Chaowei Power Holdings Beneish M-Score Historical Data
The historical data trend for Chaowei Power 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.
Chaowei Power Holdings Beneish M-Score Chart
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Chaowei Power Holdings Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.65 |
-2.55 |
-2.26 |
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Chaowei Power Holdings Semi-Annual Data
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Jun14 |
Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.55 |
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-2.26 |
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Competitive Comparison of Chaowei Power Holdings's Beneish M-Score
For the Auto Parts subindustry, Chaowei Power 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.
Chaowei Power Holdings's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Chaowei Power Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chaowei Power Holdings's Beneish M-Score falls into.
Chaowei Power 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 Chaowei Power 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 * 1.3631 | + | 0.528 * 0.9725 | + | 0.404 * 1.0528 | + | 0.892 * 0.9875 | + | 0.115 * 1.0185 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1035 | + | 4.679 * -0.023696 | - | 0.327 * 0.9638 |
| = | -2.26 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$6,581 Mil.
Revenue was HK$35,657 Mil.
Gross Profit was HK$4,134 Mil.
Total Current Assets was HK$14,570 Mil.
Total Assets was HK$22,310 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,540 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$830 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,807 Mil.
Total Current Liabilities was HK$12,837 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,605 Mil.
Net Income was HK$466 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$995 Mil.
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Total Receivables was HK$4,889 Mil.
Revenue was HK$36,108 Mil.
Gross Profit was HK$4,071 Mil.
Total Current Assets was HK$16,654 Mil.
Total Assets was HK$24,714 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,797 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$880 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,658 Mil.
Total Current Liabilities was HK$14,816 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,782 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) |
| = | (6581.467 / 35657.316) | / | (4889.222 / 36108.097) |
| = | 0.184576 | / | 0.135405 |
| | = | 1.3631 |
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) |
| = | (4070.738 / 36108.097) | / | (4133.539 / 35657.316) |
| = | 0.112738 | / | 0.115924 |
| | = | 0.9725 |
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 - (14570.183 + 6539.504) / 22310.101) | / | (1 - (16654.397 + 6796.887) / 24714.358) |
| = | 0.053806 | / | 0.051107 |
| | = | 1.0528 |
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 |
| = | 35657.316 | / | 36108.097 |
| | = | 0.9875 |
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)) |
| = | (880.428 / (880.428 + 6796.887)) | / | (829.787 / (829.787 + 6539.504)) |
| = | 0.114679 | / | 0.112601 |
| | = | 1.0185 |
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) |
| = | (1807.191 / 35657.316) | / | (1658.432 / 36108.097) |
| = | 0.050682 | / | 0.04593 |
| | = | 1.1035 |
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) |
| = | ((1604.77 + 12836.734) / 22310.101) | / | ((1782.053 + 14815.896) / 24714.358) |
| = | 0.647308 | / | 0.671591 |
| | = | 0.9638 |
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 |
| = | (465.872 - 0 | - | 994.526) | / | 22310.101 |
| | = | -0.023696 |
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.
Chaowei Power Holdings has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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