J&B International Beneish M-Score Historical Data
The historical data trend for J&B International'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.
J&B International Beneish M-Score Chart
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J&B International Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
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J&B International Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
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-3.01 |
-3.14 |
Competitive Comparison of J&B International's Beneish M-Score
For the Apparel Manufacturing subindustry, J&B International'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.
J&B International's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, J&B International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J&B International's Beneish M-Score falls into.
J&B International 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 J&B International 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 * 0.6904 | + | 0.528 * 1.076 | + | 0.404 * 0.7887 | + | 0.892 * 0.9937 | + | 0.115 * 0.9119 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9606 | + | 4.679 * -0.080934 | - | 0.327 * 0.8269 |
| = | -3.14 |
* 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 NT$104 Mil.
Revenue was 315.299 + 377.276 + 218.914 + 239.355 = NT$1,151 Mil.
Gross Profit was 72.031 + 83.186 + 47.198 + 63.288 = NT$266 Mil.
Total Current Assets was NT$597 Mil.
Total Assets was NT$759 Mil.
Property, Plant and Equipment(Net PPE) was NT$139 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$192 Mil.
Total Current Liabilities was NT$204 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5 Mil.
Net Income was 19.881 + 12.237 + 0.47 + 12.975 = NT$46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 41.863 + -34.205 + 14.176 + 85.181 = NT$107 Mil.
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Total Receivables was NT$151 Mil.
Revenue was 293.225 + 357.148 + 207.392 + 300.413 = NT$1,158 Mil.
Gross Profit was 62.802 + 103.68 + 49.782 + 71.442 = NT$288 Mil.
Total Current Assets was NT$507 Mil.
Total Assets was NT$686 Mil.
Property, Plant and Equipment(Net PPE) was NT$153 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$201 Mil.
Total Current Liabilities was NT$220 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8 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) |
| = | (103.807 / 1150.844) | / | (151.314 / 1158.178) |
| = | 0.090201 | / | 0.130648 |
| | = | 0.6904 |
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) |
| = | (287.706 / 1158.178) | / | (265.703 / 1150.844) |
| = | 0.248413 | / | 0.230877 |
| | = | 1.076 |
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 - (597.331 + 139.215) / 759.286) | / | (1 - (506.517 + 153.302) / 685.865) |
| = | 0.029949 | / | 0.037975 |
| | = | 0.7887 |
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 |
| = | 1150.844 | / | 1158.178 |
| | = | 0.9937 |
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)) |
| = | (19.543 / (19.543 + 153.302)) | / | (19.705 / (19.705 + 139.215)) |
| = | 0.113067 | / | 0.123993 |
| | = | 0.9119 |
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) |
| = | (191.965 / 1150.844) | / | (201.116 / 1158.178) |
| = | 0.166804 | / | 0.173649 |
| | = | 0.9606 |
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) |
| = | ((4.932 + 204.433) / 759.286) | / | ((8.247 + 220.471) / 685.865) |
| = | 0.275739 | / | 0.333474 |
| | = | 0.8269 |
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 |
| = | (45.563 - 0 | - | 107.015) | / | 759.286 |
| | = | -0.080934 |
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.
J&B International has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.
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