Chainqui Construction Development Co (TPE:2509) Beneish M-Score : 1.68 (As of Apr. 05, 2025)

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What is Chainqui Construction 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.

Warning Sign:

Beneish M-Score 1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TPE:2509' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -1.12 Max: 90.81
Current: 1.68

During the past 13 years, the highest Beneish M-Score of Chainqui Construction Development Co was 90.81. The lowest was -2.99. And the median was -1.12.

Chainqui Construction Development Co Beneish M-Score Historical Data

The historical data trend for Chainqui Construction 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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Chainqui Construction Development Co Beneish M-Score Chart

Chainqui Construction Development Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.99

-2.66

-2.83

-2.23

1.68

Chainqui Construction 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															-2.23	-2.30	-0.30	1.85	1.68

Competitive Comparison of Chainqui Construction Development Co's Beneish M-Score

For the Real Estate Services subindustry, Chainqui Construction 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.

Chainqui Construction Development Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Chainqui Construction Development Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chainqui Construction Development Co's Beneish M-Score falls into.

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Chainqui Construction 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 Chainqui Construction 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 * 0.1865

0.528 * 1.0828

0.404 * 0.8541

0.892 * 6.3658

0.115 * 0.9692

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.247

4.679 * 0.010453

0.327 * 1.105

1.68

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$27 Mil.
Revenue was 67.351 + 711.764 + 584.759 + 58.691 = NT$1,423 Mil.
Gross Profit was 27.458 + 236.987 + 158.742 + 17.726 = NT$441 Mil.
Total Current Assets was NT$8,848 Mil.
Total Assets was NT$11,643 Mil.
Property, Plant and Equipment(Net PPE) was NT$217 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$61 Mil.
Selling, General, & Admin. Expense(SGA) was NT$247 Mil.
Total Current Liabilities was NT$5,801 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,215 Mil.
Net Income was -47.855 + 88.715 + 63.353 + -56.911 = NT$47 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -325.14 + 176.314 + 364.056 + -289.629 = NT$-74 Mil.

Total Receivables was NT$23 Mil.
Revenue was 57.566 + 57.572 + 54.802 + 53.53 = NT$223 Mil.
Gross Profit was 28.171 + 15.742 + 15.462 + 15.621 = NT$75 Mil.
Total Current Assets was NT$6,929 Mil.
Total Assets was NT$9,648 Mil.
Property, Plant and Equipment(Net PPE) was NT$218 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$59 Mil.
Selling, General, & Admin. Expense(SGA) was NT$157 Mil.
Total Current Liabilities was NT$4,108 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,153 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)
	=	(27.303 / 1422.565)	/	(22.995 / 223.47)
	=	0.019193	/	0.1029
	=	0.1865

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)
	=	(74.996 / 223.47)	/	(440.913 / 1422.565)
	=	0.335598	/	0.309942
	=	1.0828

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 - (8847.912 + 216.592) / 11643.078)	/	(1 - (6928.654 + 217.775) / 9648.025)
	=	0.221468	/	0.259286
	=	0.8541

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
	=	1422.565	/	223.47
	=	6.3658

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))
	=	(58.684 / (58.684 + 217.775))	/	(60.74 / (60.74 + 216.592))
	=	0.21227	/	0.219015
	=	0.9692

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)
	=	(246.891 / 1422.565)	/	(157.038 / 223.47)
	=	0.173553	/	0.702725
	=	0.247

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)
	=	((1215.278 + 5800.666) / 11643.078)	/	((1152.647 + 4108.442) / 9648.025)
	=	0.602585	/	0.545302
	=	1.105

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
	=	(47.302 - 0	-	-74.399)	/	11643.078
	=	0.010453

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.

Chainqui Construction Development Co has a M-score of 1.68 signals that the company is likely to be a manipulator.

Chainqui Construction Development Co Beneish M-Score Related Terms

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Chainqui Construction Development Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Chainqui Construction Development Co Ltd (TPE:2509) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jixian Road, No. 201-1, 1st Floor, Sanchong District, New Taipei City, TWN, 241

Website

http://www.gtg.com.tw

Chainqui Construction Development Co Ltd is engaged in the construction, leasing, and sale of residential and commercial buildings. It operates in two segments: Real Estate Transaction Group, which generates key revenue and includes commissioning contractors to construct commercial and residential buildings for leasing and sales; and Construction Group, which is engaged in the business of construction and civil engineering. Its geographical segments are the United States and Taiwan, of which the United States accounts for the majority of its revenue.

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