Huaxin Cement Co Beneish M-Score Historical Data
The historical data trend for Huaxin Cement 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.
Huaxin Cement Co Beneish M-Score Chart
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Huaxin Cement 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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-2.86 |
-2.89 |
-2.43 |
-2.02 |
-2.44 |
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Huaxin Cement Co 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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-1.92 |
-2.06 |
-2.33 |
-2.44 |
-2.49 |
Competitive Comparison of Huaxin Cement Co's Beneish M-Score
For the Building Materials subindustry, Huaxin Cement 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.
Huaxin Cement Co's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Huaxin Cement Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huaxin Cement Co's Beneish M-Score falls into.
Huaxin Cement 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 Huaxin Cement 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 * 1.1868 | + | 0.528 * 0.9248 | + | 0.404 * 0.972 | + | 0.892 * 1.0709 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0146 | + | 4.679 * -0.048077 | - | 0.327 * 1.047 |
| = | -2.54 |
* 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 HK$4,595 Mil.
Revenue was 7694.927 + 10491.757 + 8939.184 + 10066.212 = HK$37,192 Mil.
Gross Profit was 1684.306 + 2907.549 + 2678.57 + 2755.49 = HK$10,026 Mil.
Total Current Assets was HK$17,089 Mil.
Total Assets was HK$75,216 Mil.
Property, Plant and Equipment(Net PPE) was HK$36,049 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,439 Mil.
Total Current Liabilities was HK$19,964 Mil.
Long-Term Debt & Capital Lease Obligation was HK$16,026 Mil.
Net Income was 192.785 + 971.049 + 731.331 + 1033.164 = HK$2,928 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 116.228 + 2988.897 + 1475.779 + 1963.603 = HK$6,545 Mil.
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Total Receivables was HK$3,616 Mil.
Revenue was 7549.754 + 9670.151 + 8298.893 + 9211.658 = HK$34,730 Mil.
Gross Profit was 1527.569 + 2236.41 + 2184.35 + 2710.312 = HK$8,659 Mil.
Total Current Assets was HK$16,902 Mil.
Total Assets was HK$73,740 Mil.
Property, Plant and Equipment(Net PPE) was HK$34,571 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,245 Mil.
Total Current Liabilities was HK$18,136 Mil.
Long-Term Debt & Capital Lease Obligation was HK$15,563 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) |
| = | (4595.167 / 37192.08) | / | (3615.608 / 34730.456) |
| = | 0.123552 | / | 0.104105 |
| | = | 1.1868 |
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) |
| = | (8658.641 / 34730.456) | / | (10025.915 / 37192.08) |
| = | 0.24931 | / | 0.269571 |
| | = | 0.9248 |
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 - (17088.83 + 36048.794) / 75216.231) | / | (1 - (16902.034 + 34570.556) / 73740.379) |
| = | 0.293535 | / | 0.301976 |
| | = | 0.972 |
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 |
| = | 37192.08 | / | 34730.456 |
| | = | 1.0709 |
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 + 34570.556)) | / | (0 / (0 + 36048.794)) |
| = | 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) |
| = | (2439.411 / 37192.08) | / | (2245.265 / 34730.456) |
| = | 0.06559 | / | 0.064648 |
| | = | 1.0146 |
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) |
| = | ((16025.88 + 19963.968) / 75216.231) | / | ((15562.709 + 18135.509) / 73740.379) |
| = | 0.478485 | / | 0.456985 |
| | = | 1.047 |
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 |
| = | (2928.329 - 0 | - | 6544.507) | / | 75216.231 |
| | = | -0.048077 |
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.
Huaxin Cement Co has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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