Huayu Expressway Group Beneish M-Score Historical Data
The historical data trend for Huayu Expressway 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.
Huayu Expressway Group Beneish M-Score Chart
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Huayu Expressway Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-1.74 |
-2.80 |
-3.73 |
1.97 |
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Huayu Expressway Group Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
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Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.80 |
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-3.73 |
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1.97 |
Competitive Comparison of Huayu Expressway Group's Beneish M-Score
For the Infrastructure Operations subindustry, Huayu Expressway 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.
Huayu Expressway Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Huayu Expressway Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huayu Expressway Group's Beneish M-Score falls into.
Huayu Expressway 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 Huayu Expressway 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 * 3.5256 | + | 0.528 * 1.0335 | + | 0.404 * 1.8833 | + | 0.892 * 0.9728 | + | 0.115 * 5.9913 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3713 | + | 4.679 * 0.212824 | - | 0.327 * 0.17 |
| = | 1.97 |
* 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$110.3 Mil.
Revenue was HK$445.3 Mil.
Gross Profit was HK$125.8 Mil.
Total Current Assets was HK$787.5 Mil.
Total Assets was HK$1,366.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$269.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$42.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$81.2 Mil.
Total Current Liabilities was HK$136.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.6 Mil.
Net Income was HK$360.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$69.5 Mil.
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Total Receivables was HK$32.2 Mil.
Revenue was HK$457.7 Mil.
Gross Profit was HK$133.7 Mil.
Total Current Assets was HK$1,905.7 Mil.
Total Assets was HK$2,184.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$15.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$71.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$60.9 Mil.
Total Current Liabilities was HK$1,287.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.3 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) |
| = | (110.328 / 445.282) | / | (32.168 / 457.726) |
| = | 0.247771 | / | 0.070278 |
| | = | 3.5256 |
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) |
| = | (133.654 / 457.726) | / | (125.8 / 445.282) |
| = | 0.291996 | / | 0.282518 |
| | = | 1.0335 |
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 - (787.535 + 269.326) / 1366.381) | / | (1 - (1905.676 + 15.844) / 2184.24) |
| = | 0.226525 | / | 0.12028 |
| | = | 1.8833 |
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 |
| = | 445.282 | / | 457.726 |
| | = | 0.9728 |
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)) |
| = | (71.543 / (71.543 + 15.844)) | / | (42.627 / (42.627 + 269.326)) |
| = | 0.818692 | / | 0.136646 |
| | = | 5.9913 |
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) |
| = | (81.246 / 445.282) | / | (60.905 / 457.726) |
| = | 0.18246 | / | 0.13306 |
| | = | 1.3713 |
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) |
| = | ((0.613 + 136.337) / 1366.381) | / | ((0.294 + 1287.191) / 2184.24) |
| = | 0.100228 | / | 0.589443 |
| | = | 0.17 |
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 |
| = | (360.326 - 0 | - | 69.527) | / | 1366.381 |
| | = | 0.212824 |
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.
Huayu Expressway Group has a M-score of 1.97 signals that the company is likely to be a manipulator.
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