China Tianying Beneish M-Score Historical Data
The historical data trend for China Tianying'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.
China Tianying Beneish M-Score Chart
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China Tianying Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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6.45 |
-3.28 |
-2.23 |
0.43 |
-2.59 |
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China Tianying 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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-0.54 |
-1.82 |
-2.57 |
-2.59 |
-2.82 |
Competitive Comparison of China Tianying's Beneish M-Score
For the Waste Management subindustry, China Tianying'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.
China Tianying's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, China Tianying's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Tianying's Beneish M-Score falls into.
China Tianying 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 China Tianying 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 * 1.2513 | + | 0.528 * 0.6738 | + | 0.404 * 0.9837 | + | 0.892 * 0.8247 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7501 | + | 4.679 * -0.01938 | - | 0.327 * 1.0447 |
| = | -2.82 |
* 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 ¥2,785 Mil.
Revenue was 1251.525 + 1568.858 + 1366.674 + 1271.454 = ¥5,459 Mil.
Gross Profit was 458.837 + 401.72 + 428.674 + 375.23 = ¥1,664 Mil.
Total Current Assets was ¥5,593 Mil.
Total Assets was ¥28,258 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,572 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥320 Mil.
Total Current Liabilities was ¥7,874 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,773 Mil.
Net Income was 201.632 + 11.724 + 161.102 + 118.557 = ¥493 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 381.033 + 412.888 + 33.56 + 213.158 = ¥1,041 Mil.
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Total Receivables was ¥2,699 Mil.
Revenue was 1116.645 + 2840.037 + 1361.457 + 1300.912 = ¥6,619 Mil.
Gross Profit was 263.947 + 579.784 + 244.748 + 271.415 = ¥1,360 Mil.
Total Current Assets was ¥6,235 Mil.
Total Assets was ¥26,893 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,153 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥222 Mil.
Total Current Liabilities was ¥8,221 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,300 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) |
| = | (2784.928 / 5458.511) | / | (2698.793 / 6619.051) |
| = | 0.510199 | / | 0.407731 |
| | = | 1.2513 |
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) |
| = | (1359.894 / 6619.051) | / | (1664.461 / 5458.511) |
| = | 0.205452 | / | 0.304929 |
| | = | 0.6738 |
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 - (5592.93 + 4571.767) / 28257.524) | / | (1 - (6235.197 + 3152.845) / 26892.948) |
| = | 0.640284 | / | 0.650911 |
| | = | 0.9837 |
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 |
| = | 5458.511 | / | 6619.051 |
| | = | 0.8247 |
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 + 3152.845)) | / | (0 / (0 + 4571.767)) |
| = | 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) |
| = | (320.304 / 5458.511) | / | (221.936 / 6619.051) |
| = | 0.05868 | / | 0.03353 |
| | = | 1.7501 |
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) |
| = | ((4772.989 + 7874.111) / 28257.524) | / | ((3300.243 + 8221.47) / 26892.948) |
| = | 0.447566 | / | 0.428429 |
| | = | 1.0447 |
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 |
| = | (493.015 - 0 | - | 1040.639) | / | 28257.524 |
| | = | -0.01938 |
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.
China Tianying has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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