Xinte Energy Co Beneish M-Score Historical Data
The historical data trend for Xinte Energy Co'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.
Xinte Energy Co Beneish M-Score Chart
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Xinte Energy Co Annual Data
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Dec14 |
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Dec19 |
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| Beneish M-Score |
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-2.00 |
-2.05 |
-2.25 |
-2.22 |
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Xinte Energy Co Semi-Annual Data
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Dec14 |
Jun15 |
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| Beneish M-Score |
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-2.25 |
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-2.22 |
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Competitive Comparison of Xinte Energy Co's Beneish M-Score
For the Solar subindustry, Xinte Energy Co'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.
Xinte Energy Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Xinte Energy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xinte Energy Co's Beneish M-Score falls into.
Xinte Energy Co 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 Xinte Energy Co 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 * 0.6686 | + | 0.528 * 0.7349 | + | 0.404 * 1.1674 | + | 0.892 * 1.5201 | + | 0.115 * 1.177 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5527 | + | 4.679 * 0.008379 | - | 0.327 * 0.8957 |
| = | -2.22 |
* 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$17,041 Mil.
Revenue was HK$41,923 Mil.
Gross Profit was HK$23,535 Mil.
Total Current Assets was HK$30,563 Mil.
Total Assets was HK$88,393 Mil.
Property, Plant and Equipment(Net PPE) was HK$52,019 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2,129 Mil.
Selling, General, & Admin. Expense(SGA) was HK$690 Mil.
Total Current Liabilities was HK$26,739 Mil.
Long-Term Debt & Capital Lease Obligation was HK$19,646 Mil.
Net Income was HK$14,959 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$14,218 Mil.
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Total Receivables was HK$16,767 Mil.
Revenue was HK$27,579 Mil.
Gross Profit was HK$11,377 Mil.
Total Current Assets was HK$29,250 Mil.
Total Assets was HK$71,263 Mil.
Property, Plant and Equipment(Net PPE) was HK$37,999 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,843 Mil.
Selling, General, & Admin. Expense(SGA) was HK$821 Mil.
Total Current Liabilities was HK$23,606 Mil.
Long-Term Debt & Capital Lease Obligation was HK$18,145 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) |
| = | (17041.379 / 41922.715) | / | (16766.916 / 27578.727) |
| = | 0.406495 | / | 0.607966 |
| | = | 0.6686 |
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) |
| = | (11377.379 / 27578.727) | / | (23534.593 / 41922.715) |
| = | 0.412542 | / | 0.56138 |
| | = | 0.7349 |
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 - (30563.081 + 52018.798) / 88393.092) | / | (1 - (29250.474 + 37998.832) / 71262.621) |
| = | 0.065743 | / | 0.056317 |
| | = | 1.1674 |
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 |
| = | 41922.715 | / | 27578.727 |
| | = | 1.5201 |
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)) |
| = | (1843.483 / (1843.483 + 37998.832)) | / | (2128.659 / (2128.659 + 52018.798)) |
| = | 0.046269 | / | 0.039312 |
| | = | 1.177 |
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) |
| = | (689.79 / 41922.715) | / | (821.011 / 27578.727) |
| = | 0.016454 | / | 0.02977 |
| | = | 0.5527 |
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) |
| = | ((19646.199 + 26739.34) / 88393.092) | / | ((18145.482 + 23605.611) / 71262.621) |
| = | 0.524764 | / | 0.585876 |
| | = | 0.8957 |
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 |
| = | (14958.922 - 0 | - | 14218.271) | / | 88393.092 |
| | = | 0.008379 |
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.
Xinte Energy Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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