Jean Co Beneish M-Score Historical Data
The historical data trend for Jean 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.
Jean Co Beneish M-Score Chart
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Jean Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.54 |
-2.98 |
-2.72 |
-1.56 |
1.31 |
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Jean Co 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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-0.87 |
1.31 |
0.78 |
-2.42 |
-0.93 |
Competitive Comparison of Jean Co's Beneish M-Score
For the Real Estate - Development subindustry, Jean 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.
Jean Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Jean Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jean Co's Beneish M-Score falls into.
Jean 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 Jean 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 * 2.127 | + | 0.528 * 0.7199 | + | 0.404 * 0.7404 | + | 0.892 * 1.3746 | + | 0.115 * 0.8399 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6861 | + | 4.679 * 0.088437 | - | 0.327 * 1.057 |
| = | -0.93 |
* 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 NT$87 Mil.
Revenue was 136.986 + 119.751 + 339.393 + 1216.141 = NT$1,812 Mil.
Gross Profit was 38.794 + 55.133 + 145.581 + 367.526 = NT$607 Mil.
Total Current Assets was NT$18,573 Mil.
Total Assets was NT$20,979 Mil.
Property, Plant and Equipment(Net PPE) was NT$116 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$39 Mil.
Selling, General, & Admin. Expense(SGA) was NT$238 Mil.
Total Current Liabilities was NT$14,490 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,175 Mil.
Net Income was 8.319 + 64.751 + 171.641 + 244.253 = NT$489 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -2261.282 + 676.612 + -268.637 + 486.952 = NT$-1,366 Mil.
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Total Receivables was NT$30 Mil.
Revenue was 39.332 + 1219.16 + 27.945 + 31.951 = NT$1,318 Mil.
Gross Profit was 10.154 + 291.351 + 6.148 + 10.253 = NT$318 Mil.
Total Current Assets was NT$13,744 Mil.
Total Assets was NT$16,279 Mil.
Property, Plant and Equipment(Net PPE) was NT$136 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$36 Mil.
Selling, General, & Admin. Expense(SGA) was NT$252 Mil.
Total Current Liabilities was NT$11,006 Mil.
Long-Term Debt & Capital Lease Obligation was NT$494 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) |
| = | (87.195 / 1812.271) | / | (29.823 / 1318.388) |
| = | 0.048114 | / | 0.022621 |
| | = | 2.127 |
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) |
| = | (317.906 / 1318.388) | / | (607.034 / 1812.271) |
| = | 0.241132 | / | 0.334958 |
| | = | 0.7199 |
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 - (18573.165 + 116.475) / 20978.941) | / | (1 - (13743.53 + 136.379) / 16279.405) |
| = | 0.109124 | / | 0.147395 |
| | = | 0.7404 |
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 |
| = | 1812.271 | / | 1318.388 |
| | = | 1.3746 |
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)) |
| = | (36.383 / (36.383 + 136.379)) | / | (38.979 / (38.979 + 116.475)) |
| = | 0.210596 | / | 0.250743 |
| | = | 0.8399 |
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) |
| = | (237.959 / 1812.271) | / | (252.309 / 1318.388) |
| = | 0.131304 | / | 0.191377 |
| | = | 0.6861 |
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) |
| = | ((1174.598 + 14489.763) / 20978.941) | / | ((494.413 + 11005.9) / 16279.405) |
| = | 0.746671 | / | 0.706433 |
| | = | 1.057 |
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 |
| = | (488.964 - 0 | - | -1366.355) | / | 20978.941 |
| | = | 0.088437 |
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.
Jean Co has a M-score of -0.93 signals that the company is likely to be a manipulator.
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