ANE (Cayman) Beneish M-Score Historical Data
The historical data trend for ANE (Cayman)'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.
ANE (Cayman) Beneish M-Score Chart
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ANE (Cayman) Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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3.92 |
-4.32 |
-4.23 |
-3.52 |
-3.69 |
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ANE (Cayman) Semi-Annual Data
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Dec18 |
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
Jun25 |
| Beneish M-Score |
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0.00 |
-3.52 |
0.00 |
-3.69 |
0.00 |
HKSE:09956 vs ODFL, XPO, SAIA: Beneish M-Score Comparison
For the Trucking subindustry, ANE (Cayman)'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.
ANE (Cayman) Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, ANE (Cayman)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ANE (Cayman)'s Beneish M-Score falls into.
ANE (Cayman) 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 ANE (Cayman) 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 * 0.9046 | + | 0.528 * 0.8037 | + | 0.404 * 0.6453 | + | 0.892 * 1.1394 | + | 0.115 * 1.067 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9276 | + | 4.679 * -0.22174 | - | 0.327 * 0.931 |
| = | -3.69 |
* 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$929 Mil.
Revenue was HK$12,359 Mil.
Gross Profit was HK$1,966 Mil.
Total Current Assets was HK$4,108 Mil.
Total Assets was HK$6,651 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,250 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$920 Mil.
Selling, General, & Admin. Expense(SGA) was HK$895 Mil.
Total Current Liabilities was HK$2,259 Mil.
Long-Term Debt & Capital Lease Obligation was HK$745 Mil.
Net Income was HK$800 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,275 Mil.
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Total Receivables was HK$901 Mil.
Revenue was HK$10,847 Mil.
Gross Profit was HK$1,387 Mil.
Total Current Assets was HK$3,409 Mil.
Total Assets was HK$6,319 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,479 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,111 Mil.
Selling, General, & Admin. Expense(SGA) was HK$846 Mil.
Total Current Liabilities was HK$2,359 Mil.
Long-Term Debt & Capital Lease Obligation was HK$707 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) |
| = | (928.672 / 12359.323) | / | (900.985 / 10846.895) |
| = | 0.075139 | / | 0.083064 |
| | = | 0.9046 |
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) |
| = | (1386.915 / 10846.895) | / | (1966.31 / 12359.323) |
| = | 0.127863 | / | 0.159095 |
| | = | 0.8037 |
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 - (4107.861 + 2250.414) / 6651.048) | / | (1 - (3408.56 + 2479.23) / 6318.82) |
| = | 0.044019 | / | 0.068214 |
| | = | 0.6453 |
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 |
| = | 12359.323 | / | 10846.895 |
| | = | 1.1394 |
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)) |
| = | (1111.474 / (1111.474 + 2479.23)) | / | (919.606 / (919.606 + 2250.414)) |
| = | 0.309542 | / | 0.290095 |
| | = | 1.067 |
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) |
| = | (894.515 / 12359.323) | / | (846.354 / 10846.895) |
| = | 0.072376 | / | 0.078027 |
| | = | 0.9276 |
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) |
| = | ((745.039 + 2259.331) / 6651.048) | / | ((706.989 + 2358.693) / 6318.82) |
| = | 0.451714 | / | 0.485167 |
| | = | 0.931 |
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 |
| = | (800.476 - 0 | - | 2275.282) | / | 6651.048 |
| | = | -0.22174 |
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.
ANE (Cayman) has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.
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