Changzhou Kaidi Electrical Beneish M-Score Historical Data
The historical data trend for Changzhou Kaidi Electrical'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.
Changzhou Kaidi Electrical Beneish M-Score Chart
|
Changzhou Kaidi Electrical Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
- |
-1.65 |
-1.63 |
-2.86 |
-2.88 |
|
Changzhou Kaidi Electrical Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.87 |
-3.06 |
-2.88 |
-2.88 |
-3.05 |
Competitive Comparison of Changzhou Kaidi Electrical's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Changzhou Kaidi Electrical'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.
Changzhou Kaidi Electrical's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Changzhou Kaidi Electrical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Changzhou Kaidi Electrical's Beneish M-Score falls into.
Changzhou Kaidi Electrical 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 Changzhou Kaidi Electrical 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 * 0.7133 | + | 0.528 * 0.9029 | + | 0.404 * 0.8703 | + | 0.892 * 1.1287 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8374 | + | 4.679 * -0.064458 | - | 0.327 * 1.1292 |
| = | -3.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥248 Mil.
Revenue was 240.1 + 335.553 + 344.974 + 326.81 = ¥1,247 Mil.
Gross Profit was 58.128 + 70.418 + 97.04 + 77.45 = ¥303 Mil.
Total Current Assets was ¥1,671 Mil.
Total Assets was ¥2,749 Mil.
Property, Plant and Equipment(Net PPE) was ¥908 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥92 Mil.
Total Current Liabilities was ¥501 Mil.
Long-Term Debt & Capital Lease Obligation was ¥13 Mil.
Net Income was 19.598 + 19.096 + 38.566 + 30.428 = ¥108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 50.64 + 61.05 + 67.975 + 105.246 = ¥285 Mil.
|
Total Receivables was ¥308 Mil.
Revenue was 226.605 + 288.234 + 267.059 + 323.253 = ¥1,105 Mil.
Gross Profit was 68.582 + 53.802 + 49.934 + 70.083 = ¥242 Mil.
Total Current Assets was ¥1,570 Mil.
Total Assets was ¥2,575 Mil.
Property, Plant and Equipment(Net PPE) was ¥823 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥98 Mil.
Total Current Liabilities was ¥425 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1 Mil.
|
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) |
| = | (248.164 / 1247.437) | / | (308.21 / 1105.151) |
| = | 0.198939 | / | 0.278885 |
| | = | 0.7133 |
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) |
| = | (242.401 / 1105.151) | / | (303.036 / 1247.437) |
| = | 0.219337 | / | 0.242927 |
| | = | 0.9029 |
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 - (1671.264 + 907.975) / 2749.442) | / | (1 - (1569.636 + 822.62) / 2575.449) |
| = | 0.061905 | / | 0.071131 |
| | = | 0.8703 |
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 |
| = | 1247.437 | / | 1105.151 |
| | = | 1.1287 |
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 + 822.62)) | / | (0 / (0 + 907.975)) |
| = | 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) |
| = | (92.261 / 1247.437) | / | (97.602 / 1105.151) |
| = | 0.07396 | / | 0.088316 |
| | = | 0.8374 |
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) |
| = | ((12.959 + 500.696) / 2749.442) | / | ((0.844 + 425.257) / 2575.449) |
| = | 0.186822 | / | 0.165447 |
| | = | 1.1292 |
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 |
| = | (107.688 - 0 | - | 284.911) | / | 2749.442 |
| | = | -0.064458 |
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.
Changzhou Kaidi Electrical has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SHSE:605288 has been successfully added to your