Jianzhong Construction Development Beneish M-Score Historical Data
The historical data trend for Jianzhong Construction Development'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.
Jianzhong Construction Development Beneish M-Score Chart
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Jianzhong Construction Development Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.51 |
-1.87 |
-1.29 |
-2.14 |
-0.82 |
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Jianzhong Construction Development Semi-Annual Data
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Dec16 |
Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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- |
-2.14 |
- |
-0.82 |
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Competitive Comparison of Jianzhong Construction Development's Beneish M-Score
For the Engineering & Construction subindustry, Jianzhong Construction Development'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.
Jianzhong Construction Development's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Jianzhong Construction Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jianzhong Construction Development's Beneish M-Score falls into.
Jianzhong Construction Development 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 Jianzhong Construction Development 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 * 1.6521 | + | 0.528 * 6.512 | + | 0.404 * 1.1878 | + | 0.892 * 0.4186 | + | 0.115 * 0.8557 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0849 | + | 4.679 * -0.258326 | - | 0.327 * 0.9854 |
| = | -0.82 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$1,066.2 Mil.
Revenue was HK$585.8 Mil.
Gross Profit was HK$10.4 Mil.
Total Current Assets was HK$1,281.4 Mil.
Total Assets was HK$1,848.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$470.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$81.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$69.5 Mil.
Total Current Liabilities was HK$863.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$115.5 Mil.
Net Income was HK$-241.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$236.2 Mil.
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Total Receivables was HK$1,541.7 Mil.
Revenue was HK$1,399.5 Mil.
Gross Profit was HK$161.6 Mil.
Total Current Assets was HK$1,784.5 Mil.
Total Assets was HK$2,668.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$765.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$110.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$79.7 Mil.
Total Current Liabilities was HK$1,206.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$227.7 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) |
| = | (1066.155 / 585.831) | / | (1541.662 / 1399.488) |
| = | 1.819902 | / | 1.10159 |
| | = | 1.6521 |
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) |
| = | (161.646 / 1399.488) | / | (10.391 / 585.831) |
| = | 0.115504 | / | 0.017737 |
| | = | 6.512 |
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 - (1281.375 + 470.04) / 1848.309) | / | (1 - (1784.497 + 765.923) / 2668.181) |
| = | 0.052423 | / | 0.044135 |
| | = | 1.1878 |
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 |
| = | 585.831 | / | 1399.488 |
| | = | 0.4186 |
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)) |
| = | (110.594 / (110.594 + 765.923)) | / | (81.291 / (81.291 + 470.04)) |
| = | 0.126174 | / | 0.147445 |
| | = | 0.8557 |
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) |
| = | (69.524 / 585.831) | / | (79.663 / 1399.488) |
| = | 0.118676 | / | 0.056923 |
| | = | 2.0849 |
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) |
| = | ((115.523 + 863.449) / 1848.309) | / | ((227.715 + 1206.413) / 2668.181) |
| = | 0.529658 | / | 0.537493 |
| | = | 0.9854 |
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 |
| = | (-241.294 - 0 | - | 236.173) | / | 1848.309 |
| | = | -0.258326 |
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.
Jianzhong Construction Development has a M-score of -0.82 signals that the company is likely to be a manipulator.
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