Redsun Properties Group Beneish M-Score Historical Data
The historical data trend for Redsun Properties Group'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.
Redsun Properties Group Beneish M-Score Chart
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Redsun Properties Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-1.80 |
-1.77 |
-1.92 |
-4.76 |
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Redsun Properties Group Semi-Annual Data
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Dec15 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-1.77 |
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-1.92 |
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-4.76 |
Competitive Comparison of Redsun Properties Group's Beneish M-Score
For the Real Estate - Development subindustry, Redsun Properties Group'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.
Redsun Properties Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Redsun Properties Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Redsun Properties Group's Beneish M-Score falls into.
Redsun Properties Group 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 Redsun Properties Group 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 * 0.8809 | + | 0.528 * -2.4598 | + | 0.404 * 1.0901 | + | 0.892 * 0.9688 | + | 0.115 * 1.6381 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.637 | + | 4.679 * -0.100883 | - | 0.327 * 1.0459 |
| = | -4.76 |
* 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$24,196 Mil.
Revenue was HK$21,651 Mil.
Gross Profit was HK$-733 Mil.
Total Current Assets was HK$57,136 Mil.
Total Assets was HK$81,931 Mil.
Property, Plant and Equipment(Net PPE) was HK$675 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$58 Mil.
Selling, General, & Admin. Expense(SGA) was HK$952 Mil.
Total Current Liabilities was HK$58,211 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,519 Mil.
Net Income was HK$-7,891 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$374 Mil.
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Total Receivables was HK$28,352 Mil.
Revenue was HK$22,349 Mil.
Gross Profit was HK$1,860 Mil.
Total Current Assets was HK$82,197 Mil.
Total Assets was HK$113,607 Mil.
Property, Plant and Equipment(Net PPE) was HK$727 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$109 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,543 Mil.
Total Current Liabilities was HK$74,377 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10,111 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) |
| = | (24195.641 / 21651.019) | / | (28352.101 / 22349.292) |
| = | 1.117529 | / | 1.268591 |
| | = | 0.8809 |
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) |
| = | (1859.96 / 22349.292) | / | (-732.522 / 21651.019) |
| = | 0.083222 | / | -0.033833 |
| | = | -2.4598 |
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 - (57135.634 + 674.926) / 81931.08) | / | (1 - (82197.481 + 727.413) / 113606.698) |
| = | 0.2944 | / | 0.27007 |
| | = | 1.0901 |
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 |
| = | 21651.019 | / | 22349.292 |
| | = | 0.9688 |
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)) |
| = | (108.578 / (108.578 + 727.413)) | / | (58.12 / (58.12 + 674.926)) |
| = | 0.129879 | / | 0.079286 |
| | = | 1.6381 |
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) |
| = | (952.065 / 21651.019) | / | (1542.773 / 22349.292) |
| = | 0.043973 | / | 0.06903 |
| | = | 0.637 |
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) |
| = | ((5519.203 + 58211.217) / 81931.08) | / | ((10110.724 + 74377.141) / 113606.698) |
| = | 0.777854 | / | 0.743687 |
| | = | 1.0459 |
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 |
| = | (-7891.08 - 0 | - | 374.349) | / | 81931.08 |
| | = | -0.100883 |
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.
Redsun Properties Group has a M-score of -4.76 suggests that the company is unlikely to be a manipulator.
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