Shenzhen Expressway Beneish M-Score Historical Data
The historical data trend for Shenzhen Expressway'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.
Shenzhen Expressway Beneish M-Score Chart
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Shenzhen Expressway Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-1.90 |
-2.85 |
-2.47 |
-2.83 |
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Shenzhen Expressway Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.52 |
-2.68 |
-2.71 |
-2.83 |
Competitive Comparison of Shenzhen Expressway's Beneish M-Score
For the Infrastructure Operations subindustry, Shenzhen Expressway'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.
Shenzhen Expressway's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Shenzhen Expressway's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shenzhen Expressway's Beneish M-Score falls into.
Shenzhen Expressway 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 Shenzhen Expressway 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 * 0.7756 | + | 0.528 * 0.8948 | + | 0.404 * 1.0344 | + | 0.892 * 0.9918 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8652 | + | 4.679 * -0.026184 | - | 0.327 * 0.9711 |
| = | -2.83 |
* 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 ¥1,965 Mil.
Revenue was 2924.016 + 2246.408 + 2221.241 + 1903.639 = ¥9,295 Mil.
Gross Profit was 761.763 + 939.892 + 890.599 + 753.666 = ¥3,346 Mil.
Total Current Assets was ¥6,952 Mil.
Total Assets was ¥67,507 Mil.
Property, Plant and Equipment(Net PPE) was ¥7,685 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥116 Mil.
Total Current Liabilities was ¥19,826 Mil.
Long-Term Debt & Capital Lease Obligation was ¥16,772 Mil.
Net Income was 788.298 + 609.624 + 486.724 + 442.551 = ¥2,327 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1102.097 + 1089.363 + 889.55 + 1013.802 = ¥4,095 Mil.
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Total Receivables was ¥2,555 Mil.
Revenue was 2726.262 + 2552.227 + 2321.366 + 1772.728 = ¥9,373 Mil.
Gross Profit was 463.932 + 962.148 + 935.452 + 657.455 = ¥3,019 Mil.
Total Current Assets was ¥9,297 Mil.
Total Assets was ¥69,205 Mil.
Property, Plant and Equipment(Net PPE) was ¥7,511 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥135 Mil.
Total Current Liabilities was ¥23,243 Mil.
Long-Term Debt & Capital Lease Obligation was ¥15,391 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) |
| = | (1965.113 / 9295.304) | / | (2554.733 / 9372.583) |
| = | 0.211409 | / | 0.272575 |
| | = | 0.7756 |
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) |
| = | (3018.987 / 9372.583) | / | (3345.92 / 9295.304) |
| = | 0.322108 | / | 0.359958 |
| | = | 0.8948 |
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 - (6951.774 + 7684.75) / 67507.469) | / | (1 - (9297.122 + 7510.616) / 69204.698) |
| = | 0.783187 | / | 0.75713 |
| | = | 1.0344 |
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 |
| = | 9295.304 | / | 9372.583 |
| | = | 0.9918 |
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 + 7510.616)) | / | (0 / (0 + 7684.75)) |
| = | 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) |
| = | (115.764 / 9295.304) | / | (134.91 / 9372.583) |
| = | 0.012454 | / | 0.014394 |
| | = | 0.8652 |
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) |
| = | ((16772.425 + 19826.479) / 67507.469) | / | ((15390.504 + 23243.351) / 69204.698) |
| = | 0.542146 | / | 0.558255 |
| | = | 0.9711 |
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 |
| = | (2327.197 - 0 | - | 4094.812) | / | 67507.469 |
| | = | -0.026184 |
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.
Shenzhen Expressway has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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