Change Holdings Beneish M-Score Historical Data
The historical data trend for Change Holdings'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.
Change Holdings Beneish M-Score Chart
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Change Holdings Annual Data
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Sep15 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Mar23 |
Mar24 |
| Beneish M-Score |
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2.46 |
-1.13 |
-1.88 |
- |
-2.63 |
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Change Holdings Quarterly Data
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Jun19 |
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Dec19 |
Mar20 |
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Mar21 |
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Dec21 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-1.06 |
-0.49 |
-1.93 |
-2.63 |
Competitive Comparison of Change Holdings's Beneish M-Score
For the Information Technology Services subindustry, Change Holdings'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.
Change Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Change Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Change Holdings's Beneish M-Score falls into.
Change Holdings 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 Change Holdings 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 * 0.7173 | + | 0.528 * 1.0046 | + | 0.404 * 1.3448 | + | 0.892 * 1.8487 | + | 0.115 * 0.6373 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9114 | + | 4.679 * -0.086706 | - | 0.327 * 2.083 |
| = | -2.63 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円13,699 Mil.
Revenue was 8216 + 14141 + 9538 + 5118 = 円37,013 Mil.
Gross Profit was 3369 + 9720 + 7237 + 2715 = 円23,041 Mil.
Total Current Assets was 円56,089 Mil.
Total Assets was 円89,325 Mil.
Property, Plant and Equipment(Net PPE) was 円2,150 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,644 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,076 Mil.
Total Current Liabilities was 円20,898 Mil.
Long-Term Debt & Capital Lease Obligation was 円19,733 Mil.
Net Income was -2657 + 3851 + 2276 + 855 = 円4,325 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 6321 + 2477 + 927 + 2345 = 円12,070 Mil.
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Total Receivables was 円10,331 Mil.
Revenue was 4502 + 9581 + 3175 + 2763 = 円20,021 Mil.
Gross Profit was 2215 + 7421 + 1539 + 1346 = 円12,521 Mil.
Total Current Assets was 円36,694 Mil.
Total Assets was 円52,943 Mil.
Property, Plant and Equipment(Net PPE) was 円2,548 Mil.
Depreciation, Depletion and Amortization(DDA) was 円972 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,167 Mil.
Total Current Liabilities was 円9,651 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,910 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) |
| = | (13699 / 37013) | / | (10331 / 20021) |
| = | 0.370113 | / | 0.516008 |
| | = | 0.7173 |
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) |
| = | (12521 / 20021) | / | (23041 / 37013) |
| = | 0.625393 | / | 0.622511 |
| | = | 1.0046 |
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 - (56089 + 2150) / 89325) | / | (1 - (36694 + 2548) / 52943) |
| = | 0.34801 | / | 0.258788 |
| | = | 1.3448 |
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 |
| = | 37013 | / | 20021 |
| | = | 1.8487 |
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)) |
| = | (972 / (972 + 2548)) | / | (1644 / (1644 + 2150)) |
| = | 0.276136 | / | 0.433316 |
| | = | 0.6373 |
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) |
| = | (12076 / 37013) | / | (7167 / 20021) |
| = | 0.326264 | / | 0.357974 |
| | = | 0.9114 |
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) |
| = | ((19733 + 20898) / 89325) | / | ((1910 + 9651) / 52943) |
| = | 0.454867 | / | 0.218367 |
| | = | 2.083 |
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 |
| = | (4325 - 0 | - | 12070) | / | 89325 |
| | = | -0.086706 |
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.
Change Holdings has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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