BII Railway Transportation Technology Holdings Co (HKSE:01522) Beneish M-Score : -2.12 (As of May. 12, 2024)

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What is BII Railway Transportation Technology 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BII Railway Transportation Technology Holdings Co's Beneish M-Score or its related term are showing as below:

HKSE:01522' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.13 Max: -1.36
Current: -2.12

During the past 13 years, the highest Beneish M-Score of BII Railway Transportation Technology Holdings Co was -1.36. The lowest was -2.89. And the median was -2.13.

BII Railway Transportation Technology Holdings Co Beneish M-Score Historical Data

The historical data trend for BII Railway Transportation Technology 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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BII Railway Transportation Technology Holdings Co Beneish M-Score Chart

BII Railway Transportation Technology Holdings Co Annual Data

Trend

Jun14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.36

-2.47

-2.13

-2.00

-2.12

BII Railway Transportation Technology Holdings Co Semi-Annual Data
	Dec13	Jun14	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															-2.13	-	-2.00	-	-2.12

Competitive Comparison of BII Railway Transportation Technology Holdings Co's Beneish M-Score

For the Information Technology Services subindustry, BII Railway Transportation Technology 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.

BII Railway Transportation Technology Holdings Co's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, BII Railway Transportation Technology Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BII Railway Transportation Technology Holdings Co's Beneish M-Score falls into.

BII Railway Transportation Technology 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 BII Railway Transportation Technology 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 * 1.1786

0.528 * 0.991

0.404 * 0.9965

0.892 * 0.9989

0.115 * 0.8953

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9475

4.679 * 0.036735

0.327 * 0.9105

-2.12

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$1,848 Mil.
Revenue was HK$1,637 Mil.
Gross Profit was HK$591 Mil.
Total Current Assets was HK$2,922 Mil.
Total Assets was HK$4,509 Mil.
Property, Plant and Equipment(Net PPE) was HK$223 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$87 Mil.
Selling, General, & Admin. Expense(SGA) was HK$266 Mil.
Total Current Liabilities was HK$1,561 Mil.
Long-Term Debt & Capital Lease Obligation was HK$25 Mil.
Net Income was HK$174 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$9 Mil.

Total Receivables was HK$1,570 Mil.
Revenue was HK$1,639 Mil.
Gross Profit was HK$586 Mil.
Total Current Assets was HK$2,843 Mil.
Total Assets was HK$4,404 Mil.
Property, Plant and Equipment(Net PPE) was HK$225 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$75 Mil.
Selling, General, & Admin. Expense(SGA) was HK$281 Mil.
Total Current Liabilities was HK$1,378 Mil.
Long-Term Debt & Capital Lease Obligation was HK$322 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)
	=	(1847.97 / 1637.181)	/	(1569.667 / 1638.948)
	=	1.128751	/	0.957728
	=	1.1786

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)
	=	(586.299 / 1638.948)	/	(591.007 / 1637.181)
	=	0.357729	/	0.360991
	=	0.991

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 - (2922.255 + 223.083) / 4508.683)	/	(1 - (2842.593 + 224.829) / 4403.76)
	=	0.302382	/	0.303454
	=	0.9965

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
	=	1637.181	/	1638.948
	=	0.9989

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))
	=	(75.015 / (75.015 + 224.829))	/	(86.51 / (86.51 + 223.083))
	=	0.25018	/	0.279431
	=	0.8953

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)
	=	(266.163 / 1637.181)	/	(281.21 / 1638.948)
	=	0.162574	/	0.17158
	=	0.9475

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)
	=	((24.835 + 1560.588) / 4508.683)	/	((322.218 + 1378.482) / 4403.76)
	=	0.351638	/	0.386193
	=	0.9105

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
	=	(174.313 - 0	-	8.685)	/	4508.683
	=	0.036735

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.

BII Railway Transportation Technology Holdings Co has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

BII Railway Transportation Technology Holdings Co Beneish M-Score Related Terms

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BII Railway Transportation Technology Holdings Co (HKSE:01522) Business Description

Industry

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Traded in Other Exchanges

CN6:Germany

Address

No.4 Huixin East Street, Floor 15th, Tower 2, Fusheng Building, Chaoyang District, Beijing, CHN

Website

https://www.biitt.cn

BII Railway Transportation Technology Holdings Co Ltd is engaged in designing, implementing, selling, and maintenance, of application solutions for the networking and controlling systems of public transport. Its segments include Intelligent railway transportation, Infrastructure information, and Business development investment. The key part of the revenue is from the Intelligent railway transportation segment that provides design, production, implementation and sale, and maintenance of application solution services, which include related software, hardware, and spare parts in railway transportation areas. The group's revenue is from customers in the People's Republic of China.

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