Changchun High-Tech Industry (Group) Co Beneish M-Score Historical Data
The historical data trend for Changchun High-Tech Industry (Group) 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.
Changchun High-Tech Industry (Group) Co Beneish M-Score Chart
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Changchun High-Tech Industry (Group) Co Annual Data
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Dec14 |
Dec15 |
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Dec17 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.09 |
-1.47 |
-2.44 |
-1.89 |
-2.32 |
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Changchun High-Tech Industry (Group) Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Mar21 |
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Sep24 |
| Beneish M-Score |
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-2.41 |
-2.32 |
-2.31 |
-2.40 |
-2.53 |
Competitive Comparison of Changchun High-Tech Industry (Group) Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Changchun High-Tech Industry (Group) 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.
Changchun High-Tech Industry (Group) Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Changchun High-Tech Industry (Group) Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Changchun High-Tech Industry (Group) Co's Beneish M-Score falls into.
Changchun High-Tech Industry (Group) 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 Changchun High-Tech Industry (Group) 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 * 1.0402 | + | 0.528 * 0.9829 | + | 0.404 * 1.0617 | + | 0.892 * 1.0446 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2515 | + | 4.679 * -0.027898 | - | 0.327 * 0.8901 |
| = | -2.53 |
* 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 ¥4,750 Mil.
Revenue was 3749.167 + 3461.417 + 3177.355 + 3884.332 = ¥14,272 Mil.
Gross Profit was 3274.076 + 2967.158 + 2650.79 + 3452.371 = ¥12,344 Mil.
Total Current Assets was ¥16,837 Mil.
Total Assets was ¥31,073 Mil.
Property, Plant and Equipment(Net PPE) was ¥8,125 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥3,677 Mil.
Total Current Liabilities was ¥3,440 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,387 Mil.
Net Income was 1069.183 + 860.975 + 858.728 + 920.059 = ¥3,709 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1118.403 + 841.662 + 1135.769 + 1479.979 = ¥4,576 Mil.
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Total Receivables was ¥4,372 Mil.
Revenue was 4513.645 + 3390.388 + 2777.673 + 2980.961 = ¥13,663 Mil.
Gross Profit was 3595.524 + 3032.435 + 2441.759 + 2545.005 = ¥11,615 Mil.
Total Current Assets was ¥17,623 Mil.
Total Assets was ¥29,658 Mil.
Property, Plant and Equipment(Net PPE) was ¥6,541 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,812 Mil.
Total Current Liabilities was ¥3,931 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,245 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) |
| = | (4750.343 / 14272.271) | / | (4371.614 / 13662.667) |
| = | 0.332837 | / | 0.319968 |
| | = | 1.0402 |
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) |
| = | (11614.723 / 13662.667) | / | (12344.395 / 14272.271) |
| = | 0.850107 | / | 0.864922 |
| | = | 0.9829 |
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 - (16837.491 + 8124.819) / 31072.78) | / | (1 - (17622.756 + 6541.364) / 29657.587) |
| = | 0.19665 | / | 0.18523 |
| | = | 1.0617 |
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 |
| = | 14272.271 | / | 13662.667 |
| | = | 1.0446 |
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 + 6541.364)) | / | (0 / (0 + 8124.819)) |
| = | 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) |
| = | (3676.764 / 14272.271) | / | (2812.437 / 13662.667) |
| = | 0.257616 | / | 0.205848 |
| | = | 1.2515 |
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) |
| = | ((1387.032 + 3439.856) / 31072.78) | / | ((1244.555 + 3931.255) / 29657.587) |
| = | 0.155341 | / | 0.174519 |
| | = | 0.8901 |
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 |
| = | (3708.945 - 0 | - | 4575.813) | / | 31072.78 |
| | = | -0.027898 |
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.
Changchun High-Tech Industry (Group) Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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