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Guanglian Aviation Industry Co (SZSE:300900) Beneish M-Score : -2.52 (As of Mar. 14, 2025)


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What is Guanglian Aviation Industry Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Guanglian Aviation Industry Co's Beneish M-Score or its related term are showing as below:

SZSE:300900' s Beneish M-Score Range Over the Past 10 Years
Min: -4.29   Med: -2.17   Max: -1.24
Current: -2.52

During the past 8 years, the highest Beneish M-Score of Guanglian Aviation Industry Co was -1.24. The lowest was -4.29. And the median was -2.17.


Guanglian Aviation Industry Co Beneish M-Score Historical Data

The historical data trend for Guanglian Aviation Industry 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.

* Premium members only.

Guanglian Aviation Industry Co Beneish M-Score Chart

Guanglian Aviation Industry Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - -1.61 -3.01 -1.47 -2.62

Guanglian Aviation Industry Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.90 -2.62 -2.17 -2.00 -2.52

Competitive Comparison of Guanglian Aviation Industry Co's Beneish M-Score

For the Aerospace & Defense subindustry, Guanglian Aviation Industry 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.


Guanglian Aviation Industry Co's Beneish M-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Guanglian Aviation Industry Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Guanglian Aviation Industry Co's Beneish M-Score falls into.



Guanglian Aviation Industry 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 Guanglian Aviation Industry 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 * 1.0089+0.528 * 1.1278+0.404 * 0.8644+0.892 * 1.0659+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7179+4.679 * 0.006198-0.327 * 1.081
=-2.52

* 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 ¥858.6 Mil.
Revenue was 207.356 + 232.037 + 223.51 + 195.041 = ¥857.9 Mil.
Gross Profit was 98.4 + 83.245 + 86.45 + 77.601 = ¥345.7 Mil.
Total Current Assets was ¥2,030.9 Mil.
Total Assets was ¥4,913.8 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,209.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥77.7 Mil.
Total Current Liabilities was ¥1,379.5 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,660.9 Mil.
Net Income was 10.533 + 10.265 + 30.504 + 8.673 = ¥60.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 1.269 + -4.945 + -180.393 + 213.589 = ¥29.5 Mil.
Total Receivables was ¥798.4 Mil.
Revenue was 220.956 + 166.239 + 157.745 + 259.986 = ¥804.9 Mil.
Gross Profit was 96.157 + 61.672 + 78.941 + 129.024 = ¥365.8 Mil.
Total Current Assets was ¥1,708.7 Mil.
Total Assets was ¥4,240.1 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,859.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥42.4 Mil.
Total Current Liabilities was ¥882.6 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,544.4 Mil.




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)
=(858.624 / 857.944) / (798.438 / 804.926)
=1.000793 / 0.99194
=1.0089

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)
=(365.794 / 804.926) / (345.696 / 857.944)
=0.454444 / 0.402935
=1.1278

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 - (2030.94 + 2209.76) / 4913.806) / (1 - (1708.731 + 1859.421) / 4240.098)
=0.136983 / 0.158474
=0.8644

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
=857.944 / 804.926
=1.0659

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 + 1859.421)) / (0 / (0 + 2209.76))
=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)
=(77.663 / 857.944) / (42.413 / 804.926)
=0.090522 / 0.052692
=1.7179

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)
=((1660.864 + 1379.455) / 4913.806) / ((1544.366 + 882.622) / 4240.098)
=0.61873 / 0.57239
=1.081

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
=(59.975 - 0 - 29.52) / 4913.806
=0.006198

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.

Guanglian Aviation Industry Co has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


Guanglian Aviation Industry Co Beneish M-Score Related Terms

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Guanglian Aviation Industry Co Business Description

Traded in Other Exchanges
N/A
Address
No. 3, Hanan 3rd Road, Core Area, Harbin Hanan Industrial New City, Heilongjiang Province, Harbin, CHN, 150060
Guanglian Aviation Industry Co Ltd is specializes in the design, R&D and manufacturing of aviation industry-related products. The company manufactures aerospace metal and composite material parts, the design and manufacture of aviation process equipment (tooling), the manufacture of aircraft parts, and the aircraft design and manufacturing business.
Executives
Chang Liang Directors, executives
Yang Shou Ji Director
Yu Gang Directors, executives
Geng Shao Kun Supervisors
Zhu Hong Min Directors, executives
Hu Quan Directors, executives
Wang Xi Jiang Supervisors

Guanglian Aviation Industry Co Headlines

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