Sundy Service Group Co (HKSE:09608) Beneish M-Score : -1.65 (As of Mar. 30, 2025)

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What is Sundy Service Group 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.

Warning Sign:

Beneish M-Score -1.65 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Sundy Service Group Co's Beneish M-Score or its related term are showing as below:

HKSE:09608' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -1.65 Max: 0.43
Current: -1.65

During the past 7 years, the highest Beneish M-Score of Sundy Service Group Co was 0.43. The lowest was -3.08. And the median was -1.65.

Sundy Service Group Co Beneish M-Score Historical Data

The historical data trend for Sundy Service Group 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.

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Sundy Service Group Co Beneish M-Score Chart

Sundy Service Group Co Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.08

-2.90

-0.58

0.43

-1.65

Sundy Service Group Co Semi-Annual Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial								-	0.43	-	-1.65	-

Competitive Comparison of Sundy Service Group Co's Beneish M-Score

For the Real Estate Services subindustry, Sundy Service Group 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.

Sundy Service Group Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Sundy Service Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sundy Service Group Co's Beneish M-Score falls into.

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Sundy Service Group 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 Sundy Service Group 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 * 1.141

0.528 * 1.2627

0.404 * 1.9637

0.892 * 0.9568

0.115 * 0.5523

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.118

4.679 * 0.051358

0.327 * 0.8796

-1.65

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$239.3 Mil.
Revenue was HK$287.0 Mil.
Gross Profit was HK$49.1 Mil.
Total Current Assets was HK$509.1 Mil.
Total Assets was HK$615.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$29.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$27.8 Mil.
Total Current Liabilities was HK$184.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.1 Mil.
Net Income was HK$10.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-21.4 Mil.

Total Receivables was HK$219.2 Mil.
Revenue was HK$299.9 Mil.
Gross Profit was HK$64.8 Mil.
Total Current Assets was HK$516.3 Mil.
Total Assets was HK$591.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$37.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$26.0 Mil.
Total Current Liabilities was HK$201.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.3 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)
	=	(239.309 / 286.966)	/	(219.208 / 299.928)
	=	0.833928	/	0.730869
	=	1.141

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)
	=	(64.835 / 299.928)	/	(49.129 / 286.966)
	=	0.216169	/	0.171201
	=	1.2627

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 - (509.078 + 29.233) / 615.097)	/	(1 - (516.315 + 37.893) / 591.832)
	=	0.124836	/	0.063572
	=	1.9637

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
	=	286.966	/	299.928
	=	0.9568

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))
	=	(6.254 / (6.254 + 37.893))	/	(10.084 / (10.084 + 29.233))
	=	0.141663	/	0.256479
	=	0.5523

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)
	=	(27.806 / 286.966)	/	(25.994 / 299.928)
	=	0.096896	/	0.086667
	=	1.118

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)
	=	((0.081 + 184.67) / 615.097)	/	((0.343 + 201.757) / 591.832)
	=	0.300361	/	0.341482
	=	0.8796

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
	=	(10.236 - 0	-	-21.354)	/	615.097
	=	0.051358

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.

Sundy Service Group Co has a M-score of -1.65 signals that the company is likely to be a manipulator.

Sundy Service Group Co Beneish M-Score Related Terms

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Sundy Service Group Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Sundy Service Group Co Ltd (HKSE:09608) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

127, Hanghai Road, Jianggan district, Zhejiang province, Hangzhou, CHN

Website

https://www.songdufuwu.com

Sundy Service Group Co Ltd through its subsidiaries is principally engaged in property development and sales of properties. The company's Property management services primarily consist of security, cleaning, gardening, repair and maintenance of common areas and common facilities and ancillary services. The portfolio of the Group's managed properties comprises residential properties and non-residential properties. Its segments include Property management services and the corresponding value-added services; Hotel business services; and Long-term rental apartment business. The company's majority of the revenue is generated from property management services.

Executives

Antopex Limited	2306 Nominee for another person
Cmb Wing Lung (trustee) Limited	2301 Trustee
Wang Xiangyu	2201 Interest of corporation controlled by you
Lin Mingqing	2201 Interest of corporation controlled by you
Dong Nan Ming Qing Gong Ying Lian Xia Men You Xian Gong Si	2201 Interest of corporation controlled by you
Dong Nan Ming Qing Gong Ying Lian Fu Yang You Xian Gong Si	2201 Interest of corporation controlled by you
Yu Jianwu	2307 Founder of a discretionary trust who can infl
Shang Hai Ming Jin Guo Ji Mao Yi You Xian Gong Si	2201 Interest of corporation controlled by you
Shang Hai Ming Jin Xin Neng Yuan Kai Fa You Xian Gong Si	2201 Interest of corporation controlled by you
Fu Yang Ming Jin Xin Neng Yuan Kai Fa You Xian Gong Si	2101 Beneficial owner
Shun Ji Ji Tuan You Xian Gong Si	2201 Interest of corporation controlled by you
Song Dou He Ye You Xian Gong Si	2101 Beneficial owner
Yu Jian Wu

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