China Yangtze Power Co (LSE:78TK) Beneish M-Score: -2.75 (As of Jun. 28, 2026)


What is China Yangtze Power Co Beneish M-Score?

China Yangtze Power Co LSE:78TK 79 Beneish M-Score is -2.75 as of Jun. 28, 2026. GuruFocus rates LSE:78TK with a GF Score™ of 79/100. The stock has 5 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, China Yangtze Power Co ranks better than 65.13% on this metric.

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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Yangtze Power Co's Beneish M-Score or its related term are showing as below:

LSE:78TK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -2.53   Max: 27.52
Current: -2.75

During the past 13 years, the highest Beneish M-Score of China Yangtze Power Co was 27.52. The lowest was -3.44. And the median was -2.53.

China Yangtze Power Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Yangtze Power 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.

China Yangtze Power Co Beneish M-Score Chart

China Yangtze Power Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.44 -1.05 -3.09 -2.62 -2.87

China Yangtze Power Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.53 -2.72 -2.50 -2.87 -2.75

China Yangtze Power Co Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, China Yangtze Power 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.

China Yangtze Power Co Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, China Yangtze Power Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Yangtze Power Co's Beneish M-Score falls into.


China Yangtze Power 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 China Yangtze Power 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 * 0.9109+0.528 * 0.9672+0.404 * 1.036+0.892 * 1.0352+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8859+4.679 * -0.04236-0.327 * 0.9581
=-2.70

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $1,270.60 Mil.
Revenue was 2627.87 + 2910.702 + 4077.163 + 2741.119 = $12,356.85 Mil.
Gross Profit was 1462.313 + 1719.501 + 2874.666 + 1612.932 = $7,669.41 Mil.
Total Current Assets was $2,659.04 Mil.
Total Assets was $81,541.26 Mil.
Property, Plant and Equipment(Net PPE) was $62,386.23 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $76.25 Mil.
Total Current Liabilities was $17,643.52 Mil.
Long-Term Debt & Capital Lease Obligation was $28,442.67 Mil.
Net Income was 980.979 + 895.89 + 2124.871 + 1096.815 = $5,098.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1699.143 + 2508.478 + 2653.756 + 1691.262 = $8,552.64 Mil.
 Total Receivables was $1,347.35 Mil.
Revenue was 2347.162 + 2494.429 + 4450.662 + 2643.947 = $11,936.20 Mil.
Gross Profit was 1243.449 + 1287.603 + 3158.015 + 1476.094 = $7,165.16 Mil.
Total Current Assets was $2,360.48 Mil.
Total Assets was $77,810.40 Mil.
Property, Plant and Equipment(Net PPE) was $60,255.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $83.14 Mil.
Total Current Liabilities was $27,805.33 Mil.
Long-Term Debt & Capital Lease Obligation was $18,093.47 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)
=(1270.596 / 12356.854) / (1347.347 / 11936.2)
=0.102825 / 0.112879
=0.9109

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)
=(7165.161 / 11936.2) / (7669.412 / 12356.854)
=0.600288 / 0.620661
=0.9672

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 - (2659.043 + 62386.226) / 81541.258) / (1 - (2360.475 + 60255.492) / 77810.401)
=0.202302 / 0.195275
=1.036

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
=12356.854 / 11936.2
=1.0352

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 + 60255.492)) / (0 / (0 + 62386.226))
=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)
=(76.248 / 12356.854) / (83.142 / 11936.2)
=0.006171 / 0.006966
=0.8859

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)
=((28442.671 + 17643.523) / 81541.258) / ((18093.473 + 27805.326) / 77810.401)
=0.565189 / 0.58988
=0.9581

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
=(5098.555 - 0 - 8552.639) / 81541.258
=-0.04236

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 Yangtze Power Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.75 mean?
China Yangtze Power Co (LSE:78TK) has a Beneish M-Score of -2.75 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Yangtze Power Co and its competitors. According to the industry distribution chart, China Yangtze Power Co ranks #136 out of 390 companies in the Utilities - Independent Power Producers industry, placing it in the top 34.9%.
Is China Yangtze Power Co's Beneish M-Score too high?
China Yangtze Power Co's current Beneish M-Score is -2.75. Based on the distribution chart, China Yangtze Power Co ranks #136 out of 390 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, China Yangtze Power Co has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does China Yangtze Power Co's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, China Yangtze Power Co ranks #136 out of 390 companies for Beneish M-Score. This puts China Yangtze Power Co in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Yangtze Power Co and its competitors. China Yangtze Power Co's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Yangtze Power Co stock overvalued right now?
China Yangtze Power Co (LSE:78TK) has a current Beneish M-Score of -2.75. The current Beneish M-Score is -2.75. China Yangtze Power Co's overall GF Score™ is 79/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For China Yangtze Power Co (LSE:78TK), the current Beneish M-Score is -2.75 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

China Yangtze Power Co Business Description

Address No. 88 Sanyang Road, Jiang\'an District, Hubei Province, Wuhan City, CHN, 430014
China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba.