China Resources Power Holdings Co (China Resources Power Holdings Co) Beneish M-Score : -2.43 (As of Apr. 26, 2024)

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What is China Resources Power Holdings Co 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CRPJY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.59 Max: -2.12
Current: -2.43

During the past 13 years, the highest Beneish M-Score of China Resources Power Holdings Co was -2.12. The lowest was -3.21. And the median was -2.59.

China Resources Power Holdings Co Beneish M-Score Historical Data

The historical data trend for China Resources Power Holdings 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.

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China Resources Power Holdings Co Beneish M-Score Chart

China Resources Power Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.50

-2.37

-2.12

-2.84

-2.43

China Resources Power Holdings Co 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															-2.12	-	-2.84	-	-2.43

Competitive Comparison of China Resources Power Holdings Co's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, China Resources Power Holdings 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.

China Resources Power Holdings Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, China Resources Power Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Resources Power Holdings Co's Beneish M-Score falls into.

China Resources Power Holdings 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 China Resources Power Holdings Co 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 * 1.3512

0.528 * 0.7777

0.404 * 1.2499

0.892 * 0.9972

0.115 * 1.1042

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.054395

0.327 * 1.0509

-2.43

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $5,262 Mil.
Revenue was $13,231 Mil.
Gross Profit was $5,805 Mil.
Total Current Assets was $6,353 Mil.
Total Assets was $41,281 Mil.
Property, Plant and Equipment(Net PPE) was $29,306 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,885 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $10,764 Mil.
Long-Term Debt & Capital Lease Obligation was $16,370 Mil.
Net Income was $1,451 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,697 Mil.

Total Receivables was $3,906 Mil.
Revenue was $13,269 Mil.
Gross Profit was $4,528 Mil.
Total Current Assets was $6,510 Mil.
Total Assets was $36,400 Mil.
Property, Plant and Equipment(Net PPE) was $25,924 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,853 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $10,646 Mil.
Long-Term Debt & Capital Lease Obligation was $12,121 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)
	=	(5262.485 / 13231.366)	/	(3905.644 / 13269.08)
	=	0.397728	/	0.294342
	=	1.3512

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)
	=	(4527.728 / 13269.08)	/	(5805.198 / 13231.366)
	=	0.341224	/	0.438745
	=	0.7777

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 - (6353.224 + 29306.031) / 41280.953)	/	(1 - (6509.918 + 25923.948) / 36399.883)
	=	0.136181	/	0.108957
	=	1.2499

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
	=	13231.366	/	13269.08
	=	0.9972

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))
	=	(1853.417 / (1853.417 + 25923.948))	/	(1884.838 / (1884.838 + 29306.031))
	=	0.066724	/	0.060429
	=	1.1042

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)
	=	(0 / 13231.366)	/	(0 / 13269.08)
	=	0	/	0
	=	1

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)
	=	((16370.148 + 10763.688) / 41280.953)	/	((12121.476 + 10645.962) / 36399.883)
	=	0.657297	/	0.625481
	=	1.0509

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
	=	(1451.067 - 0	-	3696.545)	/	41280.953
	=	-0.054395

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 Resources Power Holdings Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

China Resources Power Holdings Co Beneish M-Score Related Terms

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China Resources Power Holdings Co (China Resources Power Holdings Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » China Resources Power Holdings Co Ltd (OTCPK:CRPJY) » Definitions » Beneish M-Score

Traded in Other Exchanges

00836:Hong Kong CRP:Germany

Address

26 Harbour Road, Rooms 2001-2002, 20th Floor, China Resources Building, Wanchai, HKG

Website

https://www.cr-power.com

China Resources Power, or CR Power, is one of China's largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 52.6 gigawatts as of end-2022. Renewable energy accounts for about 32.3% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power's shares outstanding.