Shenzhen Expressway Beneish M-Score Historical Data
The historical data trend for Shenzhen Expressway'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.
Shenzhen Expressway Beneish M-Score Chart
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Shenzhen Expressway Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-1.90 |
-2.85 |
-2.47 |
-2.83 |
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Shenzhen Expressway 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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-2.52 |
-2.68 |
-2.71 |
-2.83 |
-2.56 |
Competitive Comparison of Shenzhen Expressway's Beneish M-Score
For the Infrastructure Operations subindustry, Shenzhen Expressway'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.
Shenzhen Expressway's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Shenzhen Expressway's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenzhen Expressway's Beneish M-Score falls into.
Shenzhen Expressway 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 Shenzhen Expressway 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 * 1.0246 | + | 0.528 * 0.9363 | + | 0.404 * 1.0096 | + | 0.892 * 0.9503 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7776 | + | 4.679 * -0.022026 | - | 0.327 * 0.9849 |
| = | -2.59 |
* 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 HK$2,269 Mil.
Revenue was 2213.865 + 3198.227 + 2409.735 + 2429.55 = HK$10,251 Mil.
Gross Profit was 786.464 + 833.2 + 1008.228 + 974.12 = HK$3,602 Mil.
Total Current Assets was HK$8,950 Mil.
Total Assets was HK$73,236 Mil.
Property, Plant and Equipment(Net PPE) was HK$8,157 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$111 Mil.
Total Current Liabilities was HK$21,367 Mil.
Long-Term Debt & Capital Lease Obligation was HK$18,262 Mil.
Net Income was 511.603 + 862.224 + 653.947 + 532.369 = HK$2,560 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 826.27 + 1205.45 + 1168.566 + 972.972 = HK$4,173 Mil.
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Total Receivables was HK$2,330 Mil.
Revenue was 2168.235 + 3044.457 + 2853.971 + 2721.101 = HK$10,788 Mil.
Gross Profit was 858.422 + 518.08 + 1075.901 + 1096.535 = HK$3,549 Mil.
Total Current Assets was HK$10,490 Mil.
Total Assets was HK$78,516 Mil.
Property, Plant and Equipment(Net PPE) was HK$8,425 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$151 Mil.
Total Current Liabilities was HK$25,609 Mil.
Long-Term Debt & Capital Lease Obligation was HK$17,528 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) |
| = | (2268.958 / 10251.377) | / | (2330.386 / 10787.764) |
| = | 0.221332 | / | 0.216021 |
| | = | 1.0246 |
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) |
| = | (3548.938 / 10787.764) | / | (3602.012 / 10251.377) |
| = | 0.328978 | / | 0.351369 |
| | = | 0.9363 |
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 - (8950.473 + 8157.227) / 73236.376) | / | (1 - (10490.077 + 8424.664) / 78516.445) |
| = | 0.766404 | / | 0.759098 |
| | = | 1.0096 |
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 |
| = | 10251.377 | / | 10787.764 |
| | = | 0.9503 |
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 + 8424.664)) | / | (0 / (0 + 8157.227)) |
| = | 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) |
| = | (111.243 / 10251.377) | / | (150.552 / 10787.764) |
| = | 0.010852 | / | 0.013956 |
| | = | 0.7776 |
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) |
| = | ((18261.992 + 21366.585) / 73236.376) | / | ((17527.673 + 25608.96) / 78516.445) |
| = | 0.541105 | / | 0.549396 |
| | = | 0.9849 |
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 |
| = | (2560.143 - 0 | - | 4173.258) | / | 73236.376 |
| | = | -0.022026 |
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.
Shenzhen Expressway has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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