China Infrastructure Investment (HKSE:00600) Beneish M-Score : -15.28 (As of Jun. 23, 2024)

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What is China Infrastructure Investment 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 -15.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00600' s Beneish M-Score Range Over the Past 10 Years
Min: -17.4 Med: -1.21 Max: 139.23
Current: -15.28

During the past 13 years, the highest Beneish M-Score of China Infrastructure Investment was 139.23. The lowest was -17.40. And the median was -1.21.

China Infrastructure Investment Beneish M-Score Historical Data

The historical data trend for China Infrastructure Investment'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 Infrastructure Investment Beneish M-Score Chart

China Infrastructure Investment Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.94

-2.16

2.18

-17.40

-15.28

China Infrastructure Investment 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	Get a 7-Day Free Trial															2.18	-	-17.40	-	-15.28

Competitive Comparison of China Infrastructure Investment's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, China Infrastructure Investment'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 Infrastructure Investment's Beneish M-Score Distribution in the Oil & Gas Industry

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

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

China Infrastructure Investment 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 Infrastructure Investment 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 * 0.0559

0.528 * 4.1159

0.404 * 1.8517

0.892 * 4.4611

0.115 * 0.4005

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2039

4.679 * -3.55651

0.327 * 2.3289

-15.28

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$13.17 Mil.
Revenue was HK$12.11 Mil.
Gross Profit was HK$2.75 Mil.
Total Current Assets was HK$18.05 Mil.
Total Assets was HK$41.08 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.13 Mil.
Selling, General, & Admin. Expense(SGA) was HK$8.92 Mil.
Total Current Liabilities was HK$548.76 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$-152.35 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-6.24 Mil.

Total Receivables was HK$52.79 Mil.
Revenue was HK$2.72 Mil.
Gross Profit was HK$2.54 Mil.
Total Current Assets was HK$55.13 Mil.
Total Assets was HK$79.84 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.53 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.35 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9.80 Mil.
Total Current Liabilities was HK$457.69 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.24 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)
	=	(13.168 / 12.112)	/	(52.787 / 2.715)
	=	1.087186	/	19.442726
	=	0.0559

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)
	=	(2.539 / 2.715)	/	(2.752 / 12.112)
	=	0.935175	/	0.227213
	=	4.1159

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 - (18.047 + 0) / 41.081)	/	(1 - (55.134 + 0.527) / 79.836)
	=	0.560697	/	0.302808
	=	1.8517

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
	=	12.112	/	2.715
	=	4.4611

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))
	=	(0.352 / (0.352 + 0.527))	/	(0.125 / (0.125 + 0))
	=	0.400455	/	1
	=	0.4005

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)
	=	(8.918 / 12.112)	/	(9.802 / 2.715)
	=	0.736295	/	3.610313
	=	0.2039

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 + 548.755) / 41.081)	/	((0.236 + 457.689) / 79.836)
	=	13.357878	/	5.735821
	=	2.3289

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
	=	(-152.345 - 0	-	-6.24)	/	41.081
	=	-3.55651

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 Infrastructure Investment has a M-score of -15.28 suggests that the company is unlikely to be a manipulator.

China Infrastructure Investment Beneish M-Score Related Terms

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China Infrastructure Investment (HKSE:00600) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » China Infrastructure Investment Ltd (HKSE:00600) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

5 Canton Road, Suite 607, 6th Floor, Ocean Centre, Tsim Sha Tsui, Kowloon, Hong Kong, HKG

Website

http://www.china-infrastructure.com

China Infrastructure Investment Ltd operates as an investment holding company. It operates through the following segments: Properties Investment, Natural Gas, and Investment Holding. The Properties Investment segment engages in rental income from investment properties. The Natural Gas segment engages in sales of natural pipelined gases and its construction materials. The Investment Holding segment offers investment in associates on a geographical basis. It derives key revenue from the Properties Investment, segment. The group operates in China.

Executives

Wang Dade	2101 Beneficial owner
Central Huijin Investment Ltd.	2106 Person having a security interest in shares
China Construction Bank Corporation	2106 Person having a security interest in shares
Legendary Base International Limited	2101 Beneficial owner
Ye De Chao	2201 Interest of corporation controlled by you

China Infrastructure Investment (HKSE:00600) Headlines

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