China Mobile Beneish M-Score Historical Data
The historical data trend for China Mobile'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 Mobile Beneish M-Score Chart
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China Mobile Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.65 |
-2.42 |
-2.49 |
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China Mobile Quarterly Data
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Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.95 |
-2.63 |
-2.78 |
-2.49 |
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Competitive Comparison of China Mobile's Beneish M-Score
For the Telecom Services subindustry, China Mobile'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 Mobile's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, China Mobile's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Mobile's Beneish M-Score falls into.
China Mobile 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 Mobile 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 * 1.204 | + | 0.528 * 0.9995 | + | 0.404 * 1.0223 | + | 0.892 * 1.02 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9654 | + | 4.679 * -0.053667 | - | 0.327 * 0.9891 |
| = | -2.51 |
* 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$96,072 Mil.
Revenue was 255669.721 + 262642.372 + 306229.021 + 285598.417 = HK$1,110,140 Mil.
Gross Profit was 409788.635 + -93226.72 + 271839.467 + 69853.419 = HK$658,255 Mil.
Total Current Assets was HK$544,816 Mil.
Total Assets was HK$2,179,526 Mil.
Property, Plant and Equipment(Net PPE) was HK$966,804 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$57,561 Mil.
Total Current Liabilities was HK$610,947 Mil.
Long-Term Debt & Capital Lease Obligation was HK$74,113 Mil.
Net Income was 28722.634 + 31465.681 + 52617.407 + 31968.17 = HK$144,774 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 0 + 82762.474 + 93321.356 + 85658.112 = HK$261,742 Mil.
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Total Receivables was HK$78,230 Mil.
Revenue was 238722.339 + 253337.861 + 316040.99 + 280282.271 = HK$1,088,383 Mil.
Gross Profit was 401634.265 + -99704.545 + 275716.206 + 67354.301 = HK$645,000 Mil.
Total Current Assets was HK$509,636 Mil.
Total Assets was HK$2,161,444 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,003,879 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$58,452 Mil.
Total Current Liabilities was HK$595,585 Mil.
Long-Term Debt & Capital Lease Obligation was HK$91,281 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) |
| = | (96072.068 / 1110139.531) | / | (78230.333 / 1088383.461) |
| = | 0.086541 | / | 0.071878 |
| | = | 1.204 |
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) |
| = | (645000.227 / 1088383.461) | / | (658254.801 / 1110139.531) |
| = | 0.592622 | / | 0.592948 |
| | = | 0.9995 |
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 - (544815.638 + 966804.282) / 2179526.153) | / | (1 - (509636.213 + 1003878.513) / 2161443.772) |
| = | 0.306446 | / | 0.299767 |
| | = | 1.0223 |
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 |
| = | 1110139.531 | / | 1088383.461 |
| | = | 1.02 |
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 + 1003878.513)) | / | (0 / (0 + 966804.282)) |
| = | 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) |
| = | (57560.989 / 1110139.531) | / | (58452.216 / 1088383.461) |
| = | 0.05185 | / | 0.053706 |
| | = | 0.9654 |
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) |
| = | ((74113.364 + 610946.603) / 2179526.153) | / | ((91281.378 + 595585.278) / 2161443.772) |
| = | 0.314316 | / | 0.317781 |
| | = | 0.9891 |
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 |
| = | (144773.892 - 0 | - | 261741.942) | / | 2179526.153 |
| | = | -0.053667 |
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 Mobile has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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