CCCG Real Estate Beneish M-Score Historical Data
The historical data trend for CCCG Real Estate'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.
CCCG Real Estate Beneish M-Score Chart
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CCCG Real Estate Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.62 |
-1.43 |
-2.00 |
-1.33 |
-2.82 |
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CCCG Real Estate Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.79 |
-2.43 |
-2.37 |
-2.82 |
-2.87 |
Competitive Comparison of CCCG Real Estate's Beneish M-Score
For the Real Estate - Development subindustry, CCCG Real Estate'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.
CCCG Real Estate's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, CCCG Real Estate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CCCG Real Estate's Beneish M-Score falls into.
CCCG Real Estate 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 CCCG Real Estate 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 * 1.0468 | + | 0.528 * 1.2282 | + | 0.404 * 1.0156 | + | 0.892 * 0.8933 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2565 | + | 4.679 * -0.091041 | - | 0.327 * 0.9682 |
| = | -2.87 |
* 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 ¥4,302 Mil.
Revenue was 3458.934 + 20917.794 + 2787.471 + 6074.01 = ¥33,238 Mil.
Gross Profit was 494.959 + 2809.64 + -127.295 + 398.768 = ¥3,576 Mil.
Total Current Assets was ¥113,815 Mil.
Total Assets was ¥121,293 Mil.
Property, Plant and Equipment(Net PPE) was ¥140 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,275 Mil.
Total Current Liabilities was ¥62,398 Mil.
Long-Term Debt & Capital Lease Obligation was ¥22,942 Mil.
Net Income was -218.83 + -641.401 + -463.188 + -366.617 = ¥-1,690 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1254.319 + 2629.279 + 1424.333 + 4044.648 = ¥9,353 Mil.
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Total Receivables was ¥4,600 Mil.
Revenue was 2688.857 + 23216.783 + 2808.189 + 8494.021 = ¥37,208 Mil.
Gross Profit was 315.288 + 3420.984 + 198.115 + 982.173 = ¥4,917 Mil.
Total Current Assets was ¥131,734 Mil.
Total Assets was ¥140,241 Mil.
Property, Plant and Equipment(Net PPE) was ¥153 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,136 Mil.
Total Current Liabilities was ¥74,141 Mil.
Long-Term Debt & Capital Lease Obligation was ¥27,774 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) |
| = | (4301.578 / 33238.209) | / | (4600.18 / 37207.85) |
| = | 0.129417 | / | 0.123635 |
| | = | 1.0468 |
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) |
| = | (4916.56 / 37207.85) | / | (3576.072 / 33238.209) |
| = | 0.132138 | / | 0.107589 |
| | = | 1.2282 |
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 - (113815.454 + 139.554) / 121292.59) | / | (1 - (131734.248 + 153.056) / 140240.507) |
| = | 0.060495 | / | 0.059563 |
| | = | 1.0156 |
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 |
| = | 33238.209 | / | 37207.85 |
| | = | 0.8933 |
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 + 153.056)) | / | (0 / (0 + 139.554)) |
| = | 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) |
| = | (1274.727 / 33238.209) | / | (1135.687 / 37207.85) |
| = | 0.038351 | / | 0.030523 |
| | = | 1.2565 |
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) |
| = | ((22942.4 + 62398.472) / 121292.59) | / | ((27773.779 + 74141.236) / 140240.507) |
| = | 0.703595 | / | 0.726716 |
| | = | 0.9682 |
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 |
| = | (-1690.036 - 0 | - | 9352.579) | / | 121292.59 |
| | = | -0.091041 |
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.
CCCG Real Estate has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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