Chengdu Gas Group Beneish M-Score Historical Data
The historical data trend for Chengdu Gas 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.
Chengdu Gas Group Beneish M-Score Chart
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Chengdu Gas Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.17 |
-2.31 |
-2.71 |
-2.85 |
-2.61 |
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Chengdu Gas Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.73 |
-2.59 |
-2.92 |
-2.61 |
-2.02 |
Competitive Comparison of Chengdu Gas Group's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Chengdu Gas 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.
Chengdu Gas Group's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Chengdu Gas Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chengdu Gas Group's Beneish M-Score falls into.
Chengdu Gas 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 Chengdu Gas 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 * 1.6982 | + | 0.528 * 1.0281 | + | 0.404 * 0.9464 | + | 0.892 * 0.99 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9256 | + | 4.679 * -0.036105 | - | 0.327 * 1.0246 |
| = | -2.02 |
* 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 ¥239 Mil.
Revenue was 1674.692 + 1466.993 + 1082.423 + 1030.563 = ¥5,255 Mil.
Gross Profit was 299.099 + 143.877 + 263.347 + 206.733 = ¥913 Mil.
Total Current Assets was ¥3,964 Mil.
Total Assets was ¥8,477 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,352 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥53 Mil.
Total Current Liabilities was ¥3,149 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1 Mil.
Net Income was 179.335 + 68.865 + 145.929 + 78.153 = ¥472 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 180.698 + -65.412 + 326.173 + 336.873 = ¥778 Mil.
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Total Receivables was ¥142 Mil.
Revenue was 1693.751 + 1468.71 + 996.588 + 1148.9 = ¥5,308 Mil.
Gross Profit was 303.473 + 159.947 + 213.148 + 271.677 = ¥948 Mil.
Total Current Assets was ¥3,488 Mil.
Total Assets was ¥8,063 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,409 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥58 Mil.
Total Current Liabilities was ¥2,923 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1 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) |
| = | (239.179 / 5254.671) | / | (142.271 / 5307.949) |
| = | 0.045517 | / | 0.026803 |
| | = | 1.6982 |
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) |
| = | (948.245 / 5307.949) | / | (913.056 / 5254.671) |
| = | 0.178646 | / | 0.173761 |
| | = | 1.0281 |
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 - (3964.484 + 3351.819) / 8476.621) | / | (1 - (3487.636 + 3408.88) / 8062.6) |
| = | 0.136884 | / | 0.144629 |
| | = | 0.9464 |
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 |
| = | 5254.671 | / | 5307.949 |
| | = | 0.99 |
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 + 3408.88)) | / | (0 / (0 + 3351.819)) |
| = | 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) |
| = | (52.721 / 5254.671) | / | (57.533 / 5307.949) |
| = | 0.010033 | / | 0.010839 |
| | = | 0.9256 |
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) |
| = | ((0.677 + 3148.977) / 8476.621) | / | ((1.077 + 2922.919) / 8062.6) |
| = | 0.37157 | / | 0.362662 |
| | = | 1.0246 |
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 |
| = | (472.282 - 0 | - | 778.332) | / | 8476.621 |
| | = | -0.036105 |
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.
Chengdu Gas Group has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
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