Changjiang & Jinggong Steel Building (Group) Co Beneish M-Score Historical Data
The historical data trend for Changjiang & Jinggong Steel Building (Group) 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.
Changjiang & Jinggong Steel Building (Group) Co Beneish M-Score Chart
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Changjiang & Jinggong Steel Building (Group) Co Annual Data
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Dec15 |
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Dec21 |
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Dec23 |
Dec24 |
| Beneish M-Score |
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-2.09 |
1.19 |
-2.22 |
-2.37 |
-2.47 |
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Changjiang & Jinggong Steel Building (Group) Co Quarterly Data
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Jun20 |
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Mar25 |
| Beneish M-Score |
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-2.50 |
-2.40 |
-2.50 |
-2.47 |
-2.42 |
Competitive Comparison of Changjiang & Jinggong Steel Building (Group) Co's Beneish M-Score
For the Engineering & Construction subindustry, Changjiang & Jinggong Steel Building (Group) 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.
Changjiang & Jinggong Steel Building (Group) Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Changjiang & Jinggong Steel Building (Group) Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Changjiang & Jinggong Steel Building (Group) Co's Beneish M-Score falls into.
Changjiang & Jinggong Steel Building (Group) 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 Changjiang & Jinggong Steel Building (Group) 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 * 0.9683 | + | 0.528 * 1.0312 | + | 0.404 * 0.7547 | + | 0.892 * 1.2283 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7985 | + | 4.679 * -0.013172 | - | 0.327 * 1.0226 |
| = | -2.42 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥12,913 Mil.
Revenue was 4819.516 + 6445.665 + 4392.138 + 4240.08 = ¥19,897 Mil.
Gross Profit was 441.553 + 768.388 + 589.689 + 595.132 = ¥2,395 Mil.
Total Current Assets was ¥20,971 Mil.
Total Assets was ¥25,042 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,576 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥187 Mil.
Total Current Liabilities was ¥13,584 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,322 Mil.
Net Income was 124.143 + 36.185 + 202.426 + 175.582 = ¥538 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 365.986 + 543.047 + 6.414 + -47.264 = ¥868 Mil.
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Total Receivables was ¥10,858 Mil.
Revenue was 3414.176 + 4952.645 + 3829.758 + 4002.883 = ¥16,199 Mil.
Gross Profit was 388.093 + 550.377 + 501.65 + 570.351 = ¥2,010 Mil.
Total Current Assets was ¥18,330 Mil.
Total Assets was ¥22,961 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,601 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥190 Mil.
Total Current Liabilities was ¥12,002 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,261 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) |
| = | (12913.167 / 19897.399) | / | (10857.773 / 16199.462) |
| = | 0.648988 | / | 0.670255 |
| | = | 0.9683 |
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) |
| = | (2010.471 / 16199.462) | / | (2394.762 / 19897.399) |
| = | 0.124107 | / | 0.120356 |
| | = | 1.0312 |
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 - (20971.234 + 1576.205) / 25041.695) | / | (1 - (18329.912 + 1600.756) / 22960.891) |
| = | 0.099604 | / | 0.131973 |
| | = | 0.7547 |
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 |
| = | 19897.399 | / | 16199.462 |
| | = | 1.2283 |
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 + 1600.756)) | / | (0 / (0 + 1576.205)) |
| = | 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) |
| = | (186.574 / 19897.399) | / | (190.226 / 16199.462) |
| = | 0.009377 | / | 0.011743 |
| | = | 0.7985 |
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) |
| = | ((2322.375 + 13584.215) / 25041.695) | / | ((2260.623 + 12001.665) / 22960.891) |
| = | 0.635204 | / | 0.621156 |
| | = | 1.0226 |
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 |
| = | (538.336 - 0 | - | 868.183) | / | 25041.695 |
| | = | -0.013172 |
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.
Changjiang & Jinggong Steel Building (Group) Co has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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