Aluminum of China (BUE:AOCA) Beneish M-Score : -2.57 (As of Apr. 29, 2024)

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What is Aluminum of China 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Aluminum of China's Beneish M-Score or its related term are showing as below:

BUE:AOCA' s Beneish M-Score Range Over the Past 10 Years
Min: -33.33 Med: -2.76 Max: -0.77
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Aluminum of China was -0.77. The lowest was -33.33. And the median was -2.76.

Aluminum of China Beneish M-Score Historical Data

The historical data trend for Aluminum of China'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.

* Premium members only.

Aluminum of China Beneish M-Score Chart

Aluminum of China Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.49

-2.77

-4.34

-2.98

-3.33

Aluminum of China 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															-2.88	-2.49	-1.58	-3.33	-2.57

Competitive Comparison of Aluminum of China's Beneish M-Score

For the Aluminum subindustry, Aluminum of China'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.

Aluminum of China's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Aluminum of China's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aluminum of China's Beneish M-Score falls into.

Aluminum of China 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 Aluminum of China 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 * 2.7136

0.528 * 0.722

0.404 * 1.0533

0.892 * 2.0113

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.7965

4.679 * -0.038572

0.327 * 0.8971

-0.58

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ARS630,022 Mil.
Revenue was 5727301.078 + 1853809.878 + 2605809.241 + 2271619.907 = ARS12,458,540 Mil.
Gross Profit was 878729.43 + 388631.652 + 411051.172 + 225492.122 = ARS1,903,904 Mil.
Total Current Assets was ARS7,047,232 Mil.
Total Assets was ARS24,990,918 Mil.
Property, Plant and Equipment(Net PPE) was ARS13,180,831 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS0 Mil.
Selling, General, & Admin. Expense(SGA) was ARS151,870 Mil.
Total Current Liabilities was ARS6,234,929 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,244,221 Mil.
Net Income was 260917.623 + 68986.634 + 92822.803 + 53744.597 = ARS476,472 Mil.
Non Operating Income was 0 + 0 + -10874.925 + 0 = ARS-10,875 Mil.
Cash Flow from Operations was 418595.742 + 335640.814 + 484050.316 + 213014.159 = ARS1,451,301 Mil.

Total Receivables was ARS115,438 Mil.
Revenue was 1900113.012 + 1523806.595 + 1359128.939 + 1411255.019 = ARS6,194,304 Mil.
Gross Profit was 173264.875 + 162159.1 + 130432.072 + 217563.157 = ARS683,419 Mil.
Total Current Assets was ARS1,636,456 Mil.
Total Assets was ARS6,104,844 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,363,763 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS0 Mil.
Selling, General, & Admin. Expense(SGA) was ARS26,998 Mil.
Total Current Liabilities was ARS1,743,408 Mil.
Long-Term Debt & Capital Lease Obligation was ARS1,654,757 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)
	=	(630022.471 / 12458540.104)	/	(115437.53 / 6194303.565)
	=	0.05057	/	0.018636
	=	2.7136

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)
	=	(683419.204 / 6194303.565)	/	(1903904.376 / 12458540.104)
	=	0.11033	/	0.152819
	=	0.722

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 - (7047231.784 + 13180830.783) / 24990918.102)	/	(1 - (1636456.332 + 3363762.931) / 6104843.66)
	=	0.190583	/	0.180942
	=	1.0533

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
	=	12458540.104	/	6194303.565
	=	2.0113

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 + 3363762.931))	/	(0 / (0 + 13180830.783))
	=	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)
	=	(151869.655 / 12458540.104)	/	(26998.088 / 6194303.565)
	=	0.01219	/	0.004359
	=	2.7965

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)
	=	((6244221.244 + 6234929.469) / 24990918.102)	/	((1654757.451 + 1743408.348) / 6104843.66)
	=	0.499347	/	0.556634
	=	0.8971

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
	=	(476471.657 - -10874.925	-	1451301.031)	/	24990918.102
	=	-0.038572

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.

Aluminum of China has a M-score of -0.58 signals that the company is likely to be a manipulator.

Aluminum of China Beneish M-Score Related Terms

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Aluminum of China (BUE:AOCA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Aluminum Corp of China Ltd (BUE:AOCA) » Definitions » Beneish M-Score

Traded in Other Exchanges

ALMMF:USA 02600:Hong Kong AOC:Germany 601600:China

Address

No. 62 North Xizhimen Street, Haidian District, Beijing, CHN, 100082

Website

https://www.chalco.com.cn

Aluminum Corp of China Ltd is an aluminum producer. The Alumina segment consists of the mining and purchase of bauxite and other raw materials. The Primary aluminum segment consists of the procurement of alumina, supplemental materials, and electric power. Its Energy segment comprises the production and operation of energy products mainly coal mining. The Trading segment includes the trading of alumina primary aluminum, aluminum fabrication products, other non-ferrous metal products and Corporate and other operating segments. Geographically, it operates in Mainland China, as well as other countries. It generates a major part of its revenue from the Trading segment.

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