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CMCLF (CMOC Group) Beneish M-Score : -2.97 (As of Dec. 15, 2024)


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What is CMOC Group 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CMCLF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -2.54   Max: 11.02
Current: -2.97

During the past 13 years, the highest Beneish M-Score of CMOC Group was 11.02. The lowest was -3.60. And the median was -2.54.


CMOC Group Beneish M-Score Historical Data

The historical data trend for CMOC Group'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.

CMOC Group Beneish M-Score Chart

CMOC Group Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.18 -2.62 -2.27 -2.47 -2.77

CMOC Group Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.47 -2.77 -2.85 -2.97 -

Competitive Comparison of CMOC Group's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, CMOC Group'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.


CMOC Group's Beneish M-Score Distribution in the Metals & Mining Industry

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

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



CMOC Group 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 CMOC Group 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 * 0.9266+0.528 * 0.2926+0.404 * 0.4211+0.892 * 1.1695+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9321+4.679 * 0.003681-0.327 * 0.9694
=-2.96

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $848 Mil.
Revenue was 7815.217 + 6404.413 + 7644.986 + 6160.126 = $28,025 Mil.
Gross Profit was 1777.674 + 819.237 + 1202.093 + 771.93 = $4,571 Mil.
Total Current Assets was $13,188 Mil.
Total Assets was $25,622 Mil.
Property, Plant and Equipment(Net PPE) was $9,738 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $132 Mil.
Total Current Liabilities was $8,700 Mil.
Long-Term Debt & Capital Lease Obligation was $2,382 Mil.
Net Income was 461.159 + 287.675 + 813.226 + 238.421 = $1,800 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 760.65 + 762.195 + 183.319 = $1,706 Mil.
Total Receivables was $782 Mil.
Revenue was 5926.598 + 6426.376 + 5812.404 + 5798.378 = $23,964 Mil.
Gross Profit was 254.648 + 260.004 + 366.893 + 262.236 = $1,144 Mil.
Total Current Assets was $12,349 Mil.
Total Assets was $25,207 Mil.
Property, Plant and Equipment(Net PPE) was $6,560 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $121 Mil.
Total Current Liabilities was $7,631 Mil.
Long-Term Debt & Capital Lease Obligation was $3,616 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)
=(847.721 / 28024.742) / (782.264 / 23963.756)
=0.030249 / 0.032644
=0.9266

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)
=(1143.781 / 23963.756) / (4570.934 / 28024.742)
=0.04773 / 0.163104
=0.2926

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 - (13188.437 + 9737.885) / 25621.994) / (1 - (12349.465 + 6559.734) / 25207.46)
=0.105209 / 0.249857
=0.4211

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
=28024.742 / 23963.756
=1.1695

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 + 6559.734)) / (0 / (0 + 9737.885))
=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)
=(131.597 / 28024.742) / (120.736 / 23963.756)
=0.004696 / 0.005038
=0.9321

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)
=((2382.086 + 8699.529) / 25621.994) / ((3615.872 + 7630.64) / 25207.46)
=0.432504 / 0.446158
=0.9694

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
=(1800.481 - 0 - 1706.164) / 25621.994
=0.003681

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.

CMOC Group has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.


CMOC Group Beneish M-Score Related Terms

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CMOC Group Business Description

Traded in Other Exchanges
Address
North of Yihe, Huamei Shan Road, Chengdong New District, Luanchuan County, Henan Province, Luoyang, CHN, 471500
CMOC Group Ltd is engaged in the mining and processing smelting, deep processing, trade, research and development of molybdenum, tungsten, copper, gold, and other precious and base metals. The company has both upstream and downstream operations including molybdenum mining, processing, roasting, molybdenum chemical products, and molybdenum metal processing. The company has operating segments, namely Molybdenum Tungsten-related products, Copper and gold-related products, Niobium and Phosphorus-related products, Copper and Cobalt-related products, metal trading, and others. It derives a majority of its revenue from China.

CMOC Group Headlines