Jinling Hotel Beneish M-Score Historical Data
The historical data trend for Jinling Hotel'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.
Jinling Hotel Beneish M-Score Chart
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Jinling Hotel Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-1.81 |
-2.84 |
-2.20 |
-2.63 |
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Jinling Hotel 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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-2.52 |
-2.80 |
-2.59 |
-2.63 |
-2.33 |
Competitive Comparison of Jinling Hotel's Beneish M-Score
For the Lodging subindustry, Jinling Hotel'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.
Jinling Hotel's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Jinling Hotel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jinling Hotel's Beneish M-Score falls into.
Jinling Hotel 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 Jinling Hotel 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 * 1.0188 | + | 0.528 * 1.0805 | + | 0.404 * 1.0686 | + | 0.892 * 1.2444 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6948 | + | 4.679 * -0.046958 | - | 0.327 * 0.9684 |
| = | -2.33 |
* 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 ¥127 Mil.
Revenue was 555.994 + 459.904 + 466.03 + 405.325 = ¥1,887 Mil.
Gross Profit was 112.888 + 140.323 + 130.1 + 133.781 = ¥517 Mil.
Total Current Assets was ¥1,924 Mil.
Total Assets was ¥3,998 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,256 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥120 Mil.
Total Current Liabilities was ¥1,243 Mil.
Long-Term Debt & Capital Lease Obligation was ¥242 Mil.
Net Income was 7.331 + 4.246 + 24.108 + 21.242 = ¥57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 94.444 + -21.587 + 85.238 + 86.565 = ¥245 Mil.
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Total Receivables was ¥100 Mil.
Revenue was 481.21 + 350.619 + 406.069 + 278.688 = ¥1,517 Mil.
Gross Profit was 98.778 + 153.12 + 113.995 + 83.111 = ¥449 Mil.
Total Current Assets was ¥1,818 Mil.
Total Assets was ¥3,897 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,333 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥139 Mil.
Total Current Liabilities was ¥1,242 Mil.
Long-Term Debt & Capital Lease Obligation was ¥252 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) |
| = | (126.967 / 1887.253) | / | (100.15 / 1516.586) |
| = | 0.067276 | / | 0.066036 |
| | = | 1.0188 |
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) |
| = | (449.004 / 1516.586) | / | (517.092 / 1887.253) |
| = | 0.296062 | / | 0.273992 |
| | = | 1.0805 |
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 - (1923.969 + 1256.172) / 3997.858) | / | (1 - (1818.029 + 1332.673) / 3896.572) |
| = | 0.204539 | / | 0.191417 |
| | = | 1.0686 |
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 |
| = | 1887.253 | / | 1516.586 |
| | = | 1.2444 |
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 + 1332.673)) | / | (0 / (0 + 1256.172)) |
| = | 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) |
| = | (119.906 / 1887.253) | / | (138.692 / 1516.586) |
| = | 0.063535 | / | 0.09145 |
| | = | 0.6948 |
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) |
| = | ((241.573 + 1242.548) / 3997.858) | / | ((251.62 + 1242.08) / 3896.572) |
| = | 0.371229 | / | 0.383337 |
| | = | 0.9684 |
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 |
| = | (56.927 - 0 | - | 244.66) | / | 3997.858 |
| | = | -0.046958 |
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.
Jinling Hotel has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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