Changchai Co Beneish M-Score Historical Data
The historical data trend for Changchai 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.
Changchai Co Beneish M-Score Chart
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Changchai 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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-2.24 |
-2.63 |
-1.94 |
-2.62 |
-2.84 |
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Changchai Co Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.44 |
-2.68 |
-2.84 |
-2.74 |
-2.73 |
Competitive Comparison of Changchai Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Changchai 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.
Changchai Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Changchai Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Changchai Co's Beneish M-Score falls into.
Changchai 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 Changchai 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 * 0.9621 | + | 0.528 * 0.7332 | + | 0.404 * 0.9623 | + | 0.892 * 0.9774 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9753 | + | 4.679 * -0.010042 | - | 0.327 * 0.9917 |
| = | -2.73 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ¥1,314 Mil.
Revenue was 659.43 + 836.48 + 346.624 + 458.557 = ¥2,301 Mil.
Gross Profit was 101.895 + 146.911 + 58.047 + 77.277 = ¥384 Mil.
Total Current Assets was ¥3,160 Mil.
Total Assets was ¥5,329 Mil.
Property, Plant and Equipment(Net PPE) was ¥642 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥149 Mil.
Total Current Liabilities was ¥1,696 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 Mil.
Net Income was 17.715 + 32.383 + -48.373 + 24.932 = ¥27 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -144.937 + -16.878 + 351.318 + -109.331 = ¥80 Mil.
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Total Receivables was ¥1,398 Mil.
Revenue was 647.415 + 703.102 + 458.221 + 545.6 = ¥2,354 Mil.
Gross Profit was 88.564 + 93.056 + 37.83 + 68.709 = ¥288 Mil.
Total Current Assets was ¥3,189 Mil.
Total Assets was ¥5,559 Mil.
Property, Plant and Equipment(Net PPE) was ¥714 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥156 Mil.
Total Current Liabilities was ¥1,784 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 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) |
| = | (1314.391 / 2301.091) | / | (1397.819 / 2354.338) |
| = | 0.571203 | / | 0.593721 |
| | = | 0.9621 |
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) |
| = | (288.159 / 2354.338) | / | (384.13 / 2301.091) |
| = | 0.122395 | / | 0.166934 |
| | = | 0.7332 |
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 - (3160.089 + 641.766) / 5329.179) | / | (1 - (3189.137 + 714.354) / 5559.083) |
| = | 0.286596 | / | 0.297817 |
| | = | 0.9623 |
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 |
| = | 2301.091 | / | 2354.338 |
| | = | 0.9774 |
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 + 714.354)) | / | (0 / (0 + 641.766)) |
| = | 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) |
| = | (148.585 / 2301.091) | / | (155.872 / 2354.338) |
| = | 0.064572 | / | 0.066206 |
| | = | 0.9753 |
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 + 1695.741) / 5329.179) | / | ((0 + 1783.685) / 5559.083) |
| = | 0.318199 | / | 0.32086 |
| | = | 0.9917 |
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 |
| = | (26.657 - 0 | - | 80.172) | / | 5329.179 |
| | = | -0.010042 |
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.
Changchai Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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