Minmetals Land Beneish M-Score Historical Data
The historical data trend for Minmetals Land'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.
Minmetals Land Beneish M-Score Chart
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Minmetals Land Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.11 |
-2.38 |
-1.90 |
-2.73 |
-2.20 |
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Minmetals Land Semi-Annual Data
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Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
Jun25 |
| Beneish M-Score |
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0.00 |
-2.73 |
0.00 |
-2.20 |
0.00 |
Minmetals Land Beneish M-Score Competitor Comparison
For the Real Estate - Development subindustry, Minmetals Land'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.
Minmetals Land Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Minmetals Land's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Minmetals Land's Beneish M-Score falls into.
Minmetals Land 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 Minmetals Land 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 * 1.0099 | + | 0.528 * 2.8084 | + | 0.404 * 1.0562 | + | 0.892 * 0.7825 | + | 0.115 * 1.6689 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3006 | + | 4.679 * -0.111424 | - | 0.327 * 1.0572 |
| = | -2.20 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$6,479 Mil.
Revenue was HK$9,883 Mil.
Gross Profit was HK$605 Mil.
Total Current Assets was HK$35,630 Mil.
Total Assets was HK$41,031 Mil.
Property, Plant and Equipment(Net PPE) was HK$697 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,023 Mil.
Total Current Liabilities was HK$26,022 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,389 Mil.
Net Income was HK$-3,521 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,051 Mil.
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Total Receivables was HK$8,199 Mil.
Revenue was HK$12,631 Mil.
Gross Profit was HK$2,173 Mil.
Total Current Assets was HK$47,083 Mil.
Total Assets was HK$53,575 Mil.
Property, Plant and Equipment(Net PPE) was HK$678 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,005 Mil.
Total Current Liabilities was HK$30,697 Mil.
Long-Term Debt & Capital Lease Obligation was HK$8,096 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) |
| = | (6478.987 / 9882.956) | / | (8199.282 / 12630.739) |
| = | 0.655572 | / | 0.649153 |
| | = | 1.0099 |
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) |
| = | (2172.568 / 12630.739) | / | (605.302 / 9882.956) |
| = | 0.172006 | / | 0.061247 |
| | = | 2.8084 |
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 - (35630.382 + 696.812) / 41030.92) | / | (1 - (47082.715 + 677.511) / 53575.153) |
| = | 0.114639 | / | 0.108538 |
| | = | 1.0562 |
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 |
| = | 9882.956 | / | 12630.739 |
| | = | 0.7825 |
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)) |
| = | (30.37 / (30.37 + 677.511)) | / | (18.386 / (18.386 + 696.812)) |
| = | 0.042903 | / | 0.025708 |
| | = | 1.6689 |
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) |
| = | (1022.655 / 9882.956) | / | (1004.908 / 12630.739) |
| = | 0.103477 | / | 0.079561 |
| | = | 1.3006 |
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) |
| = | ((5388.587 + 26022.045) / 41030.92) | / | ((8096.252 + 30697.266) / 53575.153) |
| = | 0.765536 | / | 0.724095 |
| | = | 1.0572 |
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 |
| = | (-3520.69 - 0 | - | 1051.156) | / | 41030.92 |
| | = | -0.111424 |
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.
Minmetals Land has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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