China Glass Holdings Beneish M-Score Historical Data
The historical data trend for China Glass Holdings'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.
China Glass Holdings Beneish M-Score Chart
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China Glass Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-3.31 |
-2.27 |
-1.38 |
-1.74 |
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China Glass Holdings Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
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-1.38 |
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-1.74 |
Competitive Comparison of China Glass Holdings's Beneish M-Score
For the Building Materials subindustry, China Glass Holdings'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 Glass Holdings's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, China Glass Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Glass Holdings's Beneish M-Score falls into.
China Glass Holdings 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 Glass Holdings 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 * 0.7909 | + | 0.528 * 2.6137 | + | 0.404 * 1.6066 | + | 0.892 * 1.2014 | + | 0.115 * 0.918 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9597 | + | 4.679 * -0.064581 | - | 0.327 * 1.1326 |
| = | -1.74 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$1,031 Mil.
Revenue was HK$5,806 Mil.
Gross Profit was HK$328 Mil.
Total Current Assets was HK$3,651 Mil.
Total Assets was HK$16,363 Mil.
Property, Plant and Equipment(Net PPE) was HK$11,542 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$545 Mil.
Selling, General, & Admin. Expense(SGA) was HK$556 Mil.
Total Current Liabilities was HK$10,318 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,483 Mil.
Net Income was HK$-448 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$609 Mil.
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Total Receivables was HK$1,085 Mil.
Revenue was HK$4,832 Mil.
Gross Profit was HK$713 Mil.
Total Current Assets was HK$4,094 Mil.
Total Assets was HK$14,836 Mil.
Property, Plant and Equipment(Net PPE) was HK$10,081 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$435 Mil.
Selling, General, & Admin. Expense(SGA) was HK$482 Mil.
Total Current Liabilities was HK$7,246 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,801 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) |
| = | (1030.583 / 5805.695) | / | (1084.506 / 4832.243) |
| = | 0.177512 | / | 0.224431 |
| | = | 0.7909 |
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) |
| = | (712.675 / 4832.243) | / | (327.599 / 5805.695) |
| = | 0.147483 | / | 0.056427 |
| | = | 2.6137 |
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 - (3650.544 + 11542.026) / 16363.198) | / | (1 - (4094.403 + 10080.87) / 14835.893) |
| = | 0.07154 | / | 0.044528 |
| | = | 1.6066 |
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 |
| = | 5805.695 | / | 4832.243 |
| | = | 1.2014 |
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)) |
| = | (435.398 / (435.398 + 10080.87)) | / | (545.133 / (545.133 + 11542.026)) |
| = | 0.041402 | / | 0.0451 |
| | = | 0.918 |
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) |
| = | (556.07 / 5805.695) | / | (482.29 / 4832.243) |
| = | 0.09578 | / | 0.099807 |
| | = | 0.9597 |
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) |
| = | ((3482.857 + 10318.49) / 16363.198) | / | ((3801.327 + 7246.381) / 14835.893) |
| = | 0.843438 | / | 0.744661 |
| | = | 1.1326 |
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 |
| = | (-448.182 - 0 | - | 608.563) | / | 16363.198 |
| | = | -0.064581 |
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 Glass Holdings has a M-score of -1.74 signals that the company is likely to be a manipulator.
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