Hangzhou Zhengqiang Beneish M-Score Historical Data
The historical data trend for Hangzhou Zhengqiang'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.
Hangzhou Zhengqiang Beneish M-Score Chart
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Hangzhou Zhengqiang Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.80 |
-3.31 |
-2.07 |
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Hangzhou Zhengqiang 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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-2.57 |
-2.07 |
-1.91 |
-2.45 |
-2.55 |
Competitive Comparison of Hangzhou Zhengqiang's Beneish M-Score
For the Auto Parts subindustry, Hangzhou Zhengqiang'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.
Hangzhou Zhengqiang's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hangzhou Zhengqiang's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hangzhou Zhengqiang's Beneish M-Score falls into.
Hangzhou Zhengqiang 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 Hangzhou Zhengqiang 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 * 1.1834 | + | 0.528 * 1.0349 | + | 0.404 * 1.0561 | + | 0.892 * 0.9718 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0795 | + | 4.679 * -0.031084 | - | 0.327 * 1.3018 |
| = | -2.55 |
* 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 ¥141.7 Mil.
Revenue was 94.537 + 107.758 + 98.218 + 112.526 = ¥413.0 Mil.
Gross Profit was 32.218 + 34.123 + 33.164 + 34.538 = ¥134.0 Mil.
Total Current Assets was ¥1,248.0 Mil.
Total Assets was ¥1,397.9 Mil.
Property, Plant and Equipment(Net PPE) was ¥99.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥11.0 Mil.
Total Current Liabilities was ¥351.1 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0.9 Mil.
Net Income was 29.096 + 18.152 + 19.003 + 21.18 = ¥87.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was 22.686 + 42.494 + 2.416 + 63.286 = ¥130.9 Mil.
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Total Receivables was ¥123.2 Mil.
Revenue was 113.303 + 101.783 + 89.802 + 120.117 = ¥425.0 Mil.
Gross Profit was 41.25 + 34.954 + 28.665 + 37.87 = ¥142.7 Mil.
Total Current Assets was ¥1,034.6 Mil.
Total Assets was ¥1,175.8 Mil.
Property, Plant and Equipment(Net PPE) was ¥101.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥10.5 Mil.
Total Current Liabilities was ¥227.4 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0.0 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) |
| = | (141.739 / 413.039) | / | (123.245 / 425.005) |
| = | 0.343161 | / | 0.289985 |
| | = | 1.1834 |
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) |
| = | (142.739 / 425.005) | / | (134.043 / 413.039) |
| = | 0.335853 | / | 0.324529 |
| | = | 1.0349 |
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 - (1248.042 + 99.54) / 1397.86) | / | (1 - (1034.593 + 101.174) / 1175.811) |
| = | 0.035968 | / | 0.034056 |
| | = | 1.0561 |
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 |
| = | 413.039 | / | 425.005 |
| | = | 0.9718 |
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 + 101.174)) | / | (0 / (0 + 99.54)) |
| = | 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) |
| = | (11.035 / 413.039) | / | (10.519 / 425.005) |
| = | 0.026717 | / | 0.02475 |
| | = | 1.0795 |
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) |
| = | ((0.892 + 351.052) / 1397.86) | / | ((0 + 227.407) / 1175.811) |
| = | 0.251773 | / | 0.193404 |
| | = | 1.3018 |
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 |
| = | (87.431 - 0 | - | 130.882) | / | 1397.86 |
| | = | -0.031084 |
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.
Hangzhou Zhengqiang has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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