China Motor Beneish M-Score Historical Data
The historical data trend for China Motor'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.
China Motor Beneish M-Score Chart
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China Motor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.96 |
-2.63 |
-2.46 |
-3.25 |
-2.21 |
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China Motor Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.43 |
-2.75 |
-2.77 |
-2.21 |
-2.26 |
Competitive Comparison of China Motor's Beneish M-Score
For the Auto Manufacturers subindustry, China Motor'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.
China Motor's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, China Motor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Motor's Beneish M-Score falls into.
China Motor 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 China Motor 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 * 0.8417 | + | 0.528 * 1.0579 | + | 0.404 * 1.0273 | + | 0.892 * 1.328 | + | 0.115 * 1.1863 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9909 | + | 4.679 * 0.022111 | - | 0.327 * 1.3043 |
| = | -2.26 |
* 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 NT$3,327 Mil.
Revenue was 12255.673 + 10797.551 + 9227.686 + 9405.102 = NT$41,686 Mil.
Gross Profit was 1944.561 + 1583.386 + 1454.403 + 1494.697 = NT$6,477 Mil.
Total Current Assets was NT$14,756 Mil.
Total Assets was NT$51,733 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,305 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$887 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,910 Mil.
Total Current Liabilities was NT$12,768 Mil.
Long-Term Debt & Capital Lease Obligation was NT$99 Mil.
Net Income was 1251.757 + 1282.638 + 1344.046 + 1545.336 = NT$5,424 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 587.808 + 843.364 + 1355.22 + 1493.522 = NT$4,280 Mil.
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Total Receivables was NT$2,976 Mil.
Revenue was 9076.27 + 7698.853 + 7446.37 + 7168.769 = NT$31,390 Mil.
Gross Profit was 1520.861 + 1061.007 + 1260.974 + 1316.704 = NT$5,160 Mil.
Total Current Assets was NT$15,187 Mil.
Total Assets was NT$46,909 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,416 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$829 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,451 Mil.
Total Current Liabilities was NT$8,641 Mil.
Long-Term Debt & Capital Lease Obligation was NT$304 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) |
| = | (3326.707 / 41686.012) | / | (2976.204 / 31390.262) |
| = | 0.079804 | / | 0.094813 |
| | = | 0.8417 |
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) |
| = | (5159.546 / 31390.262) | / | (6477.047 / 41686.012) |
| = | 0.164368 | / | 0.155377 |
| | = | 1.0579 |
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 - (14756.367 + 8305.1) / 51732.997) | / | (1 - (15186.663 + 6415.67) / 46909.018) |
| = | 0.554221 | / | 0.539484 |
| | = | 1.0273 |
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 |
| = | 41686.012 | / | 31390.262 |
| | = | 1.328 |
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)) |
| = | (829.337 / (829.337 + 6415.67)) | / | (886.955 / (886.955 + 8305.1)) |
| = | 0.11447 | / | 0.096491 |
| | = | 1.1863 |
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) |
| = | (1909.749 / 41686.012) | / | (1451.341 / 31390.262) |
| = | 0.045813 | / | 0.046235 |
| | = | 0.9909 |
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) |
| = | ((98.783 + 12767.549) / 51732.997) | / | ((304.133 + 8640.517) / 46909.018) |
| = | 0.248706 | / | 0.190681 |
| | = | 1.3043 |
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 |
| = | (5423.777 - 0 | - | 4279.914) | / | 51732.997 |
| | = | 0.022111 |
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.
China Motor has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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