Guangdong Provincial Expressway Development Co (SZSE:200429) Beneish M-Score : -2.44 (As of Apr. 23, 2025)

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What is Guangdong Provincial Expressway Development Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Guangdong Provincial Expressway Development Co's Beneish M-Score or its related term are showing as below:

SZSE:200429' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.46 Max: -2.01
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Guangdong Provincial Expressway Development Co was -2.01. The lowest was -3.09. And the median was -2.46.

Guangdong Provincial Expressway Development Co Beneish M-Score Historical Data

The historical data trend for Guangdong Provincial Expressway Development 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.

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Guangdong Provincial Expressway Development Co Beneish M-Score Chart

Guangdong Provincial Expressway Development Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.72

-3.02

-3.09

-2.40

-2.44

Guangdong Provincial Expressway Development Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.40	-2.19	-2.23	-2.27	-2.44

Competitive Comparison of Guangdong Provincial Expressway Development Co's Beneish M-Score

For the Infrastructure Operations subindustry, Guangdong Provincial Expressway Development 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.

Guangdong Provincial Expressway Development Co's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Guangdong Provincial Expressway Development Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Guangdong Provincial Expressway Development Co's Beneish M-Score falls into.

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Guangdong Provincial Expressway Development 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 Guangdong Provincial Expressway Development Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0646

0.528 * 0.9995

0.404 * 1.1176

0.892 * 0.9239

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -1.0334

4.679 * -0.076525

0.327 * 0.9703

-2.44

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was HK$247 Mil.
Revenue was 1139.833 + 1399.925 + 1191.087 + 1221.509 = HK$4,952 Mil.
Gross Profit was 586.024 + 960.213 + 807.035 + 834.5 = HK$3,188 Mil.
Total Current Assets was HK$4,838 Mil.
Total Assets was HK$23,960 Mil.
Property, Plant and Equipment(Net PPE) was HK$12,334 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$35 Mil.
Total Current Liabilities was HK$1,783 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7,186 Mil.
Net Income was 219.644 + 551.552 + 468.038 + 457.014 = HK$1,696 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 773.873 + 1022.084 + 856.022 + 877.838 = HK$3,530 Mil.

Total Receivables was HK$251 Mil.
Revenue was 1302.952 + 1445.355 + 1297.075 + 1315.053 = HK$5,360 Mil.
Gross Profit was 669.201 + 994.03 + 885.297 + 900.232 = HK$3,449 Mil.
Total Current Assets was HK$5,421 Mil.
Total Assets was HK$23,373 Mil.
Property, Plant and Equipment(Net PPE) was HK$12,026 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$-37 Mil.
Total Current Liabilities was HK$1,681 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7,337 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)
	=	(246.865 / 4952.354)	/	(250.998 / 5360.435)
	=	0.049848	/	0.046824
	=	1.0646

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)
	=	(3448.76 / 5360.435)	/	(3187.772 / 4952.354)
	=	0.643373	/	0.643688
	=	0.9995

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 - (4837.562 + 12334.194) / 23960.338)	/	(1 - (5421.459 + 12026.349) / 23372.921)
	=	0.283326	/	0.253503
	=	1.1176

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
	=	4952.354	/	5360.435
	=	0.9239

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 + 12026.349))	/	(0 / (0 + 12334.194))
	=	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)
	=	(35.498 / 4952.354)	/	(-37.182 / 5360.435)
	=	0.007168	/	-0.006936
	=	-1.0334

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)
	=	((7186.495 + 1782.963) / 23960.338)	/	((7336.631 + 1681.143) / 23372.921)
	=	0.374346	/	0.385821
	=	0.9703

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
	=	(1696.248 - 0	-	3529.817)	/	23960.338
	=	-0.076525

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.

Guangdong Provincial Expressway Development Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

Guangdong Provincial Expressway Development Co Beneish M-Score Related Terms

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Guangdong Provincial Expressway Development Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Guangdong Provincial Expressway Development Co Ltd (SZSE:200429) » Definitions » Beneish M-Score

Traded in Other Exchanges

000429:China

Address

Zhujiang East Road, 45-46th Floor, Litong Plaza, No.32, Zhujiang New City, Tihe Disrtict, Guangzhou, CHN, 510623

Website

http://www.gpedcl.com

Guangdong Provincial Expressway Development Co Ltd is principally engaged in the development and operation of expressways and large bridges. It is involved in tolling and maintenance of Guangfo Expressway, Fokai Expressway, Jiujiang Bridge, Huiyan Expressway, Maozhan Expressway, Jiangzhong Expressway, Kangda Expressway and Gankang Expressway.

Executives

Wang Chun Hua	Directors, executives
Cao Yu	Director

Guangdong Provincial Expressway Development Co Headlines

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