CGN Power Co Beneish M-Score Historical Data
The historical data trend for CGN Power 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.
CGN Power Co Beneish M-Score Chart
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CGN Power Co Annual Data
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-3.13 |
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CGN Power Co Quarterly Data
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Mar24 |
| Beneish M-Score |
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-3.13 |
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Competitive Comparison of CGN Power Co's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, CGN Power 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.
CGN Power Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, CGN Power Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CGN Power Co's Beneish M-Score falls into.
CGN Power 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 CGN Power 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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$15,738 Mil.
Revenue was 20837.056 + 0 + 22061.867 + 22955.175 = HK$65,854 Mil.
Gross Profit was 8184.014 + 0 + 7673.85 + 10098.773 = HK$25,957 Mil.
Total Current Assets was HK$82,924 Mil.
Total Assets was HK$455,353 Mil.
Property, Plant and Equipment(Net PPE) was HK$330,528 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,936 Mil.
Total Current Liabilities was HK$88,056 Mil.
Long-Term Debt & Capital Lease Obligation was HK$173,011 Mil.
Net Income was 3915.212 + 0 + 2940.006 + 3798.333 = HK$10,654 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 6066.033 + 0 + 12140.697 + 0 = HK$18,207 Mil.
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Total Receivables was HK$0 Mil.
Revenue was 20830.875 + 27256.077 + 24369.463 + 0 = HK$72,456 Mil.
Gross Profit was 8588.516 + 6418.857 + 7961.183 + 0 = HK$22,969 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$0 Mil.
Property, Plant and Equipment(Net PPE) was HK$0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,147 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 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) |
| = | (15737.526 / 65854.098) | / | (0 / 72456.415) |
| = | 0.238976 | / | 0 |
| | = | |
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) |
| = | (22968.556 / 72456.415) | / | (25956.637 / 65854.098) |
| = | 0.316998 | / | 0.394154 |
| | = | |
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 - (82923.946 + 330527.594) / 455353.291) | / | (1 - (0 + 0) / 0) |
| = | 0.09202 | / | |
| | = | |
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 |
| = | 65854.098 | / | 72456.415 |
| | = | |
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 + 0)) | / | (0 / (0 + 330527.594)) |
| = | | / | 0 |
| | = | |
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) |
| = | (1935.755 / 65854.098) | / | (1147.269 / 72456.415) |
| = | 0.029395 | / | 0.015834 |
| | = | |
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) |
| = | ((173011.394 + 88056.306) / 455353.291) | / | ((0 + 0) / 0) |
| = | 0.57333 | / | |
| | = | |
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 |
| = | (10653.551 - 0 | - | 18206.73) | / | 455353.291 |
| | = | -0.016588 |
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.
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