Chia Tai Enterprises International (HKSE:03839) Beneish M-Score : -1.80 (As of Apr. 10, 2025)

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What is Chia Tai Enterprises International 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Chia Tai Enterprises International's Beneish M-Score or its related term are showing as below:

HKSE:03839' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.22 Max: -1.43
Current: -1.8

During the past 11 years, the highest Beneish M-Score of Chia Tai Enterprises International was -1.43. The lowest was -2.76. And the median was -2.22.

Chia Tai Enterprises International Beneish M-Score Historical Data

The historical data trend for Chia Tai Enterprises International'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.

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Chia Tai Enterprises International Beneish M-Score Chart

Chia Tai Enterprises International Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.36

-1.43

-2.48

-1.80

Chia Tai Enterprises International Quarterly Data
	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.80	-	-	-	-

Competitive Comparison of Chia Tai Enterprises International's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Chia Tai Enterprises International'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.

Chia Tai Enterprises International's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Chia Tai Enterprises International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chia Tai Enterprises International's Beneish M-Score falls into.

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Chia Tai Enterprises International 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 Chia Tai Enterprises International for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3494

0.528 * 1.268

0.404 * 0.9215

0.892 * 1.096

0.115 * 1.1005

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0218

4.679 * 0.049328

0.327 * 1.246

-1.80

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$607 Mil.
Revenue was HK$1,359 Mil.
Gross Profit was HK$264 Mil.
Total Current Assets was HK$1,211 Mil.
Total Assets was HK$2,947 Mil.
Property, Plant and Equipment(Net PPE) was HK$749 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$50 Mil.
Selling, General, & Admin. Expense(SGA) was HK$299 Mil.
Total Current Liabilities was HK$782 Mil.
Long-Term Debt & Capital Lease Obligation was HK$157 Mil.
Net Income was HK$20 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-125 Mil.

Total Receivables was HK$411 Mil.
Revenue was HK$1,240 Mil.
Gross Profit was HK$305 Mil.
Total Current Assets was HK$1,007 Mil.
Total Assets was HK$2,729 Mil.
Property, Plant and Equipment(Net PPE) was HK$731 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$54 Mil.
Selling, General, & Admin. Expense(SGA) was HK$267 Mil.
Total Current Liabilities was HK$602 Mil.
Long-Term Debt & Capital Lease Obligation was HK$95 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)
	=	(607.11 / 1358.741)	/	(410.516 / 1239.739)
	=	0.446818	/	0.331131
	=	1.3494

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)
	=	(305.102 / 1239.739)	/	(263.706 / 1358.741)
	=	0.246102	/	0.194081
	=	1.268

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 - (1210.777 + 749.358) / 2947.215)	/	(1 - (1006.823 + 730.636) / 2729.444)
	=	0.33492	/	0.363438
	=	0.9215

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
	=	1358.741	/	1239.739
	=	1.096

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))
	=	(53.914 / (53.914 + 730.636))	/	(49.912 / (49.912 + 749.358))
	=	0.06872	/	0.062447
	=	1.1005

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)
	=	(299.123 / 1358.741)	/	(267.109 / 1239.739)
	=	0.220147	/	0.215456
	=	1.0218

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)
	=	((156.586 + 781.667) / 2947.215)	/	((95.433 + 601.92) / 2729.444)
	=	0.318352	/	0.255493
	=	1.246

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
	=	(19.938 - 0	-	-125.441)	/	2947.215
	=	0.049328

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.

Chia Tai Enterprises International has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.

Chia Tai Enterprises International Beneish M-Score Related Terms

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Chia Tai Enterprises International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Chia Tai Enterprises International Ltd (HKSE:03839) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

16 Harcourt Road, 21st Floor, Far East Finance Centre, Hong Kong, HKG

Website

http://www.ctei.com.hk

Chia Tai Enterprises International Ltd is engaged in the manufacture and sale of chlortetracycline (CTC) and animal health products. The company's operating segment includes Biochemical operations and Industrial operations. It generates maximum revenue from the Biochemical operations segment, which is engaged in the manufacture and sale of chlortetracycline and animal health products. The Industrial segment is into trading of machinery and the manufacture and sale of automotive parts through the group's joint venture and associate. Its geographical segments are Mainland China which generates key revenue, Asia Pacific (excluding mainland China), Americas, Europe, and Others.

Chia Tai Enterprises International Headlines

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