CECAF (CanAsia Energy) Beneish M-Score : 0.00 (As of Mar. 24, 2025)

View and export this data going back to 2022. Start your Free Trial

What is CanAsia Energy 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.

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

During the past 3 years, the highest Beneish M-Score of CanAsia Energy was 0.00. The lowest was 0.00. And the median was 0.00.

CanAsia Energy Beneish M-Score Historical Data

The historical data trend for CanAsia Energy'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.

CanAsia Energy Beneish M-Score Chart

CanAsia Energy Annual Data

Trend

Dec22

Dec23

Dec24

Beneish M-Score

CanAsia Energy Quarterly Data
	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-

Competitive Comparison of CanAsia Energy's Beneish M-Score

For the Oil & Gas E&P subindustry, CanAsia Energy'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.

CanAsia Energy's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, CanAsia Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CanAsia Energy's Beneish M-Score falls into.

CanAsia Energy 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 CanAsia Energy 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $0.20 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $5.29 Mil.
Total Assets was $10.44 Mil.
Property, Plant and Equipment(Net PPE) was $4.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $2.03 Mil.
Total Current Liabilities was $3.10 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.555 + -0.525 + 2.382 + -0.444 = $0.86 Mil.
Non Operating Income was 0.046 + -0.01 + 3.111 + 0.004 = $3.15 Mil.
Cash Flow from Operations was -0.281 + -0.409 + -0.598 + -0.679 = $-1.97 Mil.

Total Receivables was $0.21 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $7.55 Mil.
Total Assets was $8.47 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $1.63 Mil.
Total Current Liabilities was $3.14 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(0.204 / 0)	/	(0.213 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (5.287 + 4.07) / 10.436)	/	(1 - (7.547 + 0.013) / 8.469)
	=	0.103392	/	0.107333
	=

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
	=	0	/	0
	=

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))
	=	(0.049 / (0.049 + 0.013))	/	(0.045 / (0.045 + 4.07))
	=	0.790323	/	0.010936
	=

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)
	=	(2.028 / 0)	/	(1.627 / 0)
	=		/
	=

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 + 3.102) / 10.436)	/	((0 + 3.136) / 8.469)
	=	0.29724	/	0.370292
	=

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
	=	(0.858 - 3.151	-	-1.967)	/	10.436
	=	-0.031238

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.

CanAsia Energy Beneish M-Score Related Terms

Thank you for viewing the detailed overview of CanAsia Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

CanAsia Energy Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » CanAsia Energy Corp (OTCPK:CECAF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CEC:Canada

Address

3rd Street SW, Unit 1505, 505, Calgary, AB, CAN, T2P 3E6

Website

https://www.canasiacorp.com

CanAsia Energy Corp is a Calgary, Alberta-based oil and gas exploration and production company with operations located at Sawn Lake, Alberta.