CLP Holdings Beneish M-Score Historical Data
The historical data trend for CLP Holdings'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.
|
CLP Holdings Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.87 |
-2.73 |
-2.40 |
-2.36 |
-3.20 |
|
CLP Holdings Semi-Annual Data
|
|
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.40 |
- |
-2.36 |
- |
-3.20 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, CLP Holdings'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.
CLP Holdings Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, CLP Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CLP Holdings's Beneish M-Score falls into.
CLP Holdings 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 CLP Holdings 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 * 0.9875 | + | 0.528 * 0.5724 | + | 0.404 * 0.9102 | + | 0.892 * 0.8633 | + | 0.115 * 1.0715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.073228 | - | 0.327 * 0.9753 |
| = | -3.20 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,572 Mil.
Revenue was $11,161 Mil.
Gross Profit was $3,653 Mil.
Total Current Assets was $3,448 Mil.
Total Assets was $29,329 Mil.
Property, Plant and Equipment(Net PPE) was $20,673 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,100 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $5,439 Mil.
Long-Term Debt & Capital Lease Obligation was $5,755 Mil.
Net Income was $870 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,018 Mil.
|
Total Receivables was $1,844 Mil.
Revenue was $12,930 Mil.
Gross Profit was $2,422 Mil.
Total Current Assets was $4,426 Mil.
Total Assets was $30,316 Mil.
Property, Plant and Equipment(Net PPE) was $19,976 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,144 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $5,711 Mil.
Long-Term Debt & Capital Lease Obligation was $6,153 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) |
| = | (1572.127 / 11161.489) | / | (1844.221 / 12929.586) |
| = | 0.140853 | / | 0.142636 |
| | = | 0.9875 |
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) |
| = | (2421.969 / 12929.586) | / | (3652.718 / 11161.489) |
| = | 0.18732 | / | 0.327261 |
| | = | 0.5724 |
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 - (3448.232 + 20673.385) / 29328.664) | / | (1 - (4426.362 + 19976.494) / 30316.49) |
| = | 0.177541 | / | 0.195063 |
| | = | 0.9102 |
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 |
| = | 11161.489 | / | 12929.586 |
| | = | 0.8633 |
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)) |
| = | (1143.679 / (1143.679 + 19976.494)) | / | (1100.412 / (1100.412 + 20673.385)) |
| = | 0.054151 | / | 0.050538 |
| | = | 1.0715 |
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) |
| = | (0 / 11161.489) | / | (0 / 12929.586) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((5754.693 + 5439.192) / 29328.664) | / | ((6152.927 + 5710.818) / 30316.49) |
| = | 0.38167 | / | 0.39133 |
| | = | 0.9753 |
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 |
| = | (869.933 - 0 | - | 3017.619) | / | 29328.664 |
| | = | -0.073228 |
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.
CLP Holdings has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CLPHF has been successfully added to your