Hang Lung Properties Beneish M-Score Historical Data
The historical data trend for Hang Lung Properties'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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Hang Lung Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.16 |
-2.48 |
-2.50 |
-2.56 |
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Hang Lung Properties 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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-2.48 |
- |
-2.50 |
- |
-2.56 |
Competitive Comparison
For the Real Estate Services subindustry, Hang Lung Properties'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.
Hang Lung Properties Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, Hang Lung Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hang Lung Properties's Beneish M-Score falls into.
Hang Lung Properties 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 Hang Lung Properties 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 * 0.9596 | + | 0.528 * 0.9787 | + | 0.404 * 0.9894 | + | 0.892 * 0.9939 | + | 0.115 * 0.9331 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0046 | + | 4.679 * 0.001187 | - | 0.327 * 1.0761 |
| = | -2.57 |
* 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 $436 Mil.
Revenue was $1,321 Mil.
Gross Profit was $946 Mil.
Total Current Assets was $2,943 Mil.
Total Assets was $27,824 Mil.
Property, Plant and Equipment(Net PPE) was $42 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $83 Mil.
Total Current Liabilities was $1,938 Mil.
Long-Term Debt & Capital Lease Obligation was $5,956 Mil.
Net Income was $508 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $475 Mil.
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Total Receivables was $457 Mil.
Revenue was $1,329 Mil.
Gross Profit was $932 Mil.
Total Current Assets was $2,628 Mil.
Total Assets was $27,319 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General, & Admin. Expense(SGA) was $83 Mil.
Total Current Liabilities was $1,904 Mil.
Long-Term Debt & Capital Lease Obligation was $5,299 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) |
| = | (436.119 / 1320.905) | / | (457.266 / 1329.026) |
| = | 0.330167 | / | 0.344061 |
| | = | 0.9596 |
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) |
| = | (931.616 / 1329.026) | / | (946.119 / 1320.905) |
| = | 0.700977 | / | 0.716266 |
| | = | 0.9787 |
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 - (2942.585 + 42.383) / 27824.272) | / | (1 - (2627.611 + 41.103) / 27318.828) |
| = | 0.892721 | / | 0.902312 |
| | = | 0.9894 |
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 |
| = | 1320.905 | / | 1329.026 |
| | = | 0.9939 |
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)) |
| = | (10.019 / (10.019 + 41.103)) | / | (11.268 / (11.268 + 42.383)) |
| = | 0.195982 | / | 0.210024 |
| | = | 0.9331 |
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) |
| = | (83.357 / 1320.905) | / | (83.49 / 1329.026) |
| = | 0.063106 | / | 0.06282 |
| | = | 1.0046 |
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) |
| = | ((5956.363 + 1938.206) / 27824.272) | / | ((5299.278 + 1903.948) / 27318.828) |
| = | 0.28373 | / | 0.263673 |
| | = | 1.0761 |
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 |
| = | (508.336 - 0 | - | 475.3) | / | 27824.272 |
| | = | 0.001187 |
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.
Hang Lung Properties has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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