Country Garden Services Holdings Co (FRA:75H) Beneish M-Score : -2.68 (As of Dec. 14, 2024)

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What is Country Garden Services Holdings Co 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.

Good Sign:

Beneish M-Score -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Country Garden Services Holdings Co's Beneish M-Score or its related term are showing as below:

FRA:75H' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -1.78 Max: 0.92
Current: -2.68

During the past 9 years, the highest Beneish M-Score of Country Garden Services Holdings Co was 0.92. The lowest was -2.80. And the median was -1.78.

Country Garden Services Holdings Co Beneish M-Score Historical Data

The historical data trend for Country Garden Services Holdings Co'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.

* Premium members only.

Country Garden Services Holdings Co Beneish M-Score Chart

Country Garden Services Holdings Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.78

-1.22

-0.41

-2.24

-2.68

Country Garden Services Holdings Co Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial												-	-2.24	-	-2.68	-

Competitive Comparison of Country Garden Services Holdings Co's Beneish M-Score

For the Real Estate Services subindustry, Country Garden Services Holdings Co'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.

Country Garden Services Holdings Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Country Garden Services Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Country Garden Services Holdings Co's Beneish M-Score falls into.

Country Garden Services Holdings Co 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 Country Garden Services Holdings Co 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 * 0.9712

0.528 * 1.2101

0.404 * 0.939

0.892 * 0.977

0.115 * 1.0953

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8678

4.679 * -0.062423

0.327 * 1.0306

-2.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €2,500 Mil.
Revenue was €5,473 Mil.
Gross Profit was €1,121 Mil.
Total Current Assets was €4,607 Mil.
Total Assets was €8,893 Mil.
Property, Plant and Equipment(Net PPE) was €260 Mil.
Depreciation, Depletion and Amortization(DDA) was €247 Mil.
Selling, General, & Admin. Expense(SGA) was €540 Mil.
Total Current Liabilities was €3,388 Mil.
Long-Term Debt & Capital Lease Obligation was €282 Mil.
Net Income was €38 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €593 Mil.

Total Receivables was €2,635 Mil.
Revenue was €5,601 Mil.
Gross Profit was €1,389 Mil.
Total Current Assets was €4,693 Mil.
Total Assets was €9,489 Mil.
Property, Plant and Equipment(Net PPE) was €221 Mil.
Depreciation, Depletion and Amortization(DDA) was €253 Mil.
Selling, General, & Admin. Expense(SGA) was €637 Mil.
Total Current Liabilities was €3,384 Mil.
Long-Term Debt & Capital Lease Obligation was €416 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)
	=	(2500.306 / 5472.502)	/	(2634.875 / 5601.223)
	=	0.456885	/	0.470411
	=	0.9712

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)
	=	(1388.908 / 5601.223)	/	(1121.425 / 5472.502)
	=	0.247965	/	0.20492
	=	1.2101

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 - (4606.624 + 259.899) / 8892.862)	/	(1 - (4692.647 + 220.852) / 9488.732)
	=	0.452761	/	0.482175
	=	0.939

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
	=	5472.502	/	5601.223
	=	0.977

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))
	=	(253.047 / (253.047 + 220.852))	/	(247.226 / (247.226 + 259.899))
	=	0.533968	/	0.487505
	=	1.0953

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)
	=	(540.488 / 5472.502)	/	(637.491 / 5601.223)
	=	0.098764	/	0.113813
	=	0.8678

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)
	=	((281.793 + 3388.376) / 8892.862)	/	((415.653 + 3384.325) / 9488.732)
	=	0.41271	/	0.400473
	=	1.0306

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
	=	(37.544 - 0	-	592.667)	/	8892.862
	=	-0.062423

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.

Country Garden Services Holdings Co has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Country Garden Services Holdings Co Beneish M-Score Related Terms

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Country Garden Services Holdings Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Country Garden Services Holdings Co Ltd (FRA:75H) » Definitions » Beneish M-Score

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Traded in Other Exchanges

CGSHY:USA 06098:Hong Kong

Address

West Building of Country Garden Office, Beijiao Town, Shunde District, Guangdong Province, Foshan, CHN, 528312

Website

http://www.bgyfw.com

Country Garden Services was listed on the Hong Kong Stock Exchange in June 2018 as a spinoff via introduction by sister developer Country Garden Holdings. As of June 2022, Yang Huiyan, chairperson of CGH, was also the largest shareholder of CGS with 43% ownership. CGS was among the top residential property management firms in China in terms of revenue and gross floor area under management for 2023. This is mainly ascribed to scalable projects contributed by CGH and rising acquisitions of third-party property management peers. In addition, CGS provides value-added services to developers and homeowners, and city services on public space sanitation and greening.

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