CEC International Holdings Beneish M-Score Historical Data
The historical data trend for CEC International 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.
CEC International Holdings Beneish M-Score Chart
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CEC International Holdings Annual Data
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Apr15 |
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Apr20 |
Apr21 |
Apr22 |
Apr23 |
Apr24 |
| Beneish M-Score |
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-3.97 |
-4.41 |
-3.78 |
-3.75 |
-3.76 |
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CEC International Holdings Semi-Annual Data
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Oct15 |
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Oct24 |
| Beneish M-Score |
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-3.75 |
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-3.76 |
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Competitive Comparison of CEC International Holdings's Beneish M-Score
For the Grocery Stores subindustry, CEC International 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.
CEC International Holdings's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, CEC International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CEC International Holdings's Beneish M-Score falls into.
CEC International 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 CEC International 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 * 0.9254 | + | 0.528 * 0.9647 | + | 0.404 * 0.9727 | + | 0.892 * 0.8684 | + | 0.115 * 0.9572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1573 | + | 4.679 * -0.21521 | - | 0.327 * 1.0686 |
| = | -3.76 |
* 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 (Apr24) TTM: | Last Year (Apr23) TTM: |
Total Receivables was HK$15 Mil.
Revenue was HK$1,470 Mil.
Gross Profit was HK$579 Mil.
Total Current Assets was HK$296 Mil.
Total Assets was HK$886 Mil.
Property, Plant and Equipment(Net PPE) was HK$519 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$194 Mil.
Selling, General, & Admin. Expense(SGA) was HK$597 Mil.
Total Current Liabilities was HK$287 Mil.
Long-Term Debt & Capital Lease Obligation was HK$91 Mil.
Net Income was HK$-30 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$161 Mil.
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Total Receivables was HK$18 Mil.
Revenue was HK$1,692 Mil.
Gross Profit was HK$644 Mil.
Total Current Assets was HK$305 Mil.
Total Assets was HK$917 Mil.
Property, Plant and Equipment(Net PPE) was HK$537 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$189 Mil.
Selling, General, & Admin. Expense(SGA) was HK$594 Mil.
Total Current Liabilities was HK$271 Mil.
Long-Term Debt & Capital Lease Obligation was HK$95 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) |
| = | (14.63 / 1469.606) | / | (18.206 / 1692.403) |
| = | 0.009955 | / | 0.010757 |
| | = | 0.9254 |
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) |
| = | (643.697 / 1692.403) | / | (579.388 / 1469.606) |
| = | 0.380345 | / | 0.394247 |
| | = | 0.9647 |
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 - (296.429 + 519.455) / 886.305) | / | (1 - (305.347 + 536.829) / 917.091) |
| = | 0.079455 | / | 0.081688 |
| | = | 0.9727 |
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 |
| = | 1469.606 | / | 1692.403 |
| | = | 0.8684 |
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)) |
| = | (188.6 / (188.6 + 536.829)) | / | (193.69 / (193.69 + 519.455)) |
| = | 0.259984 | / | 0.2716 |
| | = | 0.9572 |
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) |
| = | (596.89 / 1469.606) | / | (593.964 / 1692.403) |
| = | 0.406156 | / | 0.350959 |
| | = | 1.1573 |
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) |
| = | ((91.12 + 287.141) / 886.305) | / | ((95.484 + 270.779) / 917.091) |
| = | 0.426784 | / | 0.399375 |
| | = | 1.0686 |
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 |
| = | (-29.812 - 0 | - | 160.93) | / | 886.305 |
| | = | -0.21521 |
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.
CEC International Holdings has a M-score of -3.76 suggests that the company is unlikely to be a manipulator.
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