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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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CBAK Energy Technology's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of CBAK Energy Technology was 739.95. The lowest was -25.09. And the median was -1.52.
The historical data trend for CBAK Energy Technology'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.
CBAK Energy Technology Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -5.83 | 12.91 | 2.62 | -0.09 | -3.73 |
CBAK Energy Technology Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.08 | -2.04 | -1.52 | -3.73 | -3.08 |
For the Electrical Equipment & Parts subindustry, CBAK Energy Technology'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.
For the Industrial Products industry and Industrials sector, CBAK Energy Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CBAK Energy Technology's Beneish M-Score falls into.
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 CBAK Energy Technology 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 * 1.2359 | + | 0.528 * 0.345 | + | 0.404 * 1.3427 | + | 0.892 * 1.0471 | + | 0.115 * 1.027 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.7131 | + | 4.679 * -0.102783 | - | 0.327 * 1.1444 | |||||||
= | -3.08 |
* 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 $44.9 Mil. Revenue was 58.822 + 56.18 + 63.441 + 42.421 = $220.9 Mil. Gross Profit was 18.781 + 12.685 + 12.249 + 3.885 = $47.6 Mil. Total Current Assets was $130.2 Mil. Total Assets was $286.5 Mil. Property, Plant and Equipment(Net PPE) was $129.8 Mil. Depreciation, Depletion and Amortization(DDA) was $10.5 Mil. Selling, General, & Admin. Expense(SGA) was $21.3 Mil. Total Current Liabilities was $156.1 Mil. Long-Term Debt & Capital Lease Obligation was $2.8 Mil. Net Income was 9.836 + -4.769 + 6.335 + -2.635 = $8.8 Mil. Non Operating Income was 0.349 + -7.463 + 0.617 + 0.274 = $-6.2 Mil. Cash Flow from Operations was 7.447 + 25.762 + 4.918 + 6.306 = $44.4 Mil. |
Total Receivables was $34.7 Mil. Revenue was 42.397 + 54.458 + 57.722 + 56.35 = $210.9 Mil. Gross Profit was 2.906 + 3.783 + 3.46 + 5.535 = $15.7 Mil. Total Current Assets was $130.0 Mil. Total Assets was $252.2 Mil. Property, Plant and Equipment(Net PPE) was $104.7 Mil. Depreciation, Depletion and Amortization(DDA) was $8.8 Mil. Selling, General, & Admin. Expense(SGA) was $11.9 Mil. Total Current Liabilities was $121.6 Mil. Long-Term Debt & Capital Lease Obligation was $0.5 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) |
= | (44.89 / 220.864) | / | (34.688 / 210.927) | |
= | 0.203247 | / | 0.164455 | |
= | 1.2359 |
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) | |
= | (15.684 / 210.927) | / | (47.6 / 220.864) | |
= | 0.074357 | / | 0.215517 | |
= | 0.345 |
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 - (130.163 + 129.756) / 286.459) | / | (1 - (130.022 + 104.748) / 252.17) | |
= | 0.092649 | / | 0.069001 | |
= | 1.3427 |
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 | |
= | 220.864 | / | 210.927 | |
= | 1.0471 |
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)) |
= | (8.763 / (8.763 + 104.748)) | / | (10.547 / (10.547 + 129.756)) | |
= | 0.0772 | / | 0.075173 | |
= | 1.027 |
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) |
= | (21.309 / 220.864) | / | (11.879 / 210.927) | |
= | 0.09648 | / | 0.056318 | |
= | 1.7131 |
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) |
= | ((2.761 + 156.062) / 286.459) | / | ((0.546 + 121.62) / 252.17) | |
= | 0.554435 | / | 0.484459 | |
= | 1.1444 |
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 | |
= | (8.767 - -6.223 | - | 44.433) | / | 286.459 | |
= | -0.102783 |
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.
CBAK Energy Technology has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of CBAK Energy Technology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jiewei Li | officer: CFO | CBAK INDUSTRIAL PARK, MEIGUI STREET, HUAYUANKOU ECONOMIC ZONE, DALIAN CITY, LIAONING PROVINCE F4 116450 |
Yunfei Li | director, 10 percent owner, officer: CEO | BAK INDUSTRIAL PARK, MEIGUI STREET, HUAYUANKOU ECONOMIC ZONE, DALIAN F4 116422 |
Xiangyu Pei | director | BAK INDUSTRIAL PARK, MEIGUI STREET, HUAYUANKOU ECONOMIC ZONE, DALIAN F4 116450 |
Asia Evk New Energy Auto Ltd | 10 percent owner | FLAT/RM B, 8/F, WING ON CHEONG BLDG, 5 WING LOK STREET, CENTRAL, HONG KONG K3 0000000 |
Ping Shen | 10 percent owner | GROUP 1 LIVESTOCK RANCH, HUAIJIA TOWN, YUSHU CITY, JILIN PROVINCE F4 130416 |
Dawei Li | 10 percent owner | NO. 11 MEIGUI STREET (EAST), HUAYUANKOU ECONOMIC DISTRICT, DALIAN F4 116450 |
Mu Li | 10 percent owner | A-3003, PENGDUDASHA, NANGUANG ROAD, NANSHAN DISTRICT, SHENZHEN F4 518054 |
Wei Qi | 10 percent owner | 3-B1005, HUAYUAN, TIANJIAN XIANDAICHENG, LONGGANG DISTRICT, SHENZHEN F4 518000 |
Xiangqian Li | director, 10 percent owner, officer: Chairman, President & CEO | BAK INDUSTRIAL PAR, NO. 1 BAK STREET, KUICHONG TOWN, LONGGANG DISTRICT, SHENZHEN F4 518119 |
J. Simon Xue | director | 3353 ROBERT BURNS DRIVE, RICHFIELD OH 44286 |
Chunzhi Zhang | director | ROOM 1505, BLOCK B TAIRAN 9TH ROAD, CHENGONGMIAO, FUTIAN DISTRICT, SHENZHEN F4 518000 |
Wenwu Wang | officer: Interim CFO and Treasurer | BAK INDUSTRIAL PARK, MEIGUI STREET, HUAYUANKOU ECONOMIC ZONE, DALIAN F4 116422 |
Guosheng Wang | director | BAK INDUSTRIAL PARK, NO, 1 BAK STREET, KUICHONG TOWN, LONGGANG DISTRICT, SHENZHEN F4 518119 |
Jian Lin | officer: Int. Chief Technical Officer | BAK INDUSTRIAL PARK, NO, 1 BAK STREET, KUICHONG TOWN, LONGGANG DISTRICT, SHENZHEN F4 518119 |
Jianjun He | director | THT INDUSTRIAL PARK, NO. 5 NANHUAN ROAD, TIEXI DISTRICT, SIPING F4 136000 |
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