Changyuan Technology Group Beneish M-Score Historical Data
The historical data trend for Changyuan Technology 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.
Changyuan Technology Group Beneish M-Score Chart
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Changyuan Technology Group Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.20 |
-2.55 |
-3.17 |
-2.24 |
-2.72 |
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Changyuan Technology Group Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Mar21 |
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Mar22 |
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Sep24 |
| Beneish M-Score |
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-2.39 |
-2.72 |
-2.75 |
-2.90 |
-2.88 |
Competitive Comparison of Changyuan Technology Group's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Changyuan Technology 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.
Changyuan Technology Group's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Changyuan Technology Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Changyuan Technology Group's Beneish M-Score falls into.
Changyuan Technology 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 Changyuan Technology 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 * 1.0053 | + | 0.528 * 0.9818 | + | 0.404 * 0.9471 | + | 0.892 * 0.9954 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0218 | + | 4.679 * -0.074683 | - | 0.327 * 1.059 |
| = | -2.88 |
* 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 ¥4,085 Mil.
Revenue was 2010.658 + 1851.96 + 1649.393 + 2622.305 = ¥8,134 Mil.
Gross Profit was 759.884 + 617.4 + 612.592 + 956.194 = ¥2,946 Mil.
Total Current Assets was ¥10,526 Mil.
Total Assets was ¥17,327 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,288 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥919 Mil.
Total Current Liabilities was ¥10,899 Mil.
Long-Term Debt & Capital Lease Obligation was ¥735 Mil.
Net Income was -12.268 + -62.429 + 15.444 + -15.884 = ¥-75 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 198.357 + -87.304 + -148.357 + 1256.224 = ¥1,219 Mil.
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Total Receivables was ¥4,082 Mil.
Revenue was 1993.438 + 2078.217 + 1792.32 + 2308.185 = ¥8,172 Mil.
Gross Profit was 780.701 + 702.809 + 620.824 + 801.432 = ¥2,906 Mil.
Total Current Assets was ¥9,534 Mil.
Total Assets was ¥16,047 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,122 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥903 Mil.
Total Current Liabilities was ¥9,537 Mil.
Long-Term Debt & Capital Lease Obligation was ¥638 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) |
| = | (4084.707 / 8134.316) | / | (4082.023 / 8172.16) |
| = | 0.502157 | / | 0.499504 |
| | = | 1.0053 |
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) |
| = | (2905.766 / 8172.16) | / | (2946.07 / 8134.316) |
| = | 0.355569 | / | 0.362178 |
| | = | 0.9818 |
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 - (10526.235 + 1287.617) / 17327.258) | / | (1 - (9533.858 + 1121.52) / 16046.849) |
| = | 0.318193 | / | 0.335983 |
| | = | 0.9471 |
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 |
| = | 8134.316 | / | 8172.16 |
| | = | 0.9954 |
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 + 1121.52)) | / | (0 / (0 + 1287.617)) |
| = | 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) |
| = | (918.892 / 8134.316) | / | (903.494 / 8172.16) |
| = | 0.112965 | / | 0.110558 |
| | = | 1.0218 |
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) |
| = | ((735.358 + 10898.763) / 17327.258) | / | ((637.64 + 9536.568) / 16046.849) |
| = | 0.671435 | / | 0.634032 |
| | = | 1.059 |
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 |
| = | (-75.137 - 0 | - | 1218.92) | / | 17327.258 |
| | = | -0.074683 |
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.
Changyuan Technology Group has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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