China Tower Beneish M-Score Historical Data
The historical data trend for China Tower'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.
China Tower Beneish M-Score Chart
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China Tower Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-7.08 |
-3.09 |
-3.22 |
-3.39 |
-2.24 |
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China Tower Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Dec17 |
Mar18 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
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Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.39 |
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-2.24 |
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Competitive Comparison of China Tower's Beneish M-Score
For the Telecom Services subindustry, China Tower'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 Tower's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, China Tower's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Tower's Beneish M-Score falls into.
China Tower 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 Tower 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 * 1.6824 | + | 0.528 * 0.9934 | + | 0.404 * 1.037 | + | 0.892 * 0.999 | + | 0.115 * 0.9804 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2548 | + | 4.679 * -0.070827 | - | 0.327 * 1.0747 |
| = | -2.24 |
* 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 HK$77,064 Mil.
Revenue was HK$102,825 Mil.
Gross Profit was HK$96,926 Mil.
Total Current Assets was HK$85,406 Mil.
Total Assets was HK$356,580 Mil.
Property, Plant and Equipment(Net PPE) was HK$266,749 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$53,649 Mil.
Selling, General, & Admin. Expense(SGA) was HK$855 Mil.
Total Current Liabilities was HK$69,930 Mil.
Long-Term Debt & Capital Lease Obligation was HK$69,976 Mil.
Net Income was HK$10,664 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$35,920 Mil.
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Total Receivables was HK$45,852 Mil.
Revenue was HK$102,928 Mil.
Gross Profit was HK$96,387 Mil.
Total Current Assets was HK$55,507 Mil.
Total Assets was HK$341,223 Mil.
Property, Plant and Equipment(Net PPE) was HK$281,632 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$55,313 Mil.
Selling, General, & Admin. Expense(SGA) was HK$682 Mil.
Total Current Liabilities was HK$72,763 Mil.
Long-Term Debt & Capital Lease Obligation was HK$51,810 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) |
| = | (77064.379 / 102825.059) | / | (45852.306 / 102927.596) |
| = | 0.749471 | / | 0.445481 |
| | = | 1.6824 |
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) |
| = | (96386.997 / 102927.596) | / | (96926.31 / 102825.059) |
| = | 0.936454 | / | 0.942633 |
| | = | 0.9934 |
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 - (85405.537 + 266748.607) / 356579.573) | / | (1 - (55507.422 + 281632.102) / 341223.349) |
| = | 0.012411 | / | 0.011968 |
| | = | 1.037 |
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 |
| = | 102825.059 | / | 102927.596 |
| | = | 0.999 |
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)) |
| = | (55313.113 / (55313.113 + 281632.102)) | / | (53648.761 / (53648.761 + 266748.607)) |
| = | 0.164161 | / | 0.167444 |
| | = | 0.9804 |
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) |
| = | (855.335 / 102825.059) | / | (682.313 / 102927.596) |
| = | 0.008318 | / | 0.006629 |
| | = | 1.2548 |
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) |
| = | ((69975.598 + 69929.659) / 356579.573) | / | ((51809.979 + 72762.898) / 341223.349) |
| = | 0.392354 | / | 0.365077 |
| | = | 1.0747 |
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 |
| = | (10664.344 - 0 | - | 35919.699) | / | 356579.573 |
| | = | -0.070827 |
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 Tower has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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