Air China Beneish M-Score Historical Data
The historical data trend for Air China'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.
Air China Beneish M-Score Chart
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Air China Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-4.46 |
-3.28 |
-3.50 |
-8.04 |
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Air China 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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-2.87 |
-1.71 |
7.89 |
-8.04 |
-5.72 |
Competitive Comparison of Air China's Beneish M-Score
For the Airlines subindustry, Air China'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.
Air China's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air China's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air China's Beneish M-Score falls into.
Air China 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 Air China 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 * 0.6078 | + | 0.528 * -6.1259 | + | 0.404 * 1.1154 | + | 0.892 * 2.2995 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6534 | + | 4.679 * -0.110808 | - | 0.327 * 0.9798 |
| = | -5.85 |
* 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 $1,237 Mil.
Revenue was 5563.527 + 4989.13 + 6284.5 + 4823.845 = $21,661 Mil.
Gross Profit was 185.656 + -144.563 + 1057.245 + 230.945 = $1,329 Mil.
Total Current Assets was $5,642 Mil.
Total Assets was $47,395 Mil.
Property, Plant and Equipment(Net PPE) was $35,694 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,012 Mil.
Total Current Liabilities was $17,095 Mil.
Long-Term Debt & Capital Lease Obligation was $20,786 Mil.
Net Income was -232.515 + -257.388 + 581.284 + -73.215 = $18 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1306.303 + 328.124 + 1787.373 + 1848.153 = $5,270 Mil.
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Total Receivables was $885 Mil.
Revenue was 3637.799 + 1550.414 + 2583.647 + 1648.207 = $9,420 Mil.
Gross Profit was -181.66 + -1519.41 + -708.637 + -1131.643 = $-3,541 Mil.
Total Current Assets was $6,594 Mil.
Total Assets was $50,088 Mil.
Property, Plant and Equipment(Net PPE) was $37,753 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $674 Mil.
Total Current Liabilities was $16,536 Mil.
Long-Term Debt & Capital Lease Obligation was $24,323 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) |
| = | (1236.978 / 21661.002) | / | (885.112 / 9420.067) |
| = | 0.057106 | / | 0.09396 |
| | = | 0.6078 |
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) |
| = | (-3541.35 / 9420.067) | / | (1329.283 / 21661.002) |
| = | -0.375937 | / | 0.061368 |
| | = | -6.1259 |
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 - (5642.3 + 35694.08) / 47395.231) | / | (1 - (6594.091 + 37753.173) / 50088.18) |
| = | 0.127837 | / | 0.114616 |
| | = | 1.1154 |
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 |
| = | 21661.002 | / | 9420.067 |
| | = | 2.2995 |
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 + 37753.173)) | / | (0 / (0 + 35694.08)) |
| = | 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) |
| = | (1012.479 / 21661.002) | / | (673.921 / 9420.067) |
| = | 0.046742 | / | 0.071541 |
| | = | 0.6534 |
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) |
| = | ((20785.82 + 17095.446) / 47395.231) | / | ((24322.862 + 16535.617) / 50088.18) |
| = | 0.799263 | / | 0.815731 |
| | = | 0.9798 |
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 |
| = | (18.166 - 0 | - | 5269.953) | / | 47395.231 |
| | = | -0.110808 |
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.
Air China has a M-score of -5.85 suggests that the company is unlikely to be a manipulator.
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