CBUMF (China National Building Material Co) Beneish M-Score : -2.81 (As of Dec. 13, 2024)

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What is China National Building Material 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China National Building Material Co's Beneish M-Score or its related term are showing as below:

CBUMF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.62 Max: -2.26
Current: -2.81

During the past 13 years, the highest Beneish M-Score of China National Building Material Co was -2.26. The lowest was -3.06. And the median was -2.62.

China National Building Material Co Beneish M-Score Historical Data

The historical data trend for China National Building Material 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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China National Building Material Co Beneish M-Score Chart

China National Building Material Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.00

-2.92

-2.70

-2.46

-2.81

China National Building Material Co Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.46	-	-2.81	-

Competitive Comparison of China National Building Material Co's Beneish M-Score

For the Building Materials subindustry, China National Building Material 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.

China National Building Material Co's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, China National Building Material Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China National Building Material Co's Beneish M-Score falls into.

China National Building Material 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 China National Building Material 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 * 1.0506

0.528 * 0.9564

0.404 * 1.0457

0.892 * 0.8776

0.115 * 0.9665

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1207

4.679 * -0.050338

0.327 * 1.0079

-2.81

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $11,928 Mil.
Revenue was $29,441 Mil.
Gross Profit was $5,244 Mil.
Total Current Assets was $20,798 Mil.
Total Assets was $68,471 Mil.
Property, Plant and Equipment(Net PPE) was $31,651 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,273 Mil.
Selling, General, & Admin. Expense(SGA) was $3,476 Mil.
Total Current Liabilities was $24,761 Mil.
Long-Term Debt & Capital Lease Obligation was $15,792 Mil.
Net Income was $618 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $4,065 Mil.

Total Receivables was $12,937 Mil.
Revenue was $33,547 Mil.
Gross Profit was $5,715 Mil.
Total Current Assets was $22,106 Mil.
Total Assets was $70,190 Mil.
Property, Plant and Equipment(Net PPE) was $32,378 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,242 Mil.
Selling, General, & Admin. Expense(SGA) was $3,534 Mil.
Total Current Liabilities was $27,132 Mil.
Long-Term Debt & Capital Lease Obligation was $14,111 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)
	=	(11928.366 / 29441.253)	/	(12937.322 / 33547.029)
	=	0.405158	/	0.385647
	=	1.0506

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)
	=	(5715.015 / 33547.029)	/	(5244.419 / 29441.253)
	=	0.170358	/	0.178132
	=	0.9564

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 - (20798.282 + 31650.58) / 68471.181)	/	(1 - (22105.636 + 32377.659) / 70189.982)
	=	0.234001	/	0.223774
	=	1.0457

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
	=	29441.253	/	33547.029
	=	0.8776

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))
	=	(2241.566 / (2241.566 + 32377.659))	/	(2272.609 / (2272.609 + 31650.58))
	=	0.064749	/	0.066993
	=	0.9665

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)
	=	(3475.625 / 29441.253)	/	(3533.712 / 33547.029)
	=	0.118053	/	0.105336
	=	1.1207

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)
	=	((15792.151 + 24760.553) / 68471.181)	/	((14111.336 + 27132.28) / 70189.982)
	=	0.592259	/	0.5876
	=	1.0079

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
	=	(618.31 - 0	-	4064.994)	/	68471.181
	=	-0.050338

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 National Building Material Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

China National Building Material Co Beneish M-Score Related Terms

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China National Building Material Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » China National Building Material Co Ltd (OTCPK:CBUMF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CBUMY:USA 03323:Hong Kong D1Y:Germany

Address

No. 17 Fuxing Road, 21st Floor, Tower 2 (Building B), Guohai Plaza, Haidian District, Beijing, CHN, 100036

Website

https://www.cnbmltd.cn

China National Building Material Co Ltd is a state-owned building material holding company. Its reportable segments are the Cement segment which includes the production and sale of cement, Concrete segment includes the Production and sale of concrete, New Materials segment comprises of Production and sale of glass fiber, composite, and lightweight building materials, and Engineering Services includes the Provision of engineering services to glass and cement manufacturers and equipment procurement, and others segment comprises Merchandise trading business and others. The company operates in China, Europe, the Middle East, Southeast Asia, Oceania, Africa, the Americas, and other countries, out of which the majority of the revenue comes from China.

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