Xinjiang Beixin Road & Bridge Group Co Beneish M-Score Historical Data
The historical data trend for Xinjiang Beixin Road & Bridge Group 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.
Xinjiang Beixin Road & Bridge Group Co Beneish M-Score Chart
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Xinjiang Beixin Road & Bridge Group Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.36 |
-15.52 |
-2.28 |
-2.70 |
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Xinjiang Beixin Road & Bridge Group Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.36 |
-2.39 |
-2.46 |
-2.70 |
-2.56 |
Competitive Comparison of Xinjiang Beixin Road & Bridge Group Co's Beneish M-Score
For the Engineering & Construction subindustry, Xinjiang Beixin Road & Bridge Group 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.
Xinjiang Beixin Road & Bridge Group Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Xinjiang Beixin Road & Bridge Group Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xinjiang Beixin Road & Bridge Group Co's Beneish M-Score falls into.
Xinjiang Beixin Road & Bridge Group 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 Xinjiang Beixin Road & Bridge Group Co 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 * 1.3234 | + | 0.528 * 0.8154 | + | 0.404 * 0.9622 | + | 0.892 * 0.7192 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0748 | + | 4.679 * -0.001097 | - | 0.327 * 0.999 |
| = | -2.56 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥5,605 Mil.
Revenue was 1559.99 + 2225.04 + 1223.294 + 3313.162 = ¥8,321 Mil.
Gross Profit was 308.719 + 661.4 + 374.041 + 356.504 = ¥1,701 Mil.
Total Current Assets was ¥14,091 Mil.
Total Assets was ¥55,064 Mil.
Property, Plant and Equipment(Net PPE) was ¥18,244 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥120 Mil.
Total Current Liabilities was ¥14,001 Mil.
Long-Term Debt & Capital Lease Obligation was ¥32,500 Mil.
Net Income was 5.932 + 10.49 + 9.943 + 4.502 = ¥31 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -938.062 + -347.798 + 316.502 + 1060.649 = ¥91 Mil.
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Total Receivables was ¥5,889 Mil.
Revenue was 1725.058 + 3007.344 + 2934.653 + 3902.879 = ¥11,570 Mil.
Gross Profit was 302.45 + 802.036 + 433.221 + 390.263 = ¥1,928 Mil.
Total Current Assets was ¥13,547 Mil.
Total Assets was ¥51,606 Mil.
Property, Plant and Equipment(Net PPE) was ¥15,922 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥155 Mil.
Total Current Liabilities was ¥13,311 Mil.
Long-Term Debt & Capital Lease Obligation was ¥30,311 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) |
| = | (5605.231 / 8321.486) | / | (5888.761 / 11569.934) |
| = | 0.673585 | / | 0.508971 |
| | = | 1.3234 |
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) |
| = | (1927.97 / 11569.934) | / | (1700.664 / 8321.486) |
| = | 0.166636 | / | 0.20437 |
| | = | 0.8154 |
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 - (14091.069 + 18244.264) / 55063.621) | / | (1 - (13547.098 + 15921.757) / 51605.588) |
| = | 0.412764 | / | 0.42896 |
| | = | 0.9622 |
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 |
| = | 8321.486 | / | 11569.934 |
| | = | 0.7192 |
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 + 15921.757)) | / | (0 / (0 + 18244.264)) |
| = | 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) |
| = | (120.061 / 8321.486) | / | (155.316 / 11569.934) |
| = | 0.014428 | / | 0.013424 |
| | = | 1.0748 |
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) |
| = | ((32499.847 + 14001.479) / 55063.621) | / | ((30311.321 + 13311.277) / 51605.588) |
| = | 0.844502 | / | 0.845308 |
| | = | 0.999 |
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 |
| = | (30.867 - 0 | - | 91.291) | / | 55063.621 |
| | = | -0.001097 |
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.
Xinjiang Beixin Road & Bridge Group Co has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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