Deewin Tianxia Co Beneish M-Score Historical Data
The historical data trend for Deewin Tianxia 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.
Deewin Tianxia Co Beneish M-Score Chart
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Deewin Tianxia Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.18 |
-2.39 |
-2.44 |
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Deewin Tianxia Co Semi-Annual Data
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|
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.18 |
- |
-2.39 |
- |
-2.44 |
Competitive Comparison of Deewin Tianxia Co's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Deewin Tianxia 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.
Deewin Tianxia Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Deewin Tianxia Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deewin Tianxia Co's Beneish M-Score falls into.
Deewin Tianxia 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 Deewin Tianxia 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 * 0.9356 | + | 0.528 * 1.096 | + | 0.404 * 0.9545 | + | 0.892 * 1.1199 | + | 0.115 * 1.0681 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9409 | + | 4.679 * -0.012834 | - | 0.327 * 1.009 |
| = | -2.44 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$6,290 Mil.
Revenue was HK$3,412 Mil.
Gross Profit was HK$564 Mil.
Total Current Assets was HK$7,679 Mil.
Total Assets was HK$10,068 Mil.
Property, Plant and Equipment(Net PPE) was HK$158 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$54 Mil.
Selling, General, & Admin. Expense(SGA) was HK$56 Mil.
Total Current Liabilities was HK$5,633 Mil.
Long-Term Debt & Capital Lease Obligation was HK$613 Mil.
Net Income was HK$163 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$292 Mil.
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Total Receivables was HK$6,004 Mil.
Revenue was HK$3,047 Mil.
Gross Profit was HK$552 Mil.
Total Current Assets was HK$7,703 Mil.
Total Assets was HK$10,243 Mil.
Property, Plant and Equipment(Net PPE) was HK$162 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$60 Mil.
Selling, General, & Admin. Expense(SGA) was HK$53 Mil.
Total Current Liabilities was HK$5,126 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,172 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) |
| = | (6289.933 / 3411.974) | / | (6003.526 / 3046.731) |
| = | 1.843488 | / | 1.970481 |
| | = | 0.9356 |
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) |
| = | (551.704 / 3046.731) | / | (563.748 / 3411.974) |
| = | 0.181081 | / | 0.165226 |
| | = | 1.096 |
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 - (7678.77 + 157.67) / 10068.047) | / | (1 - (7702.956 + 161.519) / 10243.237) |
| = | 0.221652 | / | 0.232228 |
| | = | 0.9545 |
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 |
| = | 3411.974 | / | 3046.731 |
| | = | 1.1199 |
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)) |
| = | (60.363 / (60.363 + 161.519)) | / | (53.881 / (53.881 + 157.67)) |
| = | 0.27205 | / | 0.254695 |
| | = | 1.0681 |
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) |
| = | (56.084 / 3411.974) | / | (53.225 / 3046.731) |
| = | 0.016437 | / | 0.01747 |
| | = | 0.9409 |
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) |
| = | ((613.215 + 5632.984) / 10068.047) | / | ((1172.23 + 5125.679) / 10243.237) |
| = | 0.620398 | / | 0.614836 |
| | = | 1.009 |
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 |
| = | (163.254 - 0 | - | 292.468) | / | 10068.047 |
| | = | -0.012834 |
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.
Deewin Tianxia Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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