Meituan Beneish M-Score Historical Data
The historical data trend for Meituan'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.
Meituan Beneish M-Score Chart
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Meituan Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.61 |
-2.66 |
-2.98 |
-3.41 |
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Meituan Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.98 |
-2.88 |
-2.96 |
-2.71 |
-3.41 |
Competitive Comparison of Meituan's Beneish M-Score
For the Internet Retail subindustry, Meituan'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.
Meituan's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Meituan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Meituan's Beneish M-Score falls into.
Meituan 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 Meituan 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 * 0.1855 | + | 0.528 * 0.9132 | + | 0.404 * 0.9171 | + | 0.892 * 1.2039 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9019 | + | 4.679 * -0.066251 | - | 0.327 * 0.9717 |
| = | -3.41 |
* 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$2,833 Mil.
Revenue was 94475.414 + 103032.913 + 88546.861 + 79599.7 = HK$365,655 Mil.
Gross Profit was 35707.381 + 40467.686 + 36483.891 + 27914.406 = HK$140,573 Mil.
Total Current Assets was HK$223,928 Mil.
Total Assets was HK$346,305 Mil.
Property, Plant and Equipment(Net PPE) was HK$32,285 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$80,909 Mil.
Total Current Liabilities was HK$115,240 Mil.
Long-Term Debt & Capital Lease Obligation was HK$45,183 Mil.
Net Income was 6643.11 + 14164.623 + 12220.837 + 5831.851 = HK$38,860 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 18003.504 + 16786.606 + 20515.297 + 6497.931 = HK$61,803 Mil.
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Total Receivables was HK$12,683 Mil.
Revenue was 80607.075 + 82026.498 + 74338.384 + 66765.002 = HK$303,737 Mil.
Gross Profit was 27337.186 + 28944.17 + 27779.844 + 22571.946 = HK$106,633 Mil.
Total Current Assets was HK$200,289 Mil.
Total Assets was HK$320,510 Mil.
Property, Plant and Equipment(Net PPE) was HK$29,304 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$74,517 Mil.
Total Current Liabilities was HK$110,334 Mil.
Long-Term Debt & Capital Lease Obligation was HK$42,460 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) |
| = | (2832.583 / 365654.888) | / | (12682.539 / 303736.959) |
| = | 0.007747 | / | 0.041755 |
| | = | 0.1855 |
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) |
| = | (106633.146 / 303736.959) | / | (140573.364 / 365654.888) |
| = | 0.351071 | / | 0.384443 |
| | = | 0.9132 |
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 - (223928.052 + 32285.103) / 346304.684) | / | (1 - (200288.61 + 29303.687) / 320509.624) |
| = | 0.260151 | / | 0.283665 |
| | = | 0.9171 |
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 |
| = | 365654.888 | / | 303736.959 |
| | = | 1.2039 |
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)) |
| = | (0 / (0 + 29303.687)) | / | (0 / (0 + 32285.103)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (80909.416 / 365654.888) | / | (74517.249 / 303736.959) |
| = | 0.221273 | / | 0.245335 |
| | = | 0.9019 |
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) |
| = | ((45182.697 + 115239.868) / 346304.684) | / | ((42459.754 + 110333.955) / 320509.624) |
| = | 0.463241 | / | 0.476721 |
| | = | 0.9717 |
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 |
| = | (38860.421 - 0 | - | 61803.338) | / | 346304.684 |
| | = | -0.066251 |
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.
Meituan has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.
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