China Airlines Beneish M-Score Historical Data
The historical data trend for China Airlines'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 Airlines Beneish M-Score Chart
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China Airlines Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.08 |
-2.14 |
-3.04 |
-2.40 |
-3.44 |
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China Airlines Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.36 |
-3.44 |
-3.32 |
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Competitive Comparison of China Airlines's Beneish M-Score
For the Airlines subindustry, China Airlines'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 Airlines's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, China Airlines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Airlines's Beneish M-Score falls into.
China Airlines 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 Airlines 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 * 0.7299 | + | 0.528 * 0.585 | + | 0.404 * 1.2438 | + | 0.892 * 1.2262 | + | 0.115 * 0.9378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.168338 | - | 0.327 * 0.9968 |
| = | -3.44 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$10,825 Mil.
Revenue was NT$184,817 Mil.
Gross Profit was NT$23,831 Mil.
Total Current Assets was NT$69,693 Mil.
Total Assets was NT$291,242 Mil.
Property, Plant and Equipment(Net PPE) was NT$175,574 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$30,657 Mil.
Selling, General, & Admin. Expense(SGA) was NT$0 Mil.
Total Current Liabilities was NT$90,046 Mil.
Long-Term Debt & Capital Lease Obligation was NT$67,187 Mil.
Net Income was NT$6,819 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$55,846 Mil.
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Total Receivables was NT$12,094 Mil.
Revenue was NT$150,722 Mil.
Gross Profit was NT$11,370 Mil.
Total Current Assets was NT$69,822 Mil.
Total Assets was NT$294,412 Mil.
Property, Plant and Equipment(Net PPE) was NT$187,223 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$30,327 Mil.
Selling, General, & Admin. Expense(SGA) was NT$0 Mil.
Total Current Liabilities was NT$71,255 Mil.
Long-Term Debt & Capital Lease Obligation was NT$88,198 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) |
| = | (10824.913 / 184816.79) | / | (12094.495 / 150722.471) |
| = | 0.058571 | / | 0.080243 |
| | = | 0.7299 |
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) |
| = | (11370.213 / 150722.471) | / | (23830.774 / 184816.79) |
| = | 0.075438 | / | 0.128943 |
| | = | 0.585 |
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 - (69693.315 + 175573.814) / 291242.431) | / | (1 - (69822.343 + 187222.811) / 294412.193) |
| = | 0.157859 | / | 0.126921 |
| | = | 1.2438 |
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 |
| = | 184816.79 | / | 150722.471 |
| | = | 1.2262 |
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)) |
| = | (30327.038 / (30327.038 + 187222.811)) | / | (30656.95 / (30656.95 + 175573.814)) |
| = | 0.139403 | / | 0.148654 |
| | = | 0.9378 |
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) |
| = | (0 / 184816.79) | / | (0 / 150722.471) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((67186.58 + 90045.667) / 291242.431) | / | ((88198.259 + 71255.078) / 294412.193) |
| = | 0.539867 | / | 0.541599 |
| | = | 0.9968 |
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 |
| = | (6818.552 - 0 | - | 55845.601) | / | 291242.431 |
| | = | -0.168338 |
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 Airlines has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
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