China Hongqiao Group Beneish M-Score Historical Data
The historical data trend for China Hongqiao Group'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 Hongqiao Group Beneish M-Score Chart
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China Hongqiao Group Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.51 |
-2.83 |
-2.19 |
-2.57 |
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China Hongqiao Group Semi-Annual Data
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Jun24 |
| Beneish M-Score |
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-2.19 |
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-2.57 |
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Competitive Comparison of China Hongqiao Group's Beneish M-Score
For the Aluminum subindustry, China Hongqiao Group'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 Hongqiao Group's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, China Hongqiao Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Hongqiao Group's Beneish M-Score falls into.
China Hongqiao Group 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 Hongqiao Group 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 * 1.0668 | + | 0.528 * 0.8831 | + | 0.404 * 1.3124 | + | 0.892 * 0.9938 | + | 0.115 * 1.0027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8614 | + | 4.679 * -0.054621 | - | 0.327 * 0.9386 |
| = | -2.57 |
* 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$12,972 Mil.
Revenue was HK$146,155 Mil.
Gross Profit was HK$22,920 Mil.
Total Current Assets was HK$95,591 Mil.
Total Assets was HK$219,106 Mil.
Property, Plant and Equipment(Net PPE) was HK$77,992 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7,860 Mil.
Selling, General, & Admin. Expense(SGA) was HK$6,243 Mil.
Total Current Liabilities was HK$80,971 Mil.
Long-Term Debt & Capital Lease Obligation was HK$16,088 Mil.
Net Income was HK$12,535 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$24,503 Mil.
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Total Receivables was HK$12,236 Mil.
Revenue was HK$147,071 Mil.
Gross Profit was HK$20,368 Mil.
Total Current Assets was HK$97,788 Mil.
Total Assets was HK$207,421 Mil.
Property, Plant and Equipment(Net PPE) was HK$76,795 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7,762 Mil.
Selling, General, & Admin. Expense(SGA) was HK$7,294 Mil.
Total Current Liabilities was HK$79,703 Mil.
Long-Term Debt & Capital Lease Obligation was HK$18,189 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) |
| = | (12971.577 / 146154.707) | / | (12235.522 / 147070.688) |
| = | 0.088752 | / | 0.083195 |
| | = | 1.0668 |
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) |
| = | (20368.095 / 147070.688) | / | (22919.696 / 146154.707) |
| = | 0.138492 | / | 0.156818 |
| | = | 0.8831 |
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 - (95590.765 + 77992.083) / 219105.879) | / | (1 - (97788.128 + 76795.262) / 207420.592) |
| = | 0.207767 | / | 0.158312 |
| | = | 1.3124 |
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 |
| = | 146154.707 | / | 147070.688 |
| | = | 0.9938 |
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)) |
| = | (7762.35 / (7762.35 + 76795.262)) | / | (7859.933 / (7859.933 + 77992.083)) |
| = | 0.0918 | / | 0.091552 |
| | = | 1.0027 |
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) |
| = | (6243.453 / 146154.707) | / | (7293.753 / 147070.688) |
| = | 0.042718 | / | 0.049594 |
| | = | 0.8614 |
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) |
| = | ((16087.861 + 80971.495) / 219105.879) | / | ((18188.818 + 79703.418) / 207420.592) |
| = | 0.442979 | / | 0.47195 |
| | = | 0.9386 |
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 |
| = | (12535.448 - 0 | - | 24503.165) | / | 219105.879 |
| | = | -0.054621 |
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 Hongqiao Group has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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