Sinotruk (Hong Kong) Beneish M-Score Historical Data
The historical data trend for Sinotruk (Hong Kong)'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.
Sinotruk (Hong Kong) Beneish M-Score Chart
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Sinotruk (Hong Kong) Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.62 |
-1.81 |
-2.23 |
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Sinotruk (Hong Kong) 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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-1.81 |
- |
-2.23 |
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Competitive Comparison of Sinotruk (Hong Kong)'s Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Sinotruk (Hong Kong)'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.
Sinotruk (Hong Kong)'s Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Sinotruk (Hong Kong)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinotruk (Hong Kong)'s Beneish M-Score falls into.
Sinotruk (Hong Kong) 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 Sinotruk (Hong Kong) 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 * 2.2668 | + | 0.528 * 0.9935 | + | 0.404 * 0.6268 | + | 0.892 * 0.5802 | + | 0.115 * 1.2532 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1105 | + | 4.679 * -0.086259 | - | 0.327 * 0.9892 |
| = | -2.23 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $4,963 Mil.
Revenue was $8,504 Mil.
Gross Profit was $1,436 Mil.
Total Current Assets was $11,440 Mil.
Total Assets was $15,130 Mil.
Property, Plant and Equipment(Net PPE) was $2,554 Mil.
Depreciation, Depletion and Amortization(DDA) was $213 Mil.
Selling, General, & Admin. Expense(SGA) was $1,095 Mil.
Total Current Liabilities was $8,795 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was $258 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,563 Mil.
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Total Receivables was $3,773 Mil.
Revenue was $14,657 Mil.
Gross Profit was $2,459 Mil.
Total Current Assets was $12,558 Mil.
Total Assets was $16,802 Mil.
Property, Plant and Equipment(Net PPE) was $2,233 Mil.
Depreciation, Depletion and Amortization(DDA) was $239 Mil.
Selling, General, & Admin. Expense(SGA) was $1,699 Mil.
Total Current Liabilities was $9,874 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (4962.541 / 8504.464) | / | (3773.05 / 14657.346) |
| = | 0.583522 | / | 0.257417 |
| | = | 2.2668 |
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) |
| = | (2459.313 / 14657.346) | / | (1436.266 / 8504.464) |
| = | 0.167787 | / | 0.168884 |
| | = | 0.9935 |
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 - (11440.189 + 2554.18) / 15129.526) | / | (1 - (12557.662 + 2233.408) / 16802.464) |
| = | 0.075029 | / | 0.119708 |
| | = | 0.6268 |
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 |
| = | 8504.464 | / | 14657.346 |
| | = | 0.5802 |
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)) |
| = | (238.566 / (238.566 + 2233.408)) | / | (213.111 / (213.111 + 2554.18)) |
| = | 0.096508 | / | 0.077011 |
| | = | 1.2532 |
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) |
| = | (1095.07 / 8504.464) | / | (1699.486 / 14657.346) |
| = | 0.128764 | / | 0.115948 |
| | = | 1.1105 |
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) |
| = | ((0.021 + 8794.759) / 15129.526) | / | ((0.169 + 9873.713) / 16802.464) |
| = | 0.581299 | / | 0.587645 |
| | = | 0.9892 |
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 |
| = | (257.695 - 0 | - | 1562.749) | / | 15129.526 |
| | = | -0.086259 |
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.
Sinotruk (Hong Kong) has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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