Tongcheng Travel Holdings Beneish M-Score Historical Data
The historical data trend for Tongcheng Travel Holdings'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.
Tongcheng Travel Holdings Beneish M-Score Chart
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Tongcheng Travel Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.08 |
-2.59 |
-2.70 |
-2.57 |
-2.54 |
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Tongcheng Travel Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.57 |
2.83 |
-1.05 |
-0.86 |
-2.54 |
Competitive Comparison of Tongcheng Travel Holdings's Beneish M-Score
For the Travel Services subindustry, Tongcheng Travel Holdings'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.
Tongcheng Travel Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Tongcheng Travel Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tongcheng Travel Holdings's Beneish M-Score falls into.
Tongcheng Travel Holdings 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 Tongcheng Travel Holdings 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 * 0.7629 | + | 0.528 * 0.9876 | + | 0.404 * 0.8165 | + | 0.892 * 1.7117 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8214 | + | 4.679 * -0.077753 | - | 0.327 * 1.2059 |
| = | -2.54 |
* 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 HK$1,915 Mil.
Revenue was 3439.434 + 3539.168 + 3135.069 + 2945.604 = HK$13,059 Mil.
Gross Profit was 2378.754 + 2638.387 + 2365.831 + 2210.631 = HK$9,594 Mil.
Total Current Assets was HK$16,297 Mil.
Total Assets was HK$34,691 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,859 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5,692 Mil.
Total Current Liabilities was HK$13,002 Mil.
Long-Term Debt & Capital Lease Obligation was HK$472 Mil.
Net Income was 339.182 + 547.292 + 389.298 + 430.44 = HK$1,706 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 1122.024 + 757.734 + 1528.073 + 995.695 = HK$4,404 Mil.
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Total Receivables was HK$1,466 Mil.
Revenue was 1675.146 + 2290.076 + 1545.719 + 2118.268 = HK$7,629 Mil.
Gross Profit was 1173.82 + 1727.751 + 1096.497 + 1536.78 = HK$5,535 Mil.
Total Current Assets was HK$11,596 Mil.
Total Assets was HK$27,957 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,015 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4,048 Mil.
Total Current Liabilities was HK$6,830 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,173 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) |
| = | (1915.003 / 13059.275) | / | (1466.432 / 7629.209) |
| = | 0.146639 | / | 0.192213 |
| | = | 0.7629 |
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) |
| = | (5534.848 / 7629.209) | / | (9593.603 / 13059.275) |
| = | 0.725481 | / | 0.73462 |
| | = | 0.9876 |
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 - (16296.918 + 3859.107) / 34690.957) | / | (1 - (11596.065 + 2014.587) / 27956.618) |
| = | 0.418983 | / | 0.513151 |
| | = | 0.8165 |
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 |
| = | 13059.275 | / | 7629.209 |
| | = | 1.7117 |
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 + 2014.587)) | / | (0 / (0 + 3859.107)) |
| = | 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) |
| = | (5691.607 / 13059.275) | / | (4048.175 / 7629.209) |
| = | 0.435829 | / | 0.530615 |
| | = | 0.8214 |
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) |
| = | ((471.863 + 13001.852) / 34690.957) | / | ((2173.455 + 6830.499) / 27956.618) |
| = | 0.388393 | / | 0.322069 |
| | = | 1.2059 |
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 |
| = | (1706.212 - 0 | - | 4403.526) | / | 34690.957 |
| | = | -0.077753 |
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.
Tongcheng Travel Holdings has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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