CRRC Beneish M-Score Historical Data
The historical data trend for CRRC'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.
CRRC Beneish M-Score Chart
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CRRC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.11 |
-2.44 |
-2.53 |
-2.44 |
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CRRC 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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-2.54 |
-2.37 |
-2.37 |
-2.44 |
-2.82 |
Competitive Comparison of CRRC's Beneish M-Score
For the Railroads subindustry, CRRC'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.
CRRC's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, CRRC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CRRC's Beneish M-Score falls into.
CRRC 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 CRRC 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 * 0.9627 | + | 0.528 * 0.9384 | + | 0.404 * 0.9794 | + | 0.892 * 1.0004 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0926 | + | 4.679 * -0.051439 | - | 0.327 * 1.0195 |
| = | -2.82 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$150,816 Mil.
Revenue was 34960.215 + 99781.103 + 59784.32 + 60075.424 = HK$254,601 Mil.
Gross Profit was 8711.547 + 22907.158 + 13714.143 + 12543.575 = HK$57,876 Mil.
Total Current Assets was HK$340,337 Mil.
Total Assets was HK$512,229 Mil.
Property, Plant and Equipment(Net PPE) was HK$71,596 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$14,222 Mil.
Total Current Liabilities was HK$269,899 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,469 Mil.
Net Income was 1095.304 + 6081.402 + 2886.893 + 3111.841 = HK$13,175 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 15738.108 + 20468.783 + 11572.154 + -8255.303 = HK$39,524 Mil.
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Total Receivables was HK$156,607 Mil.
Revenue was 36879.128 + 97573.278 + 60682.022 + 59371.356 = HK$254,506 Mil.
Gross Profit was 7932.256 + 21683.101 + 12895.874 + 11778.486 = HK$54,290 Mil.
Total Current Assets was HK$333,979 Mil.
Total Assets was HK$510,713 Mil.
Property, Plant and Equipment(Net PPE) was HK$74,629 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$13,012 Mil.
Total Current Liabilities was HK$264,468 Mil.
Long-Term Debt & Capital Lease Obligation was HK$8,748 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) |
| = | (150815.986 / 254601.062) | / | (156606.903 / 254505.784) |
| = | 0.592362 | / | 0.615337 |
| | = | 0.9627 |
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) |
| = | (54289.717 / 254505.784) | / | (57876.423 / 254601.062) |
| = | 0.213314 | / | 0.227322 |
| | = | 0.9384 |
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 - (340336.787 + 71596.408) / 512228.954) | / | (1 - (333978.918 + 74629.379) / 510713.121) |
| = | 0.195803 | / | 0.199926 |
| | = | 0.9794 |
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 |
| = | 254601.062 | / | 254505.784 |
| | = | 1.0004 |
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 + 74629.379)) | / | (0 / (0 + 71596.408)) |
| = | 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) |
| = | (14221.915 / 254601.062) | / | (13012.204 / 254505.784) |
| = | 0.05586 | / | 0.051127 |
| | = | 1.0926 |
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) |
| = | ((9469.212 + 269898.6) / 512228.954) | / | ((8747.898 + 264468.354) / 510713.121) |
| = | 0.545396 | / | 0.53497 |
| | = | 1.0195 |
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 |
| = | (13175.44 - 0 | - | 39523.742) | / | 512228.954 |
| | = | -0.051439 |
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.
CRRC has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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