CSG Holding Co Beneish M-Score Historical Data
The historical data trend for CSG Holding 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.
CSG Holding Co Beneish M-Score Chart
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CSG Holding 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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-3.59 |
-2.83 |
-3.26 |
-1.52 |
-2.04 |
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CSG Holding 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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-1.22 |
-1.35 |
-1.70 |
-2.04 |
-2.54 |
Competitive Comparison of CSG Holding Co's Beneish M-Score
For the Building Materials subindustry, CSG Holding 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.
CSG Holding Co's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, CSG Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CSG Holding Co's Beneish M-Score falls into.
CSG Holding 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 CSG Holding 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 * 1.1342 | + | 0.528 * 1.1836 | + | 0.404 * 0.8262 | + | 0.892 * 1.0963 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0404 | + | 4.679 * -0.052648 | - | 0.327 * 1.1269 |
| = | -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 ¥4,154 Mil.
Revenue was 3947.22 + 4714.931 + 5090.593 + 4318.666 = ¥18,071 Mil.
Gross Profit was 841.169 + 985.783 + 1174.065 + 988.813 = ¥3,990 Mil.
Total Current Assets was ¥9,674 Mil.
Total Assets was ¥31,149 Mil.
Property, Plant and Equipment(Net PPE) was ¥18,076 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥549 Mil.
Total Current Liabilities was ¥8,982 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,393 Mil.
Net Income was 325.378 + 188.942 + 577.193 + 493.073 = ¥1,585 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 180.305 + 1135.543 + 1105.819 + 802.834 = ¥3,225 Mil.
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Total Receivables was ¥3,341 Mil.
Revenue was 4070.674 + 4394.932 + 4284.559 + 3733.507 = ¥16,484 Mil.
Gross Profit was 905.132 + 1081.657 + 1228.684 + 1091.996 = ¥4,307 Mil.
Total Current Assets was ¥8,036 Mil.
Total Assets was ¥25,637 Mil.
Property, Plant and Equipment(Net PPE) was ¥14,216 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥481 Mil.
Total Current Liabilities was ¥6,042 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,188 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) |
| = | (4153.863 / 18071.41) | / | (3340.589 / 16483.672) |
| = | 0.229858 | / | 0.20266 |
| | = | 1.1342 |
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) |
| = | (4307.469 / 16483.672) | / | (3989.83 / 18071.41) |
| = | 0.261317 | / | 0.220781 |
| | = | 1.1836 |
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 - (9674.214 + 18076.497) / 31148.754) | / | (1 - (8036.265 + 14215.715) / 25637.078) |
| = | 0.109091 | / | 0.132039 |
| | = | 0.8262 |
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 |
| = | 18071.41 | / | 16483.672 |
| | = | 1.0963 |
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 + 14215.715)) | / | (0 / (0 + 18076.497)) |
| = | 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) |
| = | (549.009 / 18071.41) | / | (481.319 / 16483.672) |
| = | 0.03038 | / | 0.0292 |
| | = | 1.0404 |
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) |
| = | ((6393.33 + 8981.812) / 31148.754) | / | ((5188.12 + 6041.616) / 25637.078) |
| = | 0.493604 | / | 0.438027 |
| | = | 1.1269 |
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 |
| = | (1584.586 - 0 | - | 3224.501) | / | 31148.754 |
| | = | -0.052648 |
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.
CSG Holding Co has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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