GuoChuang Software Co Beneish M-Score Historical Data
The historical data trend for GuoChuang Software 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.
GuoChuang Software Co Beneish M-Score Chart
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GuoChuang Software Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.79 |
-1.30 |
-2.20 |
-2.51 |
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GuoChuang Software Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.16 |
-2.24 |
-1.48 |
-2.51 |
-2.45 |
Competitive Comparison of GuoChuang Software Co's Beneish M-Score
For the Software - Application subindustry, GuoChuang Software 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.
GuoChuang Software Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, GuoChuang Software Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GuoChuang Software Co's Beneish M-Score falls into.
GuoChuang Software 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 GuoChuang Software 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 * 1.4469 | + | 0.528 * 0.8347 | + | 0.404 * 0.5829 | + | 0.892 * 0.8805 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3109 | + | 4.679 * 0.005527 | - | 0.327 * 0.9588 |
| = | -2.45 |
* 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 ¥1,368 Mil.
Revenue was 307.845 + 739.766 + 657.787 + 579.474 = ¥2,285 Mil.
Gross Profit was 138.604 + 150.019 + 189.967 + 156.744 = ¥635 Mil.
Total Current Assets was ¥3,294 Mil.
Total Assets was ¥4,893 Mil.
Property, Plant and Equipment(Net PPE) was ¥806 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥264 Mil.
Total Current Liabilities was ¥2,416 Mil.
Long-Term Debt & Capital Lease Obligation was ¥270 Mil.
Net Income was 5.885 + -445.064 + 18.013 + 44.338 = ¥-377 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -243.983 + -68.815 + -103.854 + 12.781 = ¥-404 Mil.
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Total Receivables was ¥1,074 Mil.
Revenue was 537.868 + 1057.601 + 529.708 + 469.854 = ¥2,595 Mil.
Gross Profit was 116.432 + 187.52 + 135.657 + 162.702 = ¥602 Mil.
Total Current Assets was ¥2,272 Mil.
Total Assets was ¥4,013 Mil.
Property, Plant and Equipment(Net PPE) was ¥624 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥228 Mil.
Total Current Liabilities was ¥2,088 Mil.
Long-Term Debt & Capital Lease Obligation was ¥210 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) |
| = | (1368.003 / 2284.872) | / | (1073.839 / 2595.031) |
| = | 0.598722 | / | 0.413806 |
| | = | 1.4469 |
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) |
| = | (602.311 / 2595.031) | / | (635.334 / 2284.872) |
| = | 0.232102 | / | 0.278061 |
| | = | 0.8347 |
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 - (3294.048 + 805.543) / 4893.017) | / | (1 - (2272.49 + 624.267) / 4013.078) |
| = | 0.162155 | / | 0.278171 |
| | = | 0.5829 |
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 |
| = | 2284.872 | / | 2595.031 |
| | = | 0.8805 |
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 + 624.267)) | / | (0 / (0 + 805.543)) |
| = | 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) |
| = | (263.565 / 2284.872) | / | (228.353 / 2595.031) |
| = | 0.115352 | / | 0.087996 |
| | = | 1.3109 |
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) |
| = | ((270.153 + 2416.188) / 4893.017) | / | ((210.156 + 2087.716) / 4013.078) |
| = | 0.549015 | / | 0.572596 |
| | = | 0.9588 |
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 |
| = | (-376.828 - 0 | - | -403.871) | / | 4893.017 |
| | = | 0.005527 |
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.
GuoChuang Software Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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