ANE (Cayman) Beneish M-Score Historical Data
The historical data trend for ANE (Cayman)'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.
ANE (Cayman) Beneish M-Score Chart
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ANE (Cayman) Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
3.92 |
-4.32 |
-4.24 |
- |
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ANE (Cayman) Semi-Annual Data
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Dec18 |
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-4.32 |
- |
-4.24 |
- |
- |
Competitive Comparison of ANE (Cayman)'s Beneish M-Score
For the Trucking subindustry, ANE (Cayman)'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.
ANE (Cayman)'s Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ANE (Cayman)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ANE (Cayman)'s Beneish M-Score falls into.
ANE (Cayman) 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 ANE (Cayman) 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 * 0.714 | + | 0.528 * 1.4128 | + | 0.404 * 0.8032 | + | 0.892 * 0.8826 | + | 0.115 * 0.8004 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1662 | + | 4.679 * -0.317807 | - | 0.327 * 0.9867 |
| = | -4.24 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$699 Mil.
Revenue was HK$10,424 Mil.
Gross Profit was HK$816 Mil.
Total Current Assets was HK$2,911 Mil.
Total Assets was HK$6,512 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,035 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,207 Mil.
Selling, General, & Admin. Expense(SGA) was HK$997 Mil.
Total Current Liabilities was HK$2,872 Mil.
Long-Term Debt & Capital Lease Obligation was HK$847 Mil.
Net Income was HK$-456 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,613 Mil.
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Total Receivables was HK$1,109 Mil.
Revenue was HK$11,810 Mil.
Gross Profit was HK$1,306 Mil.
Total Current Assets was HK$3,126 Mil.
Total Assets was HK$7,758 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,792 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,119 Mil.
Selling, General, & Admin. Expense(SGA) was HK$969 Mil.
Total Current Liabilities was HK$3,247 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,244 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) |
| = | (699.011 / 10424.455) | / | (1109.2 / 11810.436) |
| = | 0.067055 | / | 0.093917 |
| | = | 0.714 |
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) |
| = | (1305.523 / 11810.436) | / | (815.606 / 10424.455) |
| = | 0.11054 | / | 0.07824 |
| | = | 1.4128 |
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 - (2910.848 + 3035.005) / 6511.818) | / | (1 - (3126.26 + 3792.035) / 7757.718) |
| = | 0.086914 | / | 0.108205 |
| | = | 0.8032 |
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 |
| = | 10424.455 | / | 11810.436 |
| | = | 0.8826 |
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)) |
| = | (1118.519 / (1118.519 + 3792.035)) | / | (1207.315 / (1207.315 + 3035.005)) |
| = | 0.227779 | / | 0.284588 |
| | = | 0.8004 |
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) |
| = | (996.979 / 10424.455) | / | (968.56 / 11810.436) |
| = | 0.095638 | / | 0.082009 |
| | = | 1.1662 |
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) |
| = | ((847.144 + 2872.137) / 6511.818) | / | ((1243.592 + 3246.87) / 7757.718) |
| = | 0.571159 | / | 0.578838 |
| | = | 0.9867 |
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 |
| = | (-456.095 - 0 | - | 1613.405) | / | 6511.818 |
| | = | -0.317807 |
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.
ANE (Cayman) has a M-score of -4.24 suggests that the company is unlikely to be a manipulator.
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