CMOC Group Beneish M-Score Historical Data
The historical data trend for CMOC 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.
CMOC Group Beneish M-Score Chart
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CMOC Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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2.05 |
-2.59 |
-2.25 |
-2.47 |
-2.75 |
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CMOC Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.23 |
-2.07 |
-2.47 |
-2.75 |
-2.84 |
Competitive Comparison of CMOC Group's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, CMOC 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.
CMOC Group's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, CMOC Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CMOC Group's Beneish M-Score falls into.
CMOC 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 CMOC 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 * 1.0347 | + | 0.528 * 0.5271 | + | 0.404 * 1.0485 | + | 0.892 * 1.0416 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2825 | + | 4.679 * -0.036012 | - | 0.327 * 0.9536 |
| = | -2.84 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $842 Mil.
Revenue was 6404.413 + 7644.986 + 6160.126 + 5926.598 = $26,136 Mil.
Gross Profit was 819.237 + 1241.144 + 757.278 + 269.579 = $3,087 Mil.
Total Current Assets was $12,216 Mil.
Total Assets was $24,661 Mil.
Property, Plant and Equipment(Net PPE) was $6,483 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $148 Mil.
Total Current Liabilities was $7,437 Mil.
Long-Term Debt & Capital Lease Obligation was $2,672 Mil.
Net Income was 287.675 + 813.226 + 238.421 + 53.903 = $1,393 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 760.65 + 762.195 + 183.319 + 575.158 = $2,281 Mil.
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Total Receivables was $781 Mil.
Revenue was 6426.376 + 5812.404 + 5798.378 + 7056.095 = $25,093 Mil.
Gross Profit was 260.004 + 395.642 + 262.236 + 644.498 = $1,562 Mil.
Total Current Assets was $11,956 Mil.
Total Assets was $23,655 Mil.
Property, Plant and Equipment(Net PPE) was $6,244 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $111 Mil.
Total Current Liabilities was $6,902 Mil.
Long-Term Debt & Capital Lease Obligation was $3,266 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) |
| = | (841.998 / 26136.123) | / | (781.294 / 25093.253) |
| = | 0.032216 | / | 0.031136 |
| | = | 1.0347 |
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) |
| = | (1562.38 / 25093.253) | / | (3087.238 / 26136.123) |
| = | 0.062263 | / | 0.118121 |
| | = | 0.5271 |
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 - (12215.54 + 6482.536) / 24660.812) | / | (1 - (11955.925 + 6243.915) / 23655.045) |
| = | 0.24179 | / | 0.230615 |
| | = | 1.0485 |
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 |
| = | 26136.123 | / | 25093.253 |
| | = | 1.0416 |
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 + 6243.915)) | / | (0 / (0 + 6482.536)) |
| = | 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) |
| = | (147.954 / 26136.123) | / | (110.773 / 25093.253) |
| = | 0.005661 | / | 0.004414 |
| | = | 1.2825 |
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) |
| = | ((2671.526 + 7436.733) / 24660.812) | / | ((3265.621 + 6901.875) / 23655.045) |
| = | 0.409892 | / | 0.429824 |
| | = | 0.9536 |
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 |
| = | (1393.225 - 0 | - | 2281.322) | / | 24660.812 |
| | = | -0.036012 |
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.
CMOC Group has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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