Shenglan Technology Co Beneish M-Score Historical Data
The historical data trend for Shenglan 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.
Shenglan Technology Co Beneish M-Score Chart
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Shenglan Technology Co Annual Data
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Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-1.58 |
-1.87 |
-2.83 |
-2.26 |
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Shenglan Technology Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Dec21 |
Mar22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.35 |
-2.26 |
-2.49 |
-2.86 |
-2.64 |
Competitive Comparison of Shenglan Technology Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Shenglan 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.
Shenglan Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Shenglan Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenglan Technology Co's Beneish M-Score falls into.
Shenglan 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 Shenglan 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 * 0.8552 | + | 0.528 * 0.9601 | + | 0.404 * 1.1765 | + | 0.892 * 0.9775 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7717 | + | 4.679 * -0.031261 | - | 0.327 * 0.8497 |
| = | -2.64 |
* 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 ¥584 Mil.
Revenue was 323.116 + 312.964 + 287.335 + 297.075 = ¥1,220 Mil.
Gross Profit was 80.26 + 74.765 + 73.116 + 63.663 = ¥292 Mil.
Total Current Assets was ¥1,184 Mil.
Total Assets was ¥2,073 Mil.
Property, Plant and Equipment(Net PPE) was ¥624 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥32 Mil.
Total Current Liabilities was ¥522 Mil.
Long-Term Debt & Capital Lease Obligation was ¥272 Mil.
Net Income was 34.559 + 31.352 + 21.774 + 4.83 = ¥93 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -1.049 + 99.769 + 13.818 + 44.77 = ¥157 Mil.
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Total Receivables was ¥699 Mil.
Revenue was 345.769 + 319.308 + 279.171 + 304.376 = ¥1,249 Mil.
Gross Profit was 87.97 + 71.74 + 61.955 + 64.95 = ¥287 Mil.
Total Current Assets was ¥1,327 Mil.
Total Assets was ¥2,113 Mil.
Property, Plant and Equipment(Net PPE) was ¥557 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥42 Mil.
Total Current Liabilities was ¥654 Mil.
Long-Term Debt & Capital Lease Obligation was ¥299 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) |
| = | (584.449 / 1220.49) | / | (699.141 / 1248.624) |
| = | 0.478864 | / | 0.559929 |
| | = | 0.8552 |
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) |
| = | (286.615 / 1248.624) | / | (291.804 / 1220.49) |
| = | 0.229545 | / | 0.239088 |
| | = | 0.9601 |
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 - (1184.257 + 624.303) / 2072.643) | / | (1 - (1327.33 + 557.07) / 2113.26) |
| = | 0.127414 | / | 0.108297 |
| | = | 1.1765 |
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 |
| = | 1220.49 | / | 1248.624 |
| | = | 0.9775 |
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 + 557.07)) | / | (0 / (0 + 624.303)) |
| = | 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) |
| = | (31.814 / 1220.49) | / | (42.175 / 1248.624) |
| = | 0.026067 | / | 0.033777 |
| | = | 0.7717 |
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) |
| = | ((271.911 + 521.955) / 2072.643) | / | ((298.931 + 653.709) / 2113.26) |
| = | 0.383021 | / | 0.450792 |
| | = | 0.8497 |
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 |
| = | (92.515 - 0 | - | 157.308) | / | 2072.643 |
| | = | -0.031261 |
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.
Shenglan Technology Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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