China Aoyuan Group Beneish M-Score Historical Data
The historical data trend for China Aoyuan 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.
China Aoyuan Group Beneish M-Score Chart
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China Aoyuan Group Annual Data
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Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.27 |
-4.06 |
-5.43 |
-3.54 |
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China Aoyuan Group Semi-Annual Data
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Dec24 |
| Beneish M-Score |
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-5.43 |
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-3.54 |
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Competitive Comparison of China Aoyuan Group's Beneish M-Score
For the Real Estate - Development subindustry, China Aoyuan 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.
China Aoyuan Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, China Aoyuan Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Aoyuan Group's Beneish M-Score falls into.
China Aoyuan 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 China Aoyuan 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 * 0.6143 | + | 0.528 * -0.8512 | + | 0.404 * 1.0093 | + | 0.892 * 1.4413 | + | 0.115 * 1.2827 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.585 | + | 4.679 * -0.044739 | - | 0.327 * 1.0615 |
| = | -3.54 |
* 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$45,566 Mil.
Revenue was HK$30,115 Mil.
Gross Profit was HK$-1,590 Mil.
Total Current Assets was HK$194,486 Mil.
Total Assets was HK$218,068 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,368 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$433 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,378 Mil.
Total Current Liabilities was HK$232,869 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13,984 Mil.
Net Income was HK$-10,428 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-672 Mil.
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Total Receivables was HK$51,465 Mil.
Revenue was HK$20,895 Mil.
Gross Profit was HK$939 Mil.
Total Current Assets was HK$233,800 Mil.
Total Assets was HK$261,787 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,133 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$672 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4,006 Mil.
Total Current Liabilities was HK$267,156 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,022 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) |
| = | (45565.824 / 30115.36) | / | (51465.339 / 20894.929) |
| = | 1.513043 | / | 2.463054 |
| | = | 0.6143 |
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) |
| = | (939.025 / 20894.929) | / | (-1590.039 / 30115.36) |
| = | 0.04494 | / | -0.052798 |
| | = | -0.8512 |
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 - (194485.935 + 4368.325) / 218068.324) | / | (1 - (233800.454 + 5133.344) / 261786.836) |
| = | 0.08811 | / | 0.087296 |
| | = | 1.0093 |
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 |
| = | 30115.36 | / | 20894.929 |
| | = | 1.4413 |
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)) |
| = | (671.927 / (671.927 + 5133.344)) | / | (433.285 / (433.285 + 4368.325)) |
| = | 0.115744 | / | 0.090237 |
| | = | 1.2827 |
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) |
| = | (3378.126 / 30115.36) | / | (4006.282 / 20894.929) |
| = | 0.112173 | / | 0.191735 |
| | = | 0.585 |
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) |
| = | ((13984.345 + 232868.969) / 218068.324) | / | ((12022.095 + 267155.76) / 261786.836) |
| = | 1.132 | / | 1.066432 |
| | = | 1.0615 |
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 |
| = | (-10427.613 - 0 | - | -671.512) | / | 218068.324 |
| | = | -0.044739 |
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.
China Aoyuan Group has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.
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