Brilliance Technology Co Beneish M-Score Historical Data
The historical data trend for Brilliance Technology 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.
Brilliance Technology Co Beneish M-Score Chart
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Brilliance Technology Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.90 |
-2.69 |
-1.85 |
-2.88 |
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Brilliance Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.24 |
-2.32 |
-2.54 |
-2.88 |
-1.96 |
Competitive Comparison of Brilliance Technology Co's Beneish M-Score
For the Software - Application subindustry, Brilliance Technology 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.
Brilliance Technology Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Brilliance Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brilliance Technology Co's Beneish M-Score falls into.
Brilliance Technology 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 Brilliance Technology 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 * 1.032 | + | 0.528 * 1.2225 | + | 0.404 * 0.911 | + | 0.892 * 1.2988 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9111 | + | 4.679 * 0.033555 | - | 0.327 * 1.103 |
| = | -1.96 |
* 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 ¥601 Mil.
Revenue was 191.344 + 885.622 + 343.05 + 343.293 = ¥1,763 Mil.
Gross Profit was 40.371 + 145.45 + 57.847 + 61.244 = ¥305 Mil.
Total Current Assets was ¥1,083 Mil.
Total Assets was ¥1,410 Mil.
Property, Plant and Equipment(Net PPE) was ¥111 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥60 Mil.
Total Current Liabilities was ¥765 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 Mil.
Net Income was -13.207 + 55.769 + -21.786 + 8.725 = ¥30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -374.849 + 417.707 + -15.093 + -45.593 = ¥-18 Mil.
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Total Receivables was ¥448 Mil.
Revenue was 163.024 + 631.834 + 275.909 + 286.858 = ¥1,358 Mil.
Gross Profit was 42.864 + 119.15 + 60.458 + 64.528 = ¥287 Mil.
Total Current Assets was ¥997 Mil.
Total Assets was ¥1,335 Mil.
Property, Plant and Equipment(Net PPE) was ¥113 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥51 Mil.
Total Current Liabilities was ¥657 Mil.
Long-Term Debt & Capital Lease Obligation was ¥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) |
| = | (600.705 / 1763.309) | / | (448.146 / 1357.625) |
| = | 0.340669 | / | 0.330096 |
| | = | 1.032 |
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) |
| = | (287 / 1357.625) | / | (304.912 / 1763.309) |
| = | 0.211399 | / | 0.17292 |
| | = | 1.2225 |
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 - (1082.692 + 110.996) / 1410.475) | / | (1 - (996.895 + 113.231) / 1335.431) |
| = | 0.153698 | / | 0.168713 |
| | = | 0.911 |
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 |
| = | 1763.309 | / | 1357.625 |
| | = | 1.2988 |
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 + 113.231)) | / | (0 / (0 + 110.996)) |
| = | 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) |
| = | (59.944 / 1763.309) | / | (50.659 / 1357.625) |
| = | 0.033995 | / | 0.037314 |
| | = | 0.9111 |
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) |
| = | ((0.394 + 765.203) / 1410.475) | / | ((0 + 657.152) / 1335.431) |
| = | 0.542794 | / | 0.49209 |
| | = | 1.103 |
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 |
| = | (29.501 - 0 | - | -17.828) | / | 1410.475 |
| | = | 0.033555 |
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.
Brilliance Technology Co has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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