Architectural Aesthetics Global Development (ROCO:2724) Beneish M-Score : -0.31 (As of May. 21, 2024)

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What is Architectural Aesthetics Global Development Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.31 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Architectural Aesthetics Global Development's Beneish M-Score or its related term are showing as below:

ROCO:2724' s Beneish M-Score Range Over the Past 10 Years
Min: -10.68 Med: -2.78 Max: 3.41
Current: -0.31

During the past 13 years, the highest Beneish M-Score of Architectural Aesthetics Global Development was 3.41. The lowest was -10.68. And the median was -2.78.

Architectural Aesthetics Global Development Beneish M-Score Historical Data

The historical data trend for Architectural Aesthetics Global Development'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.

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Architectural Aesthetics Global Development Beneish M-Score Chart

Architectural Aesthetics Global Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.60

-10.68

-2.43

-2.77

-2.49

Architectural Aesthetics Global Development Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.29	-2.41	-2.24	-2.49	-0.31

Competitive Comparison of Architectural Aesthetics Global Development's Beneish M-Score

For the Lodging subindustry, Architectural Aesthetics Global Development'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.

Architectural Aesthetics Global Development's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Architectural Aesthetics Global Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Architectural Aesthetics Global Development's Beneish M-Score falls into.

Architectural Aesthetics Global Development 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 Architectural Aesthetics Global Development for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 4.3536

0.528 * 0.9574

0.404 * 0.6502

0.892 * 0.9929

0.115 * 1.0793

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3549

4.679 * -0.166171

0.327 * 0.7363

-0.31

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$42.3 Mil.
Revenue was 17.789 + 125.71 + 6.474 + 6.823 = NT$156.8 Mil.
Gross Profit was 11.583 + 88.872 + 3.857 + 3.255 = NT$107.6 Mil.
Total Current Assets was NT$262.3 Mil.
Total Assets was NT$459.5 Mil.
Property, Plant and Equipment(Net PPE) was NT$20.7 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$90.5 Mil.
Selling, General, & Admin. Expense(SGA) was NT$104.3 Mil.
Total Current Liabilities was NT$97.2 Mil.
Long-Term Debt & Capital Lease Obligation was NT$129.7 Mil.
Net Income was -50.061 + -4.144 + 6.308 + -4.315 = NT$-52.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0.0 Mil.
Cash Flow from Operations was -8.962 + -18.183 + 11.622 + 39.673 = NT$24.2 Mil.

Total Receivables was NT$9.8 Mil.
Revenue was 24.165 + 109.59 + 12.027 + 12.139 = NT$157.9 Mil.
Gross Profit was 16.755 + 69.78 + 8.562 + 8.632 = NT$103.7 Mil.
Total Current Assets was NT$283.4 Mil.
Total Assets was NT$724.8 Mil.
Property, Plant and Equipment(Net PPE) was NT$13.2 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$95.1 Mil.
Selling, General, & Admin. Expense(SGA) was NT$77.5 Mil.
Total Current Liabilities was NT$149.6 Mil.
Long-Term Debt & Capital Lease Obligation was NT$336.2 Mil.

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)
	=	(42.331 / 156.796)	/	(9.793 / 157.921)
	=	0.269975	/	0.062012
	=	4.3536

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)
	=	(103.729 / 157.921)	/	(107.567 / 156.796)
	=	0.656841	/	0.686032
	=	0.9574

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 - (262.311 + 20.706) / 459.54)	/	(1 - (283.428 + 13.165) / 724.77)
	=	0.38413	/	0.590776
	=	0.6502

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
	=	156.796	/	157.921
	=	0.9929

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))
	=	(95.084 / (95.084 + 13.165))	/	(90.515 / (90.515 + 20.706))
	=	0.878382	/	0.81383
	=	1.0793

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)
	=	(104.303 / 156.796)	/	(77.536 / 157.921)
	=	0.665215	/	0.49098
	=	1.3549

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)
	=	((129.65 + 97.153) / 459.54)	/	((336.213 + 149.615) / 724.77)
	=	0.493544	/	0.67032
	=	0.7363

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
	=	(-52.212 - 0	-	24.15)	/	459.54
	=	-0.166171

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.

Architectural Aesthetics Global Development has a M-score of -0.31 signals that the company is likely to be a manipulator.

Architectural Aesthetics Global Development Beneish M-Score Related Terms

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Architectural Aesthetics Global Development (ROCO:2724) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Architectural Aesthetics Global Development (ROCO:2724) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No. 65, Section 3, Nanjing East Road, 8th Floor, Zhongshan District, Taipei, TWN, 104

Website

http://www.fxhotelsgroup.com

Architectural Aesthetics Global Development Formerly FX Hotels Group Inc operates a chain of hotels in China. The company's reportable segments include Hotel management and Property management. It generates maximum revenue from the Hotel management segment. The company also provides various rooms, including deluxe, comfort, trendy, and others.

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