Dongjiang Environmental Co Beneish M-Score Historical Data
The historical data trend for Dongjiang Environmental Co'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.
Dongjiang Environmental Co Beneish M-Score Chart
|
Dongjiang Environmental Co Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.83 |
-2.65 |
-2.43 |
-2.62 |
-1.45 |
|
Dongjiang Environmental Co Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.62 |
-2.40 |
-1.95 |
-1.92 |
-1.45 |
Competitive Comparison of Dongjiang Environmental Co's Beneish M-Score
For the Waste Management subindustry, Dongjiang Environmental Co'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.
Dongjiang Environmental Co's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, Dongjiang Environmental Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dongjiang Environmental Co's Beneish M-Score falls into.
Dongjiang Environmental Co 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 Dongjiang Environmental Co 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 * 0.9192 | + | 0.528 * 3.6724 | + | 0.404 * 0.9551 | + | 0.892 * 0.9806 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.931 | + | 4.679 * -0.061559 | - | 0.327 * 0.9824 |
| = | -1.45 |
* 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$1,470 Mil.
Revenue was 1132.89 + 1051.494 + 1288.22 + 943.903 = HK$4,417 Mil.
Gross Profit was 15.159 + 47.866 + 81.4 + 46.977 = HK$191 Mil.
Total Current Assets was HK$4,004 Mil.
Total Assets was HK$13,302 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,889 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$576 Mil.
Total Current Liabilities was HK$3,583 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,715 Mil.
Net Income was -430.453 + -169.491 + -88.882 + -134.014 = HK$-823 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 190.956 + -22.887 + -32.111 + -139.938 = HK$-4 Mil.
|
Total Receivables was HK$1,631 Mil.
Revenue was 1150.372 + 911.215 + 1254.035 + 1188.16 = HK$4,504 Mil.
Gross Profit was 145.577 + 76.699 + 246.13 + 248.394 = HK$717 Mil.
Total Current Assets was HK$3,380 Mil.
Total Assets was HK$13,072 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,184 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$631 Mil.
Total Current Liabilities was HK$3,862 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,438 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) |
| = | (1470.002 / 4416.507) | / | (1630.876 / 4503.782) |
| = | 0.332843 | / | 0.362113 |
| | = | 0.9192 |
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) |
| = | (716.8 / 4503.782) | / | (191.402 / 4416.507) |
| = | 0.159155 | / | 0.043338 |
| | = | 3.6724 |
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 - (4004.277 + 5888.708) / 13301.99) | / | (1 - (3380.209 + 6184.486) / 13072.22) |
| = | 0.256278 | / | 0.268319 |
| | = | 0.9551 |
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 |
| = | 4416.507 | / | 4503.782 |
| | = | 0.9806 |
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 + 6184.486)) | / | (0 / (0 + 5888.708)) |
| = | 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) |
| = | (576.175 / 4416.507) | / | (631.117 / 4503.782) |
| = | 0.130459 | / | 0.14013 |
| | = | 0.931 |
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) |
| = | ((3714.625 + 3583.298) / 13301.99) | / | ((3438.181 + 3862.079) / 13072.22) |
| = | 0.548634 | / | 0.558456 |
| | = | 0.9824 |
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 |
| = | (-822.84 - 0 | - | -3.98) | / | 13301.99 |
| | = | -0.061559 |
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.
Dongjiang Environmental Co has a M-score of -1.45 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HKSE:00895 has been successfully added to your