China Merchants Energy Shipping Co Beneish M-Score Historical Data
The historical data trend for China Merchants Energy Shipping 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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China Merchants Energy Shipping 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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-2.05 |
-2.97 |
-1.59 |
-2.32 |
-2.81 |
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China Merchants Energy Shipping Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.42 |
-2.63 |
-2.89 |
-2.81 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, China Merchants Energy Shipping 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.
China Merchants Energy Shipping Co Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, China Merchants Energy Shipping Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Merchants Energy Shipping Co's Beneish M-Score falls into.
China Merchants Energy Shipping 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 China Merchants Energy Shipping 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 * 1.0332 | + | 0.528 * 0.8463 | + | 0.404 * 1.338 | + | 0.892 * 0.8712 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2946 | + | 4.679 * -0.065396 | - | 0.327 * 0.8268 |
| = | -2.81 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ¥4,398 Mil.
Revenue was 6858.482 + 6032.469 + 7106.902 + 5883.16 = ¥25,881 Mil.
Gross Profit was 1806.128 + 1371.746 + 1968.854 + 1557.601 = ¥6,704 Mil.
Total Current Assets was ¥11,082 Mil.
Total Assets was ¥62,395 Mil.
Property, Plant and Equipment(Net PPE) was ¥44,191 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥217 Mil.
Total Current Liabilities was ¥12,527 Mil.
Long-Term Debt & Capital Lease Obligation was ¥12,352 Mil.
Net Income was 1078.742 + 987.515 + 1649.198 + 1121.512 = ¥4,837 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 2239.356 + 2234.174 + 2208.086 + 2235.688 = ¥8,917 Mil.
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Total Receivables was ¥4,886 Mil.
Revenue was 8129.188 + 7851.95 + 7631.505 + 6095.763 = ¥29,708 Mil.
Gross Profit was 1740.951 + 1473.829 + 1652.359 + 1646.049 = ¥6,513 Mil.
Total Current Assets was ¥17,916 Mil.
Total Assets was ¥65,474 Mil.
Property, Plant and Equipment(Net PPE) was ¥41,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥192 Mil.
Total Current Liabilities was ¥8,968 Mil.
Long-Term Debt & Capital Lease Obligation was ¥22,608 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) |
| = | (4397.89 / 25881.013) | / | (4885.908 / 29708.406) |
| = | 0.169927 | / | 0.164462 |
| | = | 1.0332 |
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) |
| = | (6513.188 / 29708.406) | / | (6704.329 / 25881.013) |
| = | 0.219237 | / | 0.259044 |
| | = | 0.8463 |
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 - (11082.434 + 44190.82) / 62394.662) | / | (1 - (17916.176 + 41972.416) / 65473.822) |
| = | 0.114135 | / | 0.085305 |
| | = | 1.338 |
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 |
| = | 25881.013 | / | 29708.406 |
| | = | 0.8712 |
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 + 41972.416)) | / | (0 / (0 + 44190.82)) |
| = | 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) |
| = | (216.766 / 25881.013) | / | (192.171 / 29708.406) |
| = | 0.008375 | / | 0.006469 |
| | = | 1.2946 |
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) |
| = | ((12352.118 + 12527.204) / 62394.662) | / | ((22607.76 + 8968.44) / 65473.822) |
| = | 0.398741 | / | 0.482272 |
| | = | 0.8268 |
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 |
| = | (4836.967 - 0 | - | 8917.304) | / | 62394.662 |
| | = | -0.065396 |
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.
China Merchants Energy Shipping Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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