Datang International Power Generation Co (FRA:BJI) Beneish M-Score : -3.09 (As of May. 13, 2024)

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What is Datang International Power Generation 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:BJI' s Beneish M-Score Range Over the Past 10 Years
Min: -17.9 Med: -2.82 Max: -1.92
Current: -3.09

During the past 13 years, the highest Beneish M-Score of Datang International Power Generation Co was -1.92. The lowest was -17.90. And the median was -2.82.

Datang International Power Generation Co Beneish M-Score Historical Data

The historical data trend for Datang International Power Generation 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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Datang International Power Generation Co Beneish M-Score Chart

Datang International Power Generation Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-2.91

-16.09

-3.33

-3.00

Datang International Power Generation Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.40	-3.29	-3.27	-3.00	-3.09

Competitive Comparison of Datang International Power Generation Co's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Datang International Power Generation 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.

Datang International Power Generation Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

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

* The bar in red indicates where Datang International Power Generation Co's Beneish M-Score falls into.

Datang International Power Generation 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 Datang International Power Generation 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 * 0.9322

0.528 * 0.5085

0.404 * 0.9327

0.892 * 1.0032

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0275

4.679 * -0.069897

0.327 * 0.9833

-3.15

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €2,733 Mil.
Revenue was 3926.7 + 4082.087 + 4162.189 + 3886.195 = €16,057 Mil.
Gross Profit was 526.431 + 594.754 + 566.005 + 444.96 = €2,132 Mil.
Total Current Assets was €5,674 Mil.
Total Assets was €39,117 Mil.
Property, Plant and Equipment(Net PPE) was €28,036 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €462 Mil.
Total Current Liabilities was €11,325 Mil.
Long-Term Debt & Capital Lease Obligation was €14,886 Mil.
Net Income was 170.096 + -188.825 + 169.238 + 177.905 = €328 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 787.488 + 490.986 + 1299.19 + 484.913 = €3,063 Mil.

Total Receivables was €2,922 Mil.
Revenue was 3801.861 + 4005.087 + 4554.175 + 3644.667 = €16,006 Mil.
Gross Profit was 255.926 + 192.227 + 194.09 + 438.493 = €1,081 Mil.
Total Current Assets was €5,939 Mil.
Total Assets was €41,220 Mil.
Property, Plant and Equipment(Net PPE) was €29,172 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €448 Mil.
Total Current Liabilities was €11,506 Mil.
Long-Term Debt & Capital Lease Obligation was €16,584 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)
	=	(2733.101 / 16057.171)	/	(2922.417 / 16005.79)
	=	0.170211	/	0.182585
	=	0.9322

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)
	=	(1080.736 / 16005.79)	/	(2132.15 / 16057.171)
	=	0.067522	/	0.132785
	=	0.5085

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 - (5673.63 + 28035.91) / 39117.174)	/	(1 - (5939.03 + 29171.799) / 41220.421)
	=	0.138242	/	0.148218
	=	0.9327

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
	=	16057.171	/	16005.79
	=	1.0032

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 + 29171.799))	/	(0 / (0 + 28035.91))
	=	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)
	=	(462.071 / 16057.171)	/	(448.266 / 16005.79)
	=	0.028777	/	0.028006
	=	1.0275

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)
	=	((14885.988 + 11324.699) / 39117.174)	/	((16584.393 + 11505.517) / 41220.421)
	=	0.670056	/	0.681456
	=	0.9833

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
	=	(328.414 - 0	-	3062.577)	/	39117.174
	=	-0.069897

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.

Datang International Power Generation Co has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.

Datang International Power Generation Co Beneish M-Score Related Terms

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Datang International Power Generation Co (FRA:BJI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Datang International Power Generation Co Ltd (FRA:BJI) » Definitions » Beneish M-Score

Traded in Other Exchanges

DIPGF:USA 00991:Hong Kong BJI:Germany 601991:China

Address

No.9 Guangningbo Street, Xicheng District, Beijing, CHN, 100033

Website

http://www.dtpower.com

Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities and autonomous regions across the country, whereas coalfired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. Majority of the hydropower projects are located in the south west region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are: Power and heat generation segment; Coal segment and Other segments.