Hunan Silver Co Beneish M-Score Historical Data
The historical data trend for Hunan Silver 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.
Hunan Silver Co Beneish M-Score Chart
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Hunan Silver 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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5.36 |
-11.45 |
-5.42 |
14.93 |
-3.21 |
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Hunan Silver Co 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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-1.66 |
-3.16 |
-3.11 |
-3.21 |
-2.33 |
Competitive Comparison of Hunan Silver Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Hunan Silver 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.
Hunan Silver Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Hunan Silver Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hunan Silver Co's Beneish M-Score falls into.
Hunan Silver 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 Hunan Silver 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 * 0.6053 | + | 0.528 * 0.8406 | + | 0.404 * 1.3137 | + | 0.892 * 1.5869 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6265 | + | 4.679 * -0.039049 | - | 0.327 * 0.7953 |
| = | -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 ¥47 Mil.
Revenue was 1588.403 + 1659.184 + 1486.828 + 900.112 = ¥5,635 Mil.
Gross Profit was 19.577 + -43.622 + 38.019 + 53.61 = ¥68 Mil.
Total Current Assets was ¥2,043 Mil.
Total Assets was ¥5,944 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,538 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥32 Mil.
Total Current Liabilities was ¥1,854 Mil.
Long-Term Debt & Capital Lease Obligation was ¥348 Mil.
Net Income was 4.704 + -141.624 + -11.102 + -2.877 = ¥-151 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 17.336 + 55.776 + 26.272 + -18.185 = ¥81 Mil.
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Total Receivables was ¥49 Mil.
Revenue was 1092.966 + 1169.374 + 671.828 + 616.573 = ¥3,551 Mil.
Gross Profit was 40.111 + 4.418 + -14.537 + 5.81 = ¥36 Mil.
Total Current Assets was ¥1,620 Mil.
Total Assets was ¥3,954 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,137 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥32 Mil.
Total Current Liabilities was ¥1,151 Mil.
Long-Term Debt & Capital Lease Obligation was ¥691 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) |
| = | (46.705 / 5634.527) | / | (48.627 / 3550.741) |
| = | 0.008289 | / | 0.013695 |
| | = | 0.6053 |
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) |
| = | (35.802 / 3550.741) | / | (67.584 / 5634.527) |
| = | 0.010083 | / | 0.011995 |
| | = | 0.8406 |
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 - (2043.384 + 1537.906) / 5943.748) | / | (1 - (1620.184 + 1137.214) / 3953.584) |
| = | 0.397469 | / | 0.302557 |
| | = | 1.3137 |
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 |
| = | 5634.527 | / | 3550.741 |
| | = | 1.5869 |
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 + 1137.214)) | / | (0 / (0 + 1537.906)) |
| = | 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) |
| = | (31.866 / 5634.527) | / | (32.049 / 3550.741) |
| = | 0.005655 | / | 0.009026 |
| | = | 0.6265 |
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) |
| = | ((347.901 + 1854.07) / 5943.748) | / | ((691.051 + 1150.701) / 3953.584) |
| = | 0.370468 | / | 0.465844 |
| | = | 0.7953 |
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 |
| = | (-150.899 - 0 | - | 81.199) | / | 5943.748 |
| | = | -0.039049 |
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.
Hunan Silver Co has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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