C&D Newin Paper & Pulp Beneish M-Score Historical Data
The historical data trend for C&D Newin Paper & Pulp'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.
C&D Newin Paper & Pulp Beneish M-Score Chart
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C&D Newin Paper & Pulp Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-3.01 |
-21.81 |
7.68 |
-6.94 |
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C&D Newin Paper & Pulp Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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7.68 |
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-6.94 |
Competitive Comparison of C&D Newin Paper & Pulp's Beneish M-Score
For the Paper & Paper Products subindustry, C&D Newin Paper & Pulp'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.
C&D Newin Paper & Pulp's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, C&D Newin Paper & Pulp's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C&D Newin Paper & Pulp's Beneish M-Score falls into.
C&D Newin Paper & Pulp 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 C&D Newin Paper & Pulp 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 * 0.1736 | + | 0.528 * -5.3868 | + | 0.404 * 1.1174 | + | 0.892 * 1.116 | + | 0.115 * 0.7098 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8967 | + | 4.679 * -0.068577 | - | 0.327 * 1.4247 |
| = | -6.94 |
* 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 (Mar22) TTM: |
Total Receivables was HK$16 Mil.
Revenue was HK$1,372 Mil.
Gross Profit was HK$-20 Mil.
Total Current Assets was HK$256 Mil.
Total Assets was HK$1,173 Mil.
Property, Plant and Equipment(Net PPE) was HK$731 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$67 Mil.
Selling, General, & Admin. Expense(SGA) was HK$112 Mil.
Total Current Liabilities was HK$368 Mil.
Long-Term Debt & Capital Lease Obligation was HK$511 Mil.
Net Income was HK$-129 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-48 Mil.
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Total Receivables was HK$81 Mil.
Revenue was HK$1,229 Mil.
Gross Profit was HK$97 Mil.
Total Current Assets was HK$481 Mil.
Total Assets was HK$1,577 Mil.
Property, Plant and Equipment(Net PPE) was HK$874 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55 Mil.
Selling, General, & Admin. Expense(SGA) was HK$112 Mil.
Total Current Liabilities was HK$829 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 Mil.
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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) |
| = | (15.616 / 1372.077) | / | (80.612 / 1229.456) |
| = | 0.011381 | / | 0.065567 |
| | = | 0.1736 |
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) |
| = | (97.07 / 1229.456) | / | (-20.111 / 1372.077) |
| = | 0.078954 | / | -0.014657 |
| | = | -5.3868 |
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 - (256.47 + 731.335) / 1172.94) | / | (1 - (480.544 + 873.52) / 1576.801) |
| = | 0.157838 | / | 0.141259 |
| | = | 1.1174 |
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 |
| = | 1372.077 | / | 1229.456 |
| | = | 1.116 |
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)) |
| = | (55.32 / (55.32 + 873.52)) | / | (66.99 / (66.99 + 731.335)) |
| = | 0.059558 | / | 0.083913 |
| | = | 0.7098 |
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) |
| = | (112.116 / 1372.077) | / | (112.033 / 1229.456) |
| = | 0.081713 | / | 0.091124 |
| | = | 0.8967 |
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) |
| = | ((510.829 + 367.998) / 1172.94) | / | ((0 + 829.263) / 1576.801) |
| = | 0.749251 | / | 0.525915 |
| | = | 1.4247 |
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 |
| = | (-128.798 - 0 | - | -48.361) | / | 1172.94 |
| | = | -0.068577 |
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.
C&D Newin Paper & Pulp has a M-score of -6.94 suggests that the company is unlikely to be a manipulator.
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