AviChina Industry & Technology Co Beneish M-Score Historical Data
The historical data trend for AviChina Industry & Technology 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.
AviChina Industry & Technology Co Beneish M-Score Chart
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AviChina Industry & Technology Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.01 |
-2.14 |
-2.53 |
-2.08 |
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AviChina Industry & Technology Co Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
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Dec21 |
Jun22 |
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Jun23 |
Dec23 |
| Beneish M-Score |
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-2.14 |
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-2.53 |
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-2.08 |
Competitive Comparison of AviChina Industry & Technology Co's Beneish M-Score
For the Aerospace & Defense subindustry, AviChina Industry & Technology 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.
AviChina Industry & Technology Co's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, AviChina Industry & Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AviChina Industry & Technology Co's Beneish M-Score falls into.
AviChina Industry & Technology 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 AviChina Industry & Technology 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 * 1.0972 | + | 0.528 * 0.9501 | + | 0.404 * 0.9683 | + | 0.892 * 1.0536 | + | 0.115 * 1.0447 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.075 | + | 4.679 * 0.058222 | - | 0.327 * 0.9007 |
| = | -2.08 |
* 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$61,554 Mil.
Revenue was HK$92,670 Mil.
Gross Profit was HK$23,267 Mil.
Total Current Assets was HK$158,290 Mil.
Total Assets was HK$202,369 Mil.
Property, Plant and Equipment(Net PPE) was HK$30,223 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,052 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,818 Mil.
Total Current Liabilities was HK$93,558 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7,834 Mil.
Net Income was HK$7,316 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-4,466 Mil.
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Total Receivables was HK$53,244 Mil.
Revenue was HK$87,953 Mil.
Gross Profit was HK$20,982 Mil.
Total Current Assets was HK$157,378 Mil.
Total Assets was HK$200,028 Mil.
Property, Plant and Equipment(Net PPE) was HK$28,508 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,021 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,605 Mil.
Total Current Liabilities was HK$107,325 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,939 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) |
| = | (61554.253 / 92670.297) | / | (53243.779 / 87953.438) |
| = | 0.664229 | / | 0.605363 |
| | = | 1.0972 |
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) |
| = | (20981.938 / 87953.438) | / | (23267.191 / 92670.297) |
| = | 0.238557 | / | 0.251075 |
| | = | 0.9501 |
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 - (158290.284 + 30223.368) / 202368.996) | / | (1 - (157377.659 + 28507.59) / 200028.215) |
| = | 0.068466 | / | 0.070705 |
| | = | 0.9683 |
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 |
| = | 92670.297 | / | 87953.438 |
| | = | 1.0536 |
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)) |
| = | (3021.181 / (3021.181 + 28507.59)) | / | (3052.234 / (3052.234 + 30223.368)) |
| = | 0.095823 | / | 0.091726 |
| | = | 1.0447 |
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) |
| = | (1818.203 / 92670.297) | / | (1605.252 / 87953.438) |
| = | 0.01962 | / | 0.018251 |
| | = | 1.075 |
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) |
| = | ((7833.61 + 93557.825) / 202368.996) | / | ((3938.557 + 107324.649) / 200028.215) |
| = | 0.501023 | / | 0.556238 |
| | = | 0.9007 |
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 |
| = | (7315.829 - 0 | - | -4466.441) | / | 202368.996 |
| | = | 0.058222 |
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.
AviChina Industry & Technology Co has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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