Kunlun Tech Co Beneish M-Score Historical Data
The historical data trend for Kunlun Tech 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.
Kunlun Tech Co Beneish M-Score Chart
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Kunlun Tech Co Annual Data
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Dec14 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.51 |
-0.86 |
-3.31 |
-2.01 |
-2.27 |
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Kunlun Tech Co Quarterly Data
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Dec19 |
Mar20 |
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Sep24 |
| Beneish M-Score |
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-2.58 |
-2.27 |
-2.29 |
-2.56 |
-2.56 |
Competitive Comparison of Kunlun Tech Co's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Kunlun Tech 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.
Kunlun Tech Co's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Kunlun Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kunlun Tech Co's Beneish M-Score falls into.
Kunlun Tech 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 Kunlun Tech 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 * 0.8634 | + | 0.528 * 1.037 | + | 0.404 * 1.0707 | + | 0.892 * 1.0087 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.108 | + | 4.679 * -0.007008 | - | 0.327 * 0.8598 |
| = | -2.56 |
* 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 ¥683 Mil.
Revenue was 1326.59 + 1294.266 + 1207.545 + 1234.058 = ¥5,062 Mil.
Gross Profit was 987.681 + 1009.408 + 947.054 + 942.72 = ¥3,887 Mil.
Total Current Assets was ¥3,155 Mil.
Total Assets was ¥20,590 Mil.
Property, Plant and Equipment(Net PPE) was ¥610 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,503 Mil.
Total Current Liabilities was ¥2,672 Mil.
Long-Term Debt & Capital Lease Obligation was ¥118 Mil.
Net Income was -237.396 + -201.722 + -187.414 + 930.001 = ¥303 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 130.207 + 82.337 + 106.751 + 128.472 = ¥448 Mil.
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Total Receivables was ¥785 Mil.
Revenue was 1255.95 + 1208.021 + 1217.224 + 1337.426 = ¥5,019 Mil.
Gross Profit was 987.801 + 937.033 + 1007.626 + 1063.149 = ¥3,996 Mil.
Total Current Assets was ¥4,263 Mil.
Total Assets was ¥19,943 Mil.
Property, Plant and Equipment(Net PPE) was ¥460 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,240 Mil.
Total Current Liabilities was ¥3,048 Mil.
Long-Term Debt & Capital Lease Obligation was ¥95 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) |
| = | (683.375 / 5062.459) | / | (784.669 / 5018.621) |
| = | 0.134989 | / | 0.156352 |
| | = | 0.8634 |
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) |
| = | (3995.609 / 5018.621) | / | (3886.863 / 5062.459) |
| = | 0.796157 | / | 0.767782 |
| | = | 1.037 |
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 - (3155.138 + 610.392) / 20589.796) | / | (1 - (4262.516 + 460.245) / 19943.153) |
| = | 0.817117 | / | 0.763189 |
| | = | 1.0707 |
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 |
| = | 5062.459 | / | 5018.621 |
| | = | 1.0087 |
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 + 460.245)) | / | (0 / (0 + 610.392)) |
| = | 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) |
| = | (2503.169 / 5062.459) | / | (2239.544 / 5018.621) |
| = | 0.494457 | / | 0.446247 |
| | = | 1.108 |
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) |
| = | ((118.18 + 2671.974) / 20589.796) | / | ((94.826 + 3048.321) / 19943.153) |
| = | 0.135511 | / | 0.157605 |
| | = | 0.8598 |
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 |
| = | (303.469 - 0 | - | 447.767) | / | 20589.796 |
| | = | -0.007008 |
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.
Kunlun Tech Co has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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