CMST Development Co Beneish M-Score Historical Data
The historical data trend for CMST Development 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.
CMST Development Co Beneish M-Score Chart
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CMST Development Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.64 |
-2.37 |
-2.66 |
-2.41 |
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CMST Development Co 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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-2.93 |
-2.41 |
-2.49 |
-2.43 |
-2.21 |
Competitive Comparison of CMST Development Co's Beneish M-Score
For the Integrated Freight & Logistics subindustry, CMST Development 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.
CMST Development Co's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, CMST Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CMST Development Co's Beneish M-Score falls into.
CMST Development 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 CMST Development 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 * 1.1648 | + | 0.528 * 0.9179 | + | 0.404 * 1.1392 | + | 0.892 * 0.945 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.713 | + | 4.679 * 0.015081 | - | 0.327 * 0.8815 |
| = | -2.21 |
* 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 ¥5,307 Mil.
Revenue was 16841.146 + 16529.339 + 13929.276 + 17236.873 = ¥64,537 Mil.
Gross Profit was 458.483 + 478.906 + 393.04 + 535.833 = ¥1,866 Mil.
Total Current Assets was ¥10,699 Mil.
Total Assets was ¥23,770 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,553 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥192 Mil.
Total Current Liabilities was ¥5,894 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,532 Mil.
Net Income was 7.147 + 103.676 + 273.929 + 445.384 = ¥830 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -72.388 + 766.043 + -541.769 + 319.782 = ¥472 Mil.
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Total Receivables was ¥4,821 Mil.
Revenue was 16540.938 + 18660.956 + 14827.313 + 18265.534 = ¥68,295 Mil.
Gross Profit was 488.945 + 495.561 + 409.601 + 418.684 = ¥1,813 Mil.
Total Current Assets was ¥10,920 Mil.
Total Assets was ¥24,179 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,653 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥285 Mil.
Total Current Liabilities was ¥6,524 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,045 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) |
| = | (5306.982 / 64536.634) | / | (4821.344 / 68294.741) |
| = | 0.082232 | / | 0.070596 |
| | = | 1.1648 |
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) |
| = | (1812.791 / 68294.741) | / | (1866.262 / 64536.634) |
| = | 0.026544 | / | 0.028918 |
| | = | 0.9179 |
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 - (10698.501 + 4552.99) / 23769.6) | / | (1 - (10919.593 + 5653.203) / 24178.706) |
| = | 0.358361 | / | 0.314571 |
| | = | 1.1392 |
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 |
| = | 64536.634 | / | 68294.741 |
| | = | 0.945 |
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 + 5653.203)) | / | (0 / (0 + 4552.99)) |
| = | 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) |
| = | (191.909 / 64536.634) | / | (284.874 / 68294.741) |
| = | 0.002974 | / | 0.004171 |
| | = | 0.713 |
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) |
| = | ((1532.476 + 5894.25) / 23769.6) | / | ((2045.303 + 6524.362) / 24178.706) |
| = | 0.312446 | / | 0.35443 |
| | = | 0.8815 |
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 |
| = | (830.136 - 0 | - | 471.668) | / | 23769.6 |
| | = | 0.015081 |
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.
CMST Development Co has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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