Datang Huayin Electric Power Co Beneish M-Score Historical Data
The historical data trend for Datang Huayin Electric Power 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.
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Datang Huayin Electric Power Co Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.32 |
-2.86 |
-3.39 |
-3.27 |
17.24 |
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Datang Huayin Electric Power Co Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.11 |
17.24 |
7.37 |
247.16 |
-5.54 |
Competitive Comparison
For the Utilities - Regulated Electric subindustry, Datang Huayin Electric Power 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.
Datang Huayin Electric Power Co Beneish M-Score Distribution
For the Utilities - Regulated industry and Utilities sector, Datang Huayin Electric Power Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Datang Huayin Electric Power Co's Beneish M-Score falls into.
Datang Huayin Electric Power 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 Datang Huayin Electric Power 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 * 0.875 | + | 0.528 * -4.9933 | + | 0.404 * 1.3944 | + | 0.892 * 1.0254 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.1 | + | 4.679 * -0.033201 | - | 0.327 * 0.9745 |
| = | -5.54 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ¥2,750 Mil.
Revenue was 2995.021 + 2223.008 + 2662.185 + 2462.049 = ¥10,342 Mil.
Gross Profit was 295.723 + 98.993 + 57.783 + -348.12 = ¥104 Mil.
Total Current Assets was ¥4,924 Mil.
Total Assets was ¥22,254 Mil.
Property, Plant and Equipment(Net PPE) was ¥13,253 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-4 Mil.
Total Current Liabilities was ¥8,404 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11,878 Mil.
Net Income was 174.041 + -48.707 + -105.506 + 281.206 = ¥301 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 876.932 + 171.706 + 73.457 + -82.218 = ¥1,040 Mil.
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Total Receivables was ¥3,065 Mil.
Revenue was 3185.123 + 1614.806 + 2440.461 + 2845.462 = ¥10,086 Mil.
Gross Profit was 188.679 + 39.645 + 89.218 + -825.785 = ¥-508 Mil.
Total Current Assets was ¥6,545 Mil.
Total Assets was ¥20,773 Mil.
Property, Plant and Equipment(Net PPE) was ¥11,500 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥37 Mil.
Total Current Liabilities was ¥10,031 Mil.
Long-Term Debt & Capital Lease Obligation was ¥9,397 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) |
| = | (2750.243 / 10342.263) | / | (3065.38 / 10085.852) |
| = | 0.265923 | / | 0.303929 |
| | = | 0.875 |
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) |
| = | (-508.243 / 10085.852) | / | (104.379 / 10342.263) |
| = | -0.050392 | / | 0.010092 |
| | = | -4.9933 |
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 - (4924.467 + 13253.32) / 22253.845) | / | (1 - (6544.823 + 11499.91) / 20773.321) |
| = | 0.183162 | / | 0.131351 |
| | = | 1.3944 |
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 |
| = | 10342.263 | / | 10085.852 |
| | = | 1.0254 |
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 + 11499.91)) | / | (0 / (0 + 13253.32)) |
| = | 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) |
| = | (-3.777 / 10342.263) | / | (36.802 / 10085.852) |
| = | -0.000365 | / | 0.003649 |
| | = | -0.1 |
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) |
| = | ((11878.198 + 8403.596) / 22253.845) | / | ((9396.618 + 10030.745) / 20773.321) |
| = | 0.911384 | / | 0.935207 |
| | = | 0.9745 |
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 |
| = | (301.034 - 0 | - | 1039.877) | / | 22253.845 |
| | = | -0.033201 |
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.
Datang Huayin Electric Power Co has a M-score of -5.54 suggests that the company is unlikely to be a manipulator.
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