China Nuclear Energy Technology (HKSE:00611) Beneish M-Score : -2.02 (As of May. 23, 2024)

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What is China Nuclear Energy Technology Beneish M-Score?

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 -2.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Nuclear Energy Technology's Beneish M-Score or its related term are showing as below:

HKSE:00611' s Beneish M-Score Range Over the Past 10 Years
Min: -4.55 Med: -2.27 Max: 5.48
Current: -2.02

During the past 13 years, the highest Beneish M-Score of China Nuclear Energy Technology was 5.48. The lowest was -4.55. And the median was -2.27.

China Nuclear Energy Technology Beneish M-Score Historical Data

The historical data trend for China Nuclear 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.

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China Nuclear Energy Technology Beneish M-Score Chart

China Nuclear Energy Technology Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.76

-2.44

-4.08

-3.10

-2.02

China Nuclear Energy Technology Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-4.08	-	-3.10	-	-2.02

Competitive Comparison of China Nuclear Energy Technology's Beneish M-Score

For the Engineering & Construction subindustry, China Nuclear 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.

China Nuclear Energy Technology's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, China Nuclear Energy Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Nuclear Energy Technology's Beneish M-Score falls into.

China Nuclear Energy Technology 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 Nuclear Energy Technology for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9268

0.528 * 0.7781

0.404 * 3.0579

0.892 * 0.8105

0.115 * 1.5316

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9816

4.679 * -0.016348

0.327 * 1.0299

-2.02

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$2,258 Mil.
Revenue was HK$1,733 Mil.
Gross Profit was HK$432 Mil.
Total Current Assets was HK$4,797 Mil.
Total Assets was HK$11,437 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,343 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$232 Mil.
Selling, General, & Admin. Expense(SGA) was HK$124 Mil.
Total Current Liabilities was HK$3,972 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,690 Mil.
Net Income was HK$108 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$295 Mil.

Total Receivables was HK$3,006 Mil.
Revenue was HK$2,138 Mil.
Gross Profit was HK$414 Mil.
Total Current Assets was HK$5,941 Mil.
Total Assets was HK$9,419 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,397 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$194 Mil.
Selling, General, & Admin. Expense(SGA) was HK$156 Mil.
Total Current Liabilities was HK$5,166 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,559 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)
	=	(2258.131 / 1733.29)	/	(3005.918 / 2138.482)
	=	1.3028	/	1.405632
	=	0.9268

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)
	=	(414.456 / 2138.482)	/	(431.713 / 1733.29)
	=	0.193809	/	0.249071
	=	0.7781

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 - (4797.072 + 6342.973) / 11437.221)	/	(1 - (5941.456 + 3397.427) / 9418.915)
	=	0.025983	/	0.008497
	=	3.0579

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
	=	1733.29	/	2138.482
	=	0.8105

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))
	=	(194.158 / (194.158 + 3397.427))	/	(232.068 / (232.068 + 6342.973))
	=	0.054059	/	0.035295
	=	1.5316

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)
	=	(124.381 / 1733.29)	/	(156.329 / 2138.482)
	=	0.07176	/	0.073103
	=	0.9816

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)
	=	((5689.732 + 3971.881) / 11437.221)	/	((2559.068 + 5166.417) / 9418.915)
	=	0.844752	/	0.82021
	=	1.0299

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
	=	(107.689 - 0	-	294.661)	/	11437.221
	=	-0.016348

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 Nuclear Energy Technology has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.

China Nuclear Energy Technology Beneish M-Score Related Terms

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China Nuclear Energy Technology (HKSE:00611) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » China Nuclear Energy Technology Corp Ltd (HKSE:00611) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

26 Harbour Road, Room 2801, 28th Floor, China Resources Building, Wanchai, Hong Kong, HKG

Website

http://www.cnetcl.com

China Nuclear Energy Technology Corp Ltd is an investment holding company. Its operating segments include the EPC and consultancy and general construction segment comprises its EPC and consulting services operations relating to the construction of photovoltaic power plants and general construction services; the Power Generation segment comprises the group's power generation operations; the Financing segment comprises the group's financing operations; and the all Other segments comprise the group's corporate management, investment, and treasury services. The majority of the revenue is derived from EPC and consulting services segment.

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