Shanghai Zendai Property Beneish M-Score Historical Data
The historical data trend for Shanghai Zendai Property'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.
Shanghai Zendai Property Beneish M-Score Chart
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Shanghai Zendai Property Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.63 |
-0.45 |
-1.76 |
13.79 |
-3.09 |
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Shanghai Zendai Property Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.76 |
- |
13.79 |
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-3.09 |
Competitive Comparison of Shanghai Zendai Property's Beneish M-Score
For the Real Estate - Development subindustry, Shanghai Zendai Property'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.
Shanghai Zendai Property's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Shanghai Zendai Property's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Zendai Property's Beneish M-Score falls into.
Shanghai Zendai Property 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 Shanghai Zendai Property 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 * 0.4585 | + | 0.528 * 0.6102 | + | 0.404 * 1.1658 | + | 0.892 * 0.9583 | + | 0.115 * 0.9716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6079 | + | 4.679 * -0.005751 | - | 0.327 * 0.9089 |
| = | -3.09 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$715.4 Mil.
Revenue was HK$380.1 Mil.
Gross Profit was HK$257.5 Mil.
Total Current Assets was HK$1,059.4 Mil.
Total Assets was HK$4,890.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$564.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$49.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$136.3 Mil.
Total Current Liabilities was HK$2,865.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$617.9 Mil.
Net Income was HK$89.5 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$117.6 Mil.
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Total Receivables was HK$1,628.0 Mil.
Revenue was HK$396.6 Mil.
Gross Profit was HK$164.0 Mil.
Total Current Assets was HK$2,143.3 Mil.
Total Assets was HK$6,526.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$643.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$54.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$233.9 Mil.
Total Current Liabilities was HK$4,785.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$328.2 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) |
| = | (715.359 / 380.1) | / | (1627.985 / 396.621) |
| = | 1.882028 | / | 4.104636 |
| | = | 0.4585 |
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) |
| = | (163.978 / 396.621) | / | (257.535 / 380.1) |
| = | 0.413438 | / | 0.677545 |
| | = | 0.6102 |
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 - (1059.427 + 564.588) / 4890.86) | / | (1 - (2143.282 + 643.517) / 6526.021) |
| = | 0.667949 | / | 0.572971 |
| | = | 1.1658 |
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 |
| = | 380.1 | / | 396.621 |
| | = | 0.9583 |
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)) |
| = | (54.475 / (54.475 + 643.517)) | / | (49.313 / (49.313 + 564.588)) |
| = | 0.078045 | / | 0.080327 |
| | = | 0.9716 |
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) |
| = | (136.284 / 380.1) | / | (233.926 / 396.621) |
| = | 0.358548 | / | 0.589797 |
| | = | 0.6079 |
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) |
| = | ((617.882 + 2865.543) / 4890.86) | / | ((328.171 + 4785.765) / 6526.021) |
| = | 0.712232 | / | 0.783622 |
| | = | 0.9089 |
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 |
| = | (89.504 - 0 | - | 117.631) | / | 4890.86 |
| | = | -0.005751 |
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.
Shanghai Zendai Property has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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