Xiamen C & D Beneish M-Score Historical Data
The historical data trend for Xiamen C & D'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.
Xiamen C & D Beneish M-Score Chart
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Xiamen C & D Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.25 |
-1.62 |
-2.30 |
-1.97 |
-2.56 |
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Xiamen C & D Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.97 |
-1.97 |
-1.98 |
-2.52 |
-2.56 |
Competitive Comparison of Xiamen C & D's Beneish M-Score
For the Specialty Business Services subindustry, Xiamen C & D'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.
Xiamen C & D's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Xiamen C & D's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xiamen C & D's Beneish M-Score falls into.
Xiamen C & D 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 Xiamen C & D 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 * 1.1682 | + | 0.528 * 0.7416 | + | 0.404 * 1.0613 | + | 0.892 * 0.9183 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0431 | + | 4.679 * -0.010767 | - | 0.327 * 0.9629 |
| = | -2.56 |
* 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 ¥101,491 Mil.
Revenue was 199159.874 + 183121.711 + 187677.212 + 131337.299 = ¥701,296 Mil.
Gross Profit was 19255.837 + 6697.181 + 10057.638 + 5186.772 = ¥41,197 Mil.
Total Current Assets was ¥577,515 Mil.
Total Assets was ¥767,867 Mil.
Property, Plant and Equipment(Net PPE) was ¥12,874 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥7,718 Mil.
Total Current Liabilities was ¥396,977 Mil.
Long-Term Debt & Capital Lease Obligation was ¥112,109 Mil.
Net Income was 887.603 + 859.364 + 594.951 + 603.89 = ¥2,946 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 25325.851 + 7999.771 + 24402.539 + -46515.018 = ¥11,213 Mil.
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Total Receivables was ¥94,608 Mil.
Revenue was 164974.046 + 215277.663 + 215961.713 + 167464.733 = ¥763,678 Mil.
Gross Profit was 15023.498 + 7471.701 + 6736.599 + 4038.614 = ¥33,270 Mil.
Total Current Assets was ¥629,798 Mil.
Total Assets was ¥820,852 Mil.
Property, Plant and Equipment(Net PPE) was ¥12,294 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥8,057 Mil.
Total Current Liabilities was ¥457,048 Mil.
Long-Term Debt & Capital Lease Obligation was ¥108,145 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) |
| = | (101490.555 / 701296.096) | / | (94608.254 / 763678.155) |
| = | 0.144719 | / | 0.123885 |
| | = | 1.1682 |
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) |
| = | (33270.412 / 763678.155) | / | (41197.428 / 701296.096) |
| = | 0.043566 | / | 0.058745 |
| | = | 0.7416 |
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 - (577515.196 + 12873.707) / 767867.23) | / | (1 - (629798.444 + 12293.803) / 820851.869) |
| = | 0.231132 | / | 0.217773 |
| | = | 1.0613 |
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 |
| = | 701296.096 | / | 763678.155 |
| | = | 0.9183 |
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 + 12293.803)) | / | (0 / (0 + 12873.707)) |
| = | 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) |
| = | (7717.579 / 701296.096) | / | (8056.9 / 763678.155) |
| = | 0.011005 | / | 0.01055 |
| | = | 1.0431 |
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) |
| = | ((112109.423 + 396976.869) / 767867.23) | / | ((108145.136 + 457047.506) / 820851.869) |
| = | 0.662987 | / | 0.688544 |
| | = | 0.9629 |
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 |
| = | (2945.808 - 0 | - | 11213.143) | / | 767867.23 |
| | = | -0.010767 |
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.
Xiamen C & D has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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