / 1470.088) |
| = | 2.231562 | / | 1.400437 |
| | = | 1.5935 |
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) |
| = | (624.56 / 1470.088) | / | (273.287 / 846.515) |
| = | 0.424845 | / | 0.322838 |
| | = | 1.316 |
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 - (3680.277 + 126.545) / 4776.693) | / | (1 - (3892.071 + 124.617) / 5006.475) |
| = | 0.203042 | / | 0.197701 |
| | = | 1.027 |
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 |
| = | 846.515 | / | 1470.088 |
| | = | 0.5758 |
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 + 124.617)) | / | (0 / (0 + 126.545)) |
| = | 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) |
| = | (93.338 / 846.515) | / | (110.967 / 1470.088) |
| = | 0.110261 | / | 0.075483 |
| | = | 1.4607 |
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) |
| = | ((7.477 + 661.064) / 4776.693) | / | ((0 + 755.018) / 5006.475) |
| = | 0.139959 | / | 0.150808 |
| | = | 0.9281 |
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 |
| = | (-27.478 - 0 | - | 131.433) | / | 4776.693 |
| | = | -0.033268 |
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.
Beijing eGova Co has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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