China Liberal Education Holdings Limited
CLEUF Consumer Defensive Education & Training Services
China Liberal Education Holdings Limited’s revenue for fiscal 2023 (year ended December 2023) was $2.9 million, down 44.7% from fiscal 2022.
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China Liberal Education Holdings Limited (CLEUF) Beneish M-score
China Liberal Education Holdings Limited's Beneish M-score for fiscal 2023 is 68.41; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | 68.41 | (231.52) |
| FY2022 | 299.93 | 303.76 |
| FY2021 | −3.83 | (3.28) |
| FY2020 | −0.56 | 1.66 |
| FY2019 | −2.21 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 78.51 | — | 72.23 | |
| Gross margin index | 1.35 | — | 0.71 | |
| Asset quality index | 0.12 | — | 0.05 | |
| Sales growth index | 0.55 | — | 0.49 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | 0.00 | — | −0.00 | |
| Leverage index | 0.45 | — | −0.15 | |
| Beneish M-score | Flagged by the model | 68.41 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AMBO Ambow Education Holding Ltd. compare | −2.1× |
| EEIQ EpicQuest Education Group International Limited compare | −1.8× |
| WAFU Wah Fu Education & Technology Group Limited compare | −1.6× |
| GSUN Golden Sun Technology Group Limited compare | 12.7× |
| CLEUF China Liberal Education Holdings Limited | 68.4× |
| STG Sunlands Technology Group Sponsored ADR compare | — |
| LXEH Lixiang Education Holding Co., Ltd. Sponsored ADR compare | — |
| VSA VisionSys AI Inc. compare | — |
| KIDZ KIDZ AI Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI