Zhongjin Gold Beneish M-Score Historical Data
The historical data trend for Zhongjin Gold'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.
Zhongjin Gold Beneish M-Score Chart
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Zhongjin Gold Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.04 |
-2.75 |
-3.90 |
-2.75 |
-3.17 |
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Zhongjin Gold Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.27 |
-3.29 |
-2.52 |
-3.17 |
-2.30 |
Competitive Comparison of Zhongjin Gold's Beneish M-Score
For the Gold subindustry, Zhongjin Gold'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.
Zhongjin Gold's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Zhongjin Gold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhongjin Gold's Beneish M-Score falls into.
Zhongjin Gold 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 Zhongjin Gold 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 * 1.4265 | + | 0.528 * 0.8818 | + | 0.404 * 1.406 | + | 0.892 * 1.074 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8638 | + | 4.679 * -0.083388 | - | 0.327 * 1.0403 |
| = | -2.30 |
* 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 ¥926 Mil.
Revenue was 13164.078 + 15708.785 + 16037.434 + 16169.981 = ¥61,080 Mil.
Gross Profit was 1936.086 + 2396.334 + 1985.618 + 2104.826 = ¥8,423 Mil.
Total Current Assets was ¥23,499 Mil.
Total Assets was ¥55,258 Mil.
Property, Plant and Equipment(Net PPE) was ¥16,471 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,431 Mil.
Total Current Liabilities was ¥16,864 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,564 Mil.
Net Income was 782.849 + 905.695 + 600.576 + 926.918 = ¥3,216 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1076.319 + 3715.537 + 1408.997 + 1623.012 = ¥7,824 Mil.
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Total Receivables was ¥604 Mil.
Revenue was 13347.436 + 17115.611 + 14420.559 + 11986.281 = ¥56,870 Mil.
Gross Profit was 1646.335 + 1680.211 + 1655.407 + 1933.324 = ¥6,915 Mil.
Total Current Assets was ¥23,794 Mil.
Total Assets was ¥49,272 Mil.
Property, Plant and Equipment(Net PPE) was ¥15,782 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,543 Mil.
Total Current Liabilities was ¥15,762 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,462 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) |
| = | (926.024 / 61080.278) | / | (604.393 / 56869.887) |
| = | 0.015161 | / | 0.010628 |
| | = | 1.4265 |
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) |
| = | (6915.277 / 56869.887) | / | (8422.864 / 61080.278) |
| = | 0.121598 | / | 0.137898 |
| | = | 0.8818 |
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 - (23499.44 + 16470.688) / 55257.688) | / | (1 - (23794.282 + 15782.209) / 49271.723) |
| = | 0.276659 | / | 0.196771 |
| | = | 1.406 |
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 |
| = | 61080.278 | / | 56869.887 |
| | = | 1.074 |
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 + 15782.209)) | / | (0 / (0 + 16470.688)) |
| = | 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) |
| = | (1431.435 / 61080.278) | / | (1542.932 / 56869.887) |
| = | 0.023435 | / | 0.027131 |
| | = | 0.8638 |
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) |
| = | ((5563.863 + 16864.476) / 55257.688) | / | ((3461.681 + 15762.045) / 49271.723) |
| = | 0.405886 | / | 0.390157 |
| | = | 1.0403 |
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 |
| = | (3216.038 - 0 | - | 7823.865) | / | 55257.688 |
| | = | -0.083388 |
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.
Zhongjin Gold has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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