Panda Dairy Beneish M-Score Historical Data
The historical data trend for Panda Dairy'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.
Panda Dairy Beneish M-Score Chart
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Panda Dairy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.10 |
-2.77 |
-1.68 |
-2.73 |
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Panda Dairy Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.32 |
-2.73 |
-2.42 |
-2.93 |
-3.29 |
Competitive Comparison of Panda Dairy's Beneish M-Score
For the Packaged Foods subindustry, Panda Dairy'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.
Panda Dairy's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Panda Dairy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Panda Dairy's Beneish M-Score falls into.
Panda Dairy 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 Panda Dairy 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 * 0.7521 | + | 0.528 * 0.8359 | + | 0.404 * 1.0213 | + | 0.892 * 0.843 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9932 | + | 4.679 * -0.112287 | - | 0.327 * 0.5008 |
| = | -3.29 |
* 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 ¥45.4 Mil.
Revenue was 208.312 + 175.367 + 184.985 + 237.583 = ¥806.2 Mil.
Gross Profit was 60.625 + 45.573 + 53.395 + 53.021 = ¥212.6 Mil.
Total Current Assets was ¥716.3 Mil.
Total Assets was ¥1,081.8 Mil.
Property, Plant and Equipment(Net PPE) was ¥295.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥31.2 Mil.
Total Current Liabilities was ¥85.5 Mil.
Long-Term Debt & Capital Lease Obligation was ¥20.7 Mil.
Net Income was 30.697 + 20.821 + 26.566 + 27.264 = ¥105.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 75.567 + 55.496 + 9.929 + 85.824 = ¥226.8 Mil.
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Total Receivables was ¥71.6 Mil.
Revenue was 261.855 + 232.278 + 215.222 + 247.088 = ¥956.4 Mil.
Gross Profit was 61.094 + 59.988 + 44.9 + 44.86 = ¥210.8 Mil.
Total Current Assets was ¥794.8 Mil.
Total Assets was ¥1,154.6 Mil.
Property, Plant and Equipment(Net PPE) was ¥286.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥37.3 Mil.
Total Current Liabilities was ¥205.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥20.5 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) |
| = | (45.4 / 806.247) | / | (71.614 / 956.443) |
| = | 0.05631 | / | 0.074875 |
| | = | 0.7521 |
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) |
| = | (210.842 / 956.443) | / | (212.614 / 806.247) |
| = | 0.220444 | / | 0.263708 |
| | = | 0.8359 |
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 - (716.317 + 295.603) / 1081.765) | / | (1 - (794.795 + 286.781) / 1154.569) |
| = | 0.064566 | / | 0.063221 |
| | = | 1.0213 |
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 |
| = | 806.247 | / | 956.443 |
| | = | 0.843 |
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 + 286.781)) | / | (0 / (0 + 295.603)) |
| = | 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) |
| = | (31.204 / 806.247) | / | (37.27 / 956.443) |
| = | 0.038703 | / | 0.038967 |
| | = | 0.9932 |
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) |
| = | ((20.717 + 85.469) / 1081.765) | / | ((20.471 + 205.813) / 1154.569) |
| = | 0.09816 | / | 0.19599 |
| | = | 0.5008 |
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 |
| = | (105.348 - 0 | - | 226.816) | / | 1081.765 |
| | = | -0.112287 |
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.
Panda Dairy has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.
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