China Television Media Beneish M-Score Historical Data
The historical data trend for China Television Media'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 Television Media Beneish M-Score Chart
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China Television Media Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.13 |
-5.66 |
-2.81 |
7.23 |
-2.48 |
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China Television Media Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.47 |
-2.48 |
-2.11 |
-3.16 |
-1.83 |
Competitive Comparison of China Television Media's Beneish M-Score
For the Entertainment subindustry, China Television Media'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 Television Media's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, China Television Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Television Media's Beneish M-Score falls into.
China Television Media 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 Television Media 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 * 1.5519 | + | 0.528 * 1.1137 | + | 0.404 * 1.0558 | + | 0.892 * 0.9877 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1269 | + | 4.679 * 0.012076 | - | 0.327 * 0.9032 |
| = | -1.83 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥45 Mil.
Revenue was 164.956 + 148.161 + 108.614 + 664.411 = ¥1,086 Mil.
Gross Profit was 10.555 + 42.953 + 17.745 + 55.794 = ¥127 Mil.
Total Current Assets was ¥800 Mil.
Total Assets was ¥1,813 Mil.
Property, Plant and Equipment(Net PPE) was ¥383 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥84 Mil.
Total Current Liabilities was ¥301 Mil.
Long-Term Debt & Capital Lease Obligation was ¥78 Mil.
Net Income was 129.073 + -28.819 + 10.384 + -70.936 = ¥40 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -49.889 + 3.797 + -139.061 + 202.96 = ¥18 Mil.
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Total Receivables was ¥30 Mil.
Revenue was 145.542 + 153.809 + 151.143 + 649.134 = ¥1,100 Mil.
Gross Profit was 23.193 + 50.787 + 20.865 + 48.406 = ¥143 Mil.
Total Current Assets was ¥794 Mil.
Total Assets was ¥1,803 Mil.
Property, Plant and Equipment(Net PPE) was ¥415 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥76 Mil.
Total Current Liabilities was ¥332 Mil.
Long-Term Debt & Capital Lease Obligation was ¥86 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) |
| = | (45.25 / 1086.142) | / | (29.52 / 1099.628) |
| = | 0.041661 | / | 0.026845 |
| | = | 1.5519 |
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) |
| = | (143.251 / 1099.628) | / | (127.047 / 1086.142) |
| = | 0.130272 | / | 0.116971 |
| | = | 1.1137 |
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 - (799.539 + 382.511) / 1813.166) | / | (1 - (793.804 + 414.832) / 1803.028) |
| = | 0.348074 | / | 0.329663 |
| | = | 1.0558 |
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 |
| = | 1086.142 | / | 1099.628 |
| | = | 0.9877 |
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 + 414.832)) | / | (0 / (0 + 382.511)) |
| = | 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) |
| = | (84.384 / 1086.142) | / | (75.813 / 1099.628) |
| = | 0.077691 | / | 0.068944 |
| | = | 1.1269 |
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) |
| = | ((78.121 + 301.43) / 1813.166) | / | ((85.817 + 332.043) / 1803.028) |
| = | 0.209331 | / | 0.231755 |
| | = | 0.9032 |
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 |
| = | (39.702 - 0 | - | 17.807) | / | 1813.166 |
| | = | 0.012076 |
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 Television Media has a M-score of -1.83 suggests that the company is unlikely to be a manipulator.
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