China Power International Development (China Power International Development) Beneish M-Score : -2.28 (As of May. 25, 2024)

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What is China Power International Development Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Power International Development's Beneish M-Score or its related term are showing as below:

CPWIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.33 Max: -1.82
Current: -2.28

During the past 13 years, the highest Beneish M-Score of China Power International Development was -1.82. The lowest was -2.80. And the median was -2.33.

China Power International Development Beneish M-Score Historical Data

The historical data trend for China Power International Development'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.

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China Power International Development Beneish M-Score Chart

China Power International Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.57

-1.82

-2.03

-1.99

-2.28

China Power International Development Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.03	-	-1.99	-	-2.28

Competitive Comparison of China Power International Development's Beneish M-Score

For the Utilities - Regulated Electric subindustry, China Power International Development'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.

China Power International Development's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, China Power International Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Power International Development's Beneish M-Score falls into.

China Power International Development 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 China Power International Development for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4542

0.528 * 0.8027

0.404 * 1.1253

0.892 * 0.9892

0.115 * 1.1234

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3484

4.679 * -0.022297

0.327 * 1.0279

-2.28

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $5,226 Mil.
Revenue was $6,199 Mil.
Gross Profit was $3,303 Mil.
Total Current Assets was $6,392 Mil.
Total Assets was $42,829 Mil.
Property, Plant and Equipment(Net PPE) was $30,426 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,363 Mil.
Selling, General, & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $10,528 Mil.
Long-Term Debt & Capital Lease Obligation was $18,325 Mil.
Net Income was $432 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,387 Mil.

Total Receivables was $3,633 Mil.
Revenue was $6,267 Mil.
Gross Profit was $2,680 Mil.
Total Current Assets was $4,430 Mil.
Total Assets was $30,323 Mil.
Property, Plant and Equipment(Net PPE) was $22,111 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,119 Mil.
Selling, General, & Admin. Expense(SGA) was $75 Mil.
Total Current Liabilities was $6,587 Mil.
Long-Term Debt & Capital Lease Obligation was $13,286 Mil.

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)
	=	(5225.875 / 6198.953)	/	(3632.88 / 6266.639)
	=	0.843025	/	0.579717
	=	1.4542

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)
	=	(2679.924 / 6266.639)	/	(3302.61 / 6198.953)
	=	0.427649	/	0.532769
	=	0.8027

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 - (6392.279 + 30425.573) / 42828.881)	/	(1 - (4430.16 + 22111.004) / 30323.302)
	=	0.14035	/	0.124727
	=	1.1253

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
	=	6198.953	/	6266.639
	=	0.9892

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))
	=	(1118.623 / (1118.623 + 22111.004))	/	(1362.643 / (1362.643 + 30425.573))
	=	0.048155	/	0.042866
	=	1.1234

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)
	=	(99.686 / 6198.953)	/	(74.738 / 6266.639)
	=	0.016081	/	0.011926
	=	1.3484

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)
	=	((18325.403 + 10527.804) / 42828.881)	/	((13286.384 + 6587.351) / 30323.302)
	=	0.673686	/	0.655395
	=	1.0279

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
	=	(431.986 - 0	-	1386.938)	/	42828.881
	=	-0.022297

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.

China Power International Development has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.

China Power International Development Beneish M-Score Related Terms

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China Power International Development (China Power International Development) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » China Power International Development Ltd (OTCPK:CPWIF) » Definitions » Beneish M-Score

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Traded in Other Exchanges

02380:Hong Kong HPD:Germany

Address

18 Harbour Road, Central Plaza, Suite 6301, 63th Floor, Wanchai, Hong Kong, HKG

Website

http://www.chinapower.hk

China Power International Development Ltd is an integrated energy group that owns coal-fired power, hydropower, nuclear power, and renewable energy resources in the PRC. The company has expanded its business into the areas of hydropower, wind power, photovoltaic power, natural gas power, energy storage, green power transportation, and integrated energy services through continuous development. The Group recognizes revenue from sales of electricity to regional and provincial power grid companies and the provision of power generation and subcontracting services.