Beijing Changjiu Logistics Beneish M-Score Historical Data
The historical data trend for Beijing Changjiu Logistics'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.
Beijing Changjiu Logistics Beneish M-Score Chart
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Beijing Changjiu Logistics Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.52 |
-2.73 |
-3.02 |
-2.25 |
-2.58 |
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Beijing Changjiu Logistics 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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-2.33 |
-2.58 |
-2.83 |
-2.64 |
-2.98 |
Competitive Comparison of Beijing Changjiu Logistics's Beneish M-Score
For the Trucking subindustry, Beijing Changjiu Logistics'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.
Beijing Changjiu Logistics's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Beijing Changjiu Logistics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beijing Changjiu Logistics's Beneish M-Score falls into.
Beijing Changjiu Logistics 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 Beijing Changjiu Logistics 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 * 0.8447 | + | 0.528 * 0.7464 | + | 0.404 * 1.1232 | + | 0.892 * 0.9748 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2166 | + | 4.679 * -0.056478 | - | 0.327 * 0.8507 |
| = | -2.98 |
* 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 ¥1,499 Mil.
Revenue was 970.241 + 1005.127 + 883.076 + 1127.399 = ¥3,986 Mil.
Gross Profit was 106.57 + 110.841 + 101.37 + 132.649 = ¥451 Mil.
Total Current Assets was ¥2,520 Mil.
Total Assets was ¥5,360 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,398 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥136 Mil.
Total Current Liabilities was ¥1,870 Mil.
Long-Term Debt & Capital Lease Obligation was ¥473 Mil.
Net Income was 44.79 + 32.067 + 12.963 + 14.94 = ¥105 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 199.449 + 21.461 + 72.047 + 114.516 = ¥407 Mil.
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Total Receivables was ¥1,821 Mil.
Revenue was 982.927 + 913.016 + 934.264 + 1258.847 = ¥4,089 Mil.
Gross Profit was 73.078 + 60.465 + 95.272 + 116.856 = ¥346 Mil.
Total Current Assets was ¥2,592 Mil.
Total Assets was ¥5,290 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,430 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥115 Mil.
Total Current Liabilities was ¥2,026 Mil.
Long-Term Debt & Capital Lease Obligation was ¥691 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) |
| = | (1499.049 / 3985.843) | / | (1820.57 / 4089.054) |
| = | 0.376093 | / | 0.44523 |
| | = | 0.8447 |
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) |
| = | (345.671 / 4089.054) | / | (451.43 / 3985.843) |
| = | 0.084536 | / | 0.113258 |
| | = | 0.7464 |
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 - (2519.565 + 1398.011) / 5359.874) | / | (1 - (2592.21 + 1430.327) / 5289.848) |
| = | 0.269092 | / | 0.239574 |
| | = | 1.1232 |
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 |
| = | 3985.843 | / | 4089.054 |
| | = | 0.9748 |
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 + 1430.327)) | / | (0 / (0 + 1398.011)) |
| = | 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) |
| = | (136.156 / 3985.843) | / | (114.818 / 4089.054) |
| = | 0.03416 | / | 0.028079 |
| | = | 1.2166 |
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) |
| = | ((472.657 + 1869.659) / 5359.874) | / | ((690.901 + 2026.472) / 5289.848) |
| = | 0.43701 | / | 0.513696 |
| | = | 0.8507 |
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 |
| = | (104.76 - 0 | - | 407.473) | / | 5359.874 |
| | = | -0.056478 |
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.
Beijing Changjiu Logistics has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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