Jiangsu Expressway Co Beneish M-Score Historical Data
The historical data trend for Jiangsu Expressway 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.
Jiangsu Expressway Co Beneish M-Score Chart
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Jiangsu Expressway Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-0.33 |
0.20 |
-2.31 |
-2.26 |
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Jiangsu Expressway Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.33 |
-1.67 |
-2.47 |
-2.26 |
-2.06 |
Competitive Comparison of Jiangsu Expressway Co's Beneish M-Score
For the Infrastructure Operations subindustry, Jiangsu Expressway 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.
Jiangsu Expressway Co's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Jiangsu Expressway Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jiangsu Expressway Co's Beneish M-Score falls into.
Jiangsu Expressway 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 Jiangsu Expressway 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 * 1.5628 | + | 0.528 * 0.9124 | + | 0.404 * 1.0168 | + | 0.892 * 1.0622 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8178 | + | 4.679 * -0.036541 | - | 0.327 * 0.9257 |
| = | -2.06 |
* 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 ¥2,089 Mil.
Revenue was 3473.393 + 3582.897 + 4473.101 + 3506.508 = ¥15,036 Mil.
Gross Profit was 1641.171 + 646.202 + 1755.774 + 1531.052 = ¥5,574 Mil.
Total Current Assets was ¥10,613 Mil.
Total Assets was ¥81,437 Mil.
Property, Plant and Equipment(Net PPE) was ¥7,588 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥90 Mil.
Total Current Liabilities was ¥9,929 Mil.
Long-Term Debt & Capital Lease Obligation was ¥27,634 Mil.
Net Income was 1246.836 + 376.504 + 1554.873 + 1254.824 = ¥4,433 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1639.673 + 1837.043 + 1924.426 + 2007.685 = ¥7,409 Mil.
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Total Receivables was ¥1,258 Mil.
Revenue was 3629.504 + 3770.805 + 4609.398 + 2145.386 = ¥14,155 Mil.
Gross Profit was 1678.298 + 676.083 + 1658.035 + 775.318 = ¥4,788 Mil.
Total Current Assets was ¥10,779 Mil.
Total Assets was ¥80,057 Mil.
Property, Plant and Equipment(Net PPE) was ¥8,142 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥104 Mil.
Total Current Liabilities was ¥13,332 Mil.
Long-Term Debt & Capital Lease Obligation was ¥26,560 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) |
| = | (2088.696 / 15035.899) | / | (1258.232 / 14155.093) |
| = | 0.138914 | / | 0.088889 |
| | = | 1.5628 |
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) |
| = | (4787.734 / 14155.093) | / | (5574.199 / 15035.899) |
| = | 0.338234 | / | 0.370726 |
| | = | 0.9124 |
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 - (10612.8 + 7587.924) / 81436.864) | / | (1 - (10778.711 + 8142.101) / 80056.724) |
| = | 0.776505 | / | 0.763657 |
| | = | 1.0168 |
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 |
| = | 15035.899 | / | 14155.093 |
| | = | 1.0622 |
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 + 8142.101)) | / | (0 / (0 + 7587.924)) |
| = | 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) |
| = | (90.104 / 15035.899) | / | (103.73 / 14155.093) |
| = | 0.005993 | / | 0.007328 |
| | = | 0.8178 |
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) |
| = | ((27633.777 + 9929.455) / 81436.864) | / | ((26560.295 + 13332.261) / 80056.724) |
| = | 0.461256 | / | 0.498304 |
| | = | 0.9257 |
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 |
| = | (4433.037 - 0 | - | 7408.827) | / | 81436.864 |
| | = | -0.036541 |
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.
Jiangsu Expressway Co has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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