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Chengdu Expressway Co (HKSE:01785) Beneish M-Score : -2.31 (As of Jul. 22, 2025)


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What is Chengdu Expressway Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Chengdu Expressway Co's Beneish M-Score or its related term are showing as below:

HKSE:01785' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.36   Max: 3.45
Current: -2.31

During the past 10 years, the highest Beneish M-Score of Chengdu Expressway Co was 3.45. The lowest was -3.65. And the median was -2.36.


Chengdu Expressway Co Beneish M-Score Historical Data

The historical data trend for Chengdu Expressway 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.

* Premium members only.

Chengdu Expressway Co Beneish M-Score Chart

Chengdu Expressway Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.65 -1.33 -2.40 -2.62 -2.31

Chengdu Expressway Co Semi-Annual Data
Dec15 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.40 - -2.62 -1.50 -2.31

Competitive Comparison of Chengdu Expressway Co's Beneish M-Score

For the Infrastructure Operations subindustry, Chengdu Expressway 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.


Chengdu Expressway Co's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Chengdu Expressway Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chengdu Expressway Co's Beneish M-Score falls into.


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Chengdu Expressway 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 Chengdu Expressway 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 * 1.3833+0.528 * 0.9714+0.404 * 1.0189+0.892 * 0.9833+0.115 * 1.1096
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3682+4.679 * -0.031685-0.327 * 0.8879
=-2.31

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was HK$452 Mil.
Revenue was HK$3,113 Mil.
Gross Profit was HK$1,154 Mil.
Total Current Assets was HK$2,568 Mil.
Total Assets was HK$9,654 Mil.
Property, Plant and Equipment(Net PPE) was HK$593 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$403 Mil.
Selling, General, & Admin. Expense(SGA) was HK$41 Mil.
Total Current Liabilities was HK$964 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,386 Mil.
Net Income was HK$555 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$861 Mil.
Total Receivables was HK$332 Mil.
Revenue was HK$3,165 Mil.
Gross Profit was HK$1,140 Mil.
Total Current Assets was HK$2,923 Mil.
Total Assets was HK$10,123 Mil.
Property, Plant and Equipment(Net PPE) was HK$518 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$422 Mil.
Selling, General, & Admin. Expense(SGA) was HK$31 Mil.
Total Current Liabilities was HK$1,200 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,756 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)
=(451.514 / 3112.676) / (331.931 / 3165.441)
=0.145057 / 0.104861
=1.3833

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)
=(1139.772 / 3165.441) / (1153.774 / 3112.676)
=0.360067 / 0.370669
=0.9714

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 - (2567.68 + 593.342) / 9653.835) / (1 - (2923.13 + 517.995) / 10122.647)
=0.672563 / 0.660057
=1.0189

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
=3112.676 / 3165.441
=0.9833

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))
=(421.96 / (421.96 + 517.995)) / (403.175 / (403.175 + 593.342))
=0.448915 / 0.404584
=1.1096

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)
=(41.467 / 3112.676) / (30.823 / 3165.441)
=0.013322 / 0.009737
=1.3682

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)
=((2385.77 + 963.943) / 9653.835) / ((2756.35 + 1199.528) / 10122.647)
=0.346983 / 0.390795
=0.8879

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
=(554.675 - 0 - 860.552) / 9653.835
=-0.031685

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.

Chengdu Expressway Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.


Chengdu Expressway Co Beneish M-Score Related Terms

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Chengdu Expressway Co Business Description

Traded in Other Exchanges
N/A
Address
No. 66 Shenghe 1st Road, 9th Floor, Chengnan Tianfu Building, High-Tech Zone, Sichuan, Chengdu, CHN
Chengdu Expressway Co Ltd is principally engaged in the operation, management and development of expressways located in and around Chengdu, Sichuan Province. Meanwhile, the Group also carries out retail of refined oil and operation of CNG. It operates in two reportable segments the Expressway segment segment comprises the construction, operation and maintenance of toll expressways located in Sichuan province; and the Energy Investment segment comprises the operation of petrol stations and a gas station and sales of refined oil and compressed natural gas. It derives majority of the revenue from Expressway segment.
Executives
Cheng Du Tian Fu Xin Qu Tou Zi Ji Tuan You Xian Gong Si 2201 Interest of corporation controlled by you
Cheng Du Tian Fu Zi Ben Tou Zi You Xian Gong Si 2305 Beneficiary of a trust
Fu Guo Ji Jin Guan Li You Xian Gong Si 2102 Investment manager
Guang Dong Sheng Jiao Tong Ji Tuan You Xian Gong Si 2201 Interest of corporation controlled by you
Xin Yue You Xian Gong Si 2101 Beneficial owner
Cheng Du Shi Xie Cheng Zi Chan Guan Li You Xian Ze Ren Gong Si 2201 Interest of corporation controlled by you
Cheng Du Gui Dao Jiao Tong Ji Tuan You Xian Gong Si 2201 Interest of corporation controlled by you
Cheng Du Cheng Jian Tou Zi Guan Li Ji Tuan You Xian Ze Ren Gong Si 2101 Beneficial owner
Cheng Du Huan Jing Tou Zi Ji Tuan You Xian Gong Si 2101 Beneficial owner
Cheng Du Chan Ye Tou Zi Ji Tuan You Xian Gong Si 2201 Interest of corporation controlled by you
Cheng Du Xian Jin Zhi Zao Chan Ye Tou Zi You Xian Gong Si 2101 Beneficial owner
Cheng Du Gui Dao Chan Ye Tou Zi You Xian Gong Si 2101 Beneficial owner
Cheng Du Jiao Zi Jin Rong Kong Gu Ji Tuan You Xian Gong Si Qian Cheng Cheng Du Jin Rong Kong Gu Ji T 2101 Beneficial owner

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