BAIC Motor Beneish M-Score Historical Data
The historical data trend for BAIC Motor'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.
BAIC Motor Beneish M-Score Chart
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BAIC Motor Annual Data
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BAIC Motor Semi-Annual Data
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-2.23 |
Competitive Comparison of BAIC Motor's Beneish M-Score
For the Auto Manufacturers subindustry, BAIC Motor'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.
BAIC Motor's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, BAIC Motor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BAIC Motor's Beneish M-Score falls into.
BAIC Motor 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 BAIC Motor 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 * 1.268 | + | 0.528 * 1.098 | + | 0.404 * 1.0008 | + | 0.892 * 1.018 | + | 0.115 * 0.9772 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9877 | + | 4.679 * -0.125759 | - | 0.327 * 0.9688 |
| = | -2.74 |
* 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$26,020 Mil.
Revenue was HK$216,513 Mil.
Gross Profit was HK$43,828 Mil.
Total Current Assets was HK$88,477 Mil.
Total Assets was HK$184,546 Mil.
Property, Plant and Equipment(Net PPE) was HK$51,502 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9,657 Mil.
Selling, General, & Admin. Expense(SGA) was HK$18,543 Mil.
Total Current Liabilities was HK$83,623 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7,220 Mil.
Net Income was HK$3,315 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$26,523 Mil.
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Total Receivables was HK$20,158 Mil.
Revenue was HK$212,692 Mil.
Gross Profit was HK$47,275 Mil.
Total Current Assets was HK$92,079 Mil.
Total Assets was HK$193,611 Mil.
Property, Plant and Equipment(Net PPE) was HK$54,815 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10,002 Mil.
Selling, General, & Admin. Expense(SGA) was HK$18,442 Mil.
Total Current Liabilities was HK$88,608 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,771 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) |
| = | (26019.794 / 216512.63) | / | (20158.277 / 212692.373) |
| = | 0.120177 | / | 0.094777 |
| | = | 1.268 |
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) |
| = | (47275.232 / 212692.373) | / | (43828.225 / 216512.63) |
| = | 0.22227 | / | 0.202428 |
| | = | 1.098 |
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 - (88476.647 + 51501.944) / 184545.822) | / | (1 - (92078.531 + 54815.132) / 193610.908) |
| = | 0.241497 | / | 0.241294 |
| | = | 1.0008 |
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 |
| = | 216512.63 | / | 212692.373 |
| | = | 1.018 |
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)) |
| = | (10001.823 / (10001.823 + 54815.132)) | / | (9657.486 / (9657.486 + 51501.944)) |
| = | 0.154309 | / | 0.157907 |
| | = | 0.9772 |
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) |
| = | (18542.886 / 216512.63) | / | (18442.239 / 212692.373) |
| = | 0.085643 | / | 0.086709 |
| | = | 0.9877 |
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) |
| = | ((7219.793 + 83623.182) / 184545.822) | / | ((9771.174 + 88608.288) / 193610.908) |
| = | 0.492252 | / | 0.50813 |
| | = | 0.9688 |
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 |
| = | (3314.528 - 0 | - | 26522.892) | / | 184545.822 |
| | = | -0.125759 |
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.
BAIC Motor has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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