Shanghai DOBE Cultural & Creative Industry Development (Group) Co Beneish M-Score Historical Data
The historical data trend for Shanghai DOBE Cultural & Creative Industry Development (Group) 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.
Shanghai DOBE Cultural & Creative Industry Development (Group) Co Beneish M-Score Chart
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Shanghai DOBE Cultural & Creative Industry Development (Group) Co Annual Data
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.60 |
-2.95 |
-0.13 |
-2.60 |
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Shanghai DOBE Cultural & Creative Industry Development (Group) Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.72 |
-2.50 |
-1.83 |
-2.60 |
-2.35 |
Competitive Comparison of Shanghai DOBE Cultural & Creative Industry Development (Group) Co's Beneish M-Score
For the Specialty Business Services subindustry, Shanghai DOBE Cultural & Creative Industry Development (Group) 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.
Shanghai DOBE Cultural & Creative Industry Development (Group) Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Shanghai DOBE Cultural & Creative Industry Development (Group) Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai DOBE Cultural & Creative Industry Development (Group) Co's Beneish M-Score falls into.
Shanghai DOBE Cultural & Creative Industry Development (Group) 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 Shanghai DOBE Cultural & Creative Industry Development (Group) 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 * 1.0387 | + | 0.528 * 1.1214 | + | 0.404 * 1.2209 | + | 0.892 * 1.5545 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7971 | + | 4.679 * -0.125093 | - | 0.327 * 0.9976 |
| = | -2.35 |
* 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 ¥74 Mil.
Revenue was 313.239 + 338.641 + 307.411 + 284.163 = ¥1,243 Mil.
Gross Profit was 110.711 + 122.926 + 100.609 + 89.108 = ¥423 Mil.
Total Current Assets was ¥1,299 Mil.
Total Assets was ¥6,207 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,297 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥109 Mil.
Total Current Liabilities was ¥1,243 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,560 Mil.
Net Income was 8.832 + 5.941 + 20.137 + 4.681 = ¥40 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 196.201 + 294.29 + 150.339 + 175.192 = ¥816 Mil.
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Total Receivables was ¥46 Mil.
Revenue was 239.024 + 190.216 + 182.544 + 188.123 = ¥800 Mil.
Gross Profit was 73.62 + 48.774 + 90.158 + 92.852 = ¥305 Mil.
Total Current Assets was ¥1,237 Mil.
Total Assets was ¥6,127 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,587 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥88 Mil.
Total Current Liabilities was ¥990 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,763 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) |
| = | (73.817 / 1243.454) | / | (45.717 / 799.907) |
| = | 0.059364 | / | 0.057153 |
| | = | 1.0387 |
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) |
| = | (305.404 / 799.907) | / | (423.354 / 1243.454) |
| = | 0.381799 | / | 0.340466 |
| | = | 1.1214 |
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 - (1298.761 + 3297.213) / 6206.837) | / | (1 - (1237.187 + 3587.359) / 6127.015) |
| = | 0.25953 | / | 0.212578 |
| | = | 1.2209 |
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 |
| = | 1243.454 | / | 799.907 |
| | = | 1.5545 |
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 + 3587.359)) | / | (0 / (0 + 3297.213)) |
| = | 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) |
| = | (108.935 / 1243.454) | / | (87.919 / 799.907) |
| = | 0.087607 | / | 0.109912 |
| | = | 0.7971 |
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) |
| = | ((3560.085 + 1242.888) / 6206.837) | / | ((3762.904 + 989.633) / 6127.015) |
| = | 0.77382 | / | 0.775669 |
| | = | 0.9976 |
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 |
| = | (39.591 - 0 | - | 816.022) | / | 6206.837 |
| | = | -0.125093 |
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.
Shanghai DOBE Cultural & Creative Industry Development (Group) Co has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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