China National Complete Plant Import & Export (SZSE:000151) Beneish M-Score : -4.93 (As of May. 15, 2024)

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What is China National Complete Plant Import & Export Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -4.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China National Complete Plant Import & Export's Beneish M-Score or its related term are showing as below:

SZSE:000151' s Beneish M-Score Range Over the Past 10 Years
Min: -5.46 Med: -1.26 Max: 10.21
Current: -4.93

During the past 13 years, the highest Beneish M-Score of China National Complete Plant Import & Export was 10.21. The lowest was -5.46. And the median was -1.26.

China National Complete Plant Import & Export Beneish M-Score Historical Data

The historical data trend for China National Complete Plant Import & Export'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.

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China National Complete Plant Import & Export Beneish M-Score Chart

China National Complete Plant Import & Export Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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5.06

-2.20

-2.28

-1.26

-5.46

China National Complete Plant Import & Export Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.71	-1.71	-1.09	-5.46	-4.93

Competitive Comparison of China National Complete Plant Import & Export's Beneish M-Score

For the Industrial Distribution subindustry, China National Complete Plant Import & Export'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 National Complete Plant Import & Export's Beneish M-Score Distribution in the Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, China National Complete Plant Import & Export's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China National Complete Plant Import & Export's Beneish M-Score falls into.

China National Complete Plant Import & Export 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 National Complete Plant Import & Export for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8414

0.528 * -0.4964

0.404 * 1.1275

0.892 * 0.4913

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.1285

4.679 * -0.195534

0.327 * 1.0094

-4.93

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥995 Mil.
Revenue was 472.909 + 816.627 + 675.831 + 394.216 = ¥2,360 Mil.
Gross Profit was 28.631 + -229.934 + -73.756 + 53.883 = ¥-221 Mil.
Total Current Assets was ¥2,630 Mil.
Total Assets was ¥3,309 Mil.
Property, Plant and Equipment(Net PPE) was ¥128 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥109 Mil.
Total Current Liabilities was ¥2,421 Mil.
Long-Term Debt & Capital Lease Obligation was ¥50 Mil.
Net Income was -37.795 + -250.712 + 22.962 + -1.33 = ¥-267 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -116.667 + 278.738 + 5.746 + 212.244 = ¥380 Mil.

Total Receivables was ¥2,408 Mil.
Revenue was 1180.654 + 2029.647 + 888.932 + 703.012 = ¥4,802 Mil.
Gross Profit was 63.013 + 51.941 + 50.253 + 58.237 = ¥223 Mil.
Total Current Assets was ¥3,897 Mil.
Total Assets was ¥4,689 Mil.
Property, Plant and Equipment(Net PPE) was ¥100 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥104 Mil.
Total Current Liabilities was ¥3,431 Mil.
Long-Term Debt & Capital Lease Obligation was ¥38 Mil.

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)
	=	(995.392 / 2359.583)	/	(2407.773 / 4802.245)
	=	0.421851	/	0.501385
	=	0.8414

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)
	=	(223.444 / 4802.245)	/	(-221.176 / 2359.583)
	=	0.046529	/	-0.093735
	=	-0.4964

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 - (2630.12 + 127.684) / 3308.558)	/	(1 - (3896.722 + 100.254) / 4689.325)
	=	0.166463	/	0.147644
	=	1.1275

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
	=	2359.583	/	4802.245
	=	0.4913

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 + 100.254))	/	(0 / (0 + 127.684))
	=	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)
	=	(108.633 / 2359.583)	/	(103.872 / 4802.245)
	=	0.046039	/	0.02163
	=	2.1285

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)
	=	((49.782 + 2421.153) / 3308.558)	/	((38.404 + 3430.996) / 4689.325)
	=	0.746831	/	0.739851
	=	1.0094

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
	=	(-266.875 - 0	-	380.061)	/	3308.558
	=	-0.195534

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 National Complete Plant Import & Export has a M-score of -4.93 suggests that the company is unlikely to be a manipulator.

China National Complete Plant Import & Export Beneish M-Score Related Terms

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China National Complete Plant Import & Export (SZSE:000151) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Distribution » China National Complete Plant Import & Export Corp Ltd (SZSE:000151) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 188 S. 4th Ring West Road, District 2, Building 8, Fengtai, Beijing, Beijing, CHN, 100070

Website

http://www.complant-ltd.com.cn

China National Complete Plant Import & Export Corp Ltd is engaged in the export of equipment and engineering contracting, general trade, and overseas industrial operations. The main business countries of the company include Bangladesh, Ethiopia, Barbados, and Jamaica. In general trade, the company exports textiles, electronic machinery, solar energy systems, and agricultural machinery. Overseas industrial operations include leasing operations.

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