Tianjin Teda Co Beneish M-Score Historical Data
The historical data trend for Tianjin Teda 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.
Tianjin Teda Co Beneish M-Score Chart
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Tianjin Teda 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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-2.87 |
-2.32 |
-2.24 |
-2.28 |
-2.32 |
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Tianjin Teda Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.14 |
-2.32 |
-2.53 |
-2.49 |
-2.37 |
Competitive Comparison of Tianjin Teda Co's Beneish M-Score
For the Conglomerates subindustry, Tianjin Teda 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.
Tianjin Teda Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Tianjin Teda Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tianjin Teda Co's Beneish M-Score falls into.
Tianjin Teda 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 Tianjin Teda 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 * 0.9957 | + | 0.528 * 0.9074 | + | 0.404 * 0.9834 | + | 0.892 * 1.178 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5452 | + | 4.679 * -0.00893 | - | 0.327 * 1.0769 |
| = | -2.37 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥10,660 Mil.
Revenue was 4255.792 + 5658.671 + 4451.265 + 8000.13 = ¥22,366 Mil.
Gross Profit was 171.347 + 224.35 + 113.753 + 839.966 = ¥1,349 Mil.
Total Current Assets was ¥28,630 Mil.
Total Assets was ¥42,498 Mil.
Property, Plant and Equipment(Net PPE) was ¥869 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥53 Mil.
Total Current Liabilities was ¥25,817 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,129 Mil.
Net Income was 38.447 + 91.416 + 7.574 + 46.762 = ¥184 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -4.47 + 10.229 + 1.755 + 556.181 = ¥564 Mil.
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Total Receivables was ¥9,088 Mil.
Revenue was 4411.518 + 4057.254 + 4599.033 + 5917.717 = ¥18,986 Mil.
Gross Profit was 267.217 + 118.249 + 93.568 + 560.327 = ¥1,039 Mil.
Total Current Assets was ¥27,835 Mil.
Total Assets was ¥41,661 Mil.
Property, Plant and Equipment(Net PPE) was ¥869 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥83 Mil.
Total Current Liabilities was ¥23,321 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,761 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) |
| = | (10660.006 / 22365.858) | / | (9087.645 / 18985.522) |
| = | 0.47662 | / | 0.478662 |
| | = | 0.9957 |
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) |
| = | (1039.361 / 18985.522) | / | (1349.416 / 22365.858) |
| = | 0.054745 | / | 0.060334 |
| | = | 0.9074 |
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 - (28630.17 + 868.551) / 42497.628) | / | (1 - (27834.765 + 868.573) / 41661.485) |
| = | 0.305874 | / | 0.311034 |
| | = | 0.9834 |
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 |
| = | 22365.858 | / | 18985.522 |
| | = | 1.178 |
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 + 868.573)) | / | (0 / (0 + 868.551)) |
| = | 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) |
| = | (53.356 / 22365.858) | / | (83.08 / 18985.522) |
| = | 0.002386 | / | 0.004376 |
| | = | 0.5452 |
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) |
| = | ((6129.205 + 25816.974) / 42497.628) | / | ((5761.194 + 23320.742) / 41661.485) |
| = | 0.751717 | / | 0.698053 |
| | = | 1.0769 |
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 |
| = | (184.199 - 0 | - | 563.695) | / | 42497.628 |
| | = | -0.00893 |
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.
Tianjin Teda Co has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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