Air China Beneish M-Score Historical Data
The historical data trend for Air China'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.
Air China Beneish M-Score Chart
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Air China Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-4.46 |
-3.28 |
-3.50 |
-8.04 |
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Air China Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.87 |
-1.71 |
7.89 |
-8.04 |
-5.72 |
Competitive Comparison of Air China's Beneish M-Score
For the Airlines subindustry, Air China'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.
Air China's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air China's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air China's Beneish M-Score falls into.
Air China 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 Air China 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 * 0.6086 | + | 0.528 * -6.0514 | + | 0.404 * 1.1154 | + | 0.892 * 2.3998 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6532 | + | 4.679 * -0.110818 | - | 0.327 * 0.9798 |
| = | -5.72 |
* 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 ¥8,908 Mil.
Revenue was 40065.742 + 35623.389 + 45863.652 + 34545.482 = ¥156,098 Mil.
Gross Profit was 1337.004 + -1032.207 + 7715.67 + 1653.89 = ¥9,674 Mil.
Total Current Assets was ¥40,633 Mil.
Total Assets was ¥341,317 Mil.
Property, Plant and Equipment(Net PPE) was ¥257,051 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥7,360 Mil.
Total Current Liabilities was ¥123,113 Mil.
Long-Term Debt & Capital Lease Obligation was ¥149,689 Mil.
Net Income was -1674.456 + -1837.803 + 4242.149 + -524.321 = ¥206 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 9407.344 + 2342.874 + 13044.072 + 13235.366 = ¥38,030 Mil.
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Total Receivables was ¥6,099 Mil.
Revenue was 25067.711 + 10809.019 + 18135.912 + 11035.076 = ¥65,048 Mil.
Gross Profit was -1251.801 + -10592.874 + -4974.276 + -7576.575 = ¥-24,396 Mil.
Total Current Assets was ¥45,439 Mil.
Total Assets was ¥345,153 Mil.
Property, Plant and Equipment(Net PPE) was ¥260,153 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥4,695 Mil.
Total Current Liabilities was ¥113,945 Mil.
Long-Term Debt & Capital Lease Obligation was ¥167,606 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) |
| = | (8908.098 / 156098.265) | / | (6099.219 / 65047.718) |
| = | 0.057067 | / | 0.093765 |
| | = | 0.6086 |
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) |
| = | (-24395.526 / 65047.718) | / | (9674.357 / 156098.265) |
| = | -0.37504 | / | 0.061976 |
| | = | -6.0514 |
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 - (40633.024 + 257050.919) / 341316.757) | / | (1 - (45439.221 + 260153.34) / 345152.642) |
| = | 0.127837 | / | 0.114616 |
| | = | 1.1154 |
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 |
| = | 156098.265 | / | 65047.718 |
| | = | 2.3998 |
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 + 260153.34)) | / | (0 / (0 + 257050.919)) |
| = | 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) |
| = | (7359.585 / 156098.265) | / | (4695.302 / 65047.718) |
| = | 0.047147 | / | 0.072182 |
| | = | 0.6532 |
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) |
| = | ((149689.085 + 123112.857) / 341316.757) | / | ((167606.412 + 113945.282) / 345152.642) |
| = | 0.799263 | / | 0.815731 |
| | = | 0.9798 |
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 |
| = | (205.569 - 0 | - | 38029.656) | / | 341316.757 |
| | = | -0.110818 |
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.
Air China has a M-score of -5.72 suggests that the company is unlikely to be a manipulator.
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