Sichuan Jiuyuan Yinhai Software Co Beneish M-Score Historical Data
The historical data trend for Sichuan Jiuyuan Yinhai Software 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.
Sichuan Jiuyuan Yinhai Software Co Beneish M-Score Chart
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Sichuan Jiuyuan Yinhai Software Co Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.28 |
-2.37 |
-1.91 |
-2.25 |
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Sichuan Jiuyuan Yinhai Software Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-1.98 |
-2.10 |
-2.26 |
-2.25 |
-2.27 |
Competitive Comparison of Sichuan Jiuyuan Yinhai Software Co's Beneish M-Score
For the Software - Application subindustry, Sichuan Jiuyuan Yinhai Software 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.
Sichuan Jiuyuan Yinhai Software Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sichuan Jiuyuan Yinhai Software Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sichuan Jiuyuan Yinhai Software Co's Beneish M-Score falls into.
Sichuan Jiuyuan Yinhai Software 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 Sichuan Jiuyuan Yinhai Software 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 * 1.1255 | + | 0.528 * 1.1375 | + | 0.404 * 1.2049 | + | 0.892 * 1.0253 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0486 | + | 4.679 * -0.015396 | - | 0.327 * 1.0162 |
| = | -2.27 |
* 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 ¥704 Mil.
Revenue was 195.518 + 543.45 + 284.77 + 330.964 = ¥1,355 Mil.
Gross Profit was 90.47 + 242.888 + 134.675 + 170.784 = ¥639 Mil.
Total Current Assets was ¥1,976 Mil.
Total Assets was ¥2,633 Mil.
Property, Plant and Equipment(Net PPE) was ¥137 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥205 Mil.
Total Current Liabilities was ¥793 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11 Mil.
Net Income was 13.434 + 53.693 + 29.081 + 68.386 = ¥165 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -107.768 + 287.624 + 14.158 + 11.116 = ¥205 Mil.
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Total Receivables was ¥610 Mil.
Revenue was 187.67 + 622.483 + 237.402 + 273.696 = ¥1,321 Mil.
Gross Profit was 92.841 + 316.385 + 139.314 + 160.152 = ¥709 Mil.
Total Current Assets was ¥1,934 Mil.
Total Assets was ¥2,495 Mil.
Property, Plant and Equipment(Net PPE) was ¥153 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥191 Mil.
Total Current Liabilities was ¥736 Mil.
Long-Term Debt & Capital Lease Obligation was ¥14 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) |
| = | (703.589 / 1354.702) | / | (609.716 / 1321.251) |
| = | 0.519368 | / | 0.461469 |
| | = | 1.1255 |
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) |
| = | (708.692 / 1321.251) | / | (638.817 / 1354.702) |
| = | 0.53638 | / | 0.471555 |
| | = | 1.1375 |
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 - (1975.543 + 137.431) / 2632.864) | / | (1 - (1933.572 + 152.639) / 2495.099) |
| = | 0.197462 | / | 0.163876 |
| | = | 1.2049 |
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 |
| = | 1354.702 | / | 1321.251 |
| | = | 1.0253 |
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 + 152.639)) | / | (0 / (0 + 137.431)) |
| = | 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) |
| = | (204.859 / 1354.702) | / | (190.538 / 1321.251) |
| = | 0.151221 | / | 0.14421 |
| | = | 1.0486 |
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) |
| = | ((10.819 + 792.787) / 2632.864) | / | ((13.792 + 735.637) / 2495.099) |
| = | 0.305221 | / | 0.30036 |
| | = | 1.0162 |
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 |
| = | (164.594 - 0 | - | 205.13) | / | 2632.864 |
| | = | -0.015396 |
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.
Sichuan Jiuyuan Yinhai Software Co has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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