CapitaLand Beneish M-Score Historical Data
The historical data trend for CapitaLand'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.
CapitaLand Beneish M-Score Chart
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CapitaLand Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-1.88 |
-2.83 |
-2.57 |
-2.13 |
-2.58 |
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CapitaLand Semi-Annual Data
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Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
| Beneish M-Score |
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-1.97 |
-2.13 |
-2.07 |
-2.58 |
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Competitive Comparison of CapitaLand's Beneish M-Score
For the Real Estate - Development subindustry, CapitaLand'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.
CapitaLand's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, CapitaLand's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CapitaLand's Beneish M-Score falls into.
CapitaLand 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 CapitaLand 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 * 1.0428 | + | 0.528 * 1.0767 | + | 0.404 * 0.9622 | + | 0.892 * 1.0667 | + | 0.115 * 0.8751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9491 | + | 4.679 * -0.036773 | - | 0.327 * 1.0756 |
| = | -2.56 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $280 Mil.
Revenue was $4,903 Mil.
Gross Profit was $2,191 Mil.
Total Current Assets was $14,554 Mil.
Total Assets was $63,322 Mil.
Property, Plant and Equipment(Net PPE) was $1,077 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $454 Mil.
Total Current Liabilities was $10,311 Mil.
Long-Term Debt & Capital Lease Obligation was $22,682 Mil.
Net Income was $-1,182 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,147 Mil.
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Total Receivables was $252 Mil.
Revenue was $4,596 Mil.
Gross Profit was $2,211 Mil.
Total Current Assets was $12,256 Mil.
Total Assets was $60,705 Mil.
Property, Plant and Equipment(Net PPE) was $935 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $449 Mil.
Total Current Liabilities was $9,161 Mil.
Long-Term Debt & Capital Lease Obligation was $20,244 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) |
| = | (280.14 / 4902.861) | / | (251.839 / 4596.214) |
| = | 0.057138 | / | 0.054793 |
| | = | 1.0428 |
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) |
| = | (2211.428 / 4596.214) | / | (2190.986 / 4902.861) |
| = | 0.481141 | / | 0.446879 |
| | = | 1.0767 |
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 - (14553.988 + 1077.067) / 63321.734) | / | (1 - (12255.794 + 935.14) / 60704.694) |
| = | 0.753149 | / | 0.782703 |
| | = | 0.9622 |
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 |
| = | 4902.861 | / | 4596.214 |
| | = | 1.0667 |
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)) |
| = | (100.906 / (100.906 + 935.14)) | / | (134.89 / (134.89 + 1077.067)) |
| = | 0.097395 | / | 0.111299 |
| | = | 0.8751 |
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) |
| = | (454.347 / 4902.861) | / | (448.758 / 4596.214) |
| = | 0.09267 | / | 0.097636 |
| | = | 0.9491 |
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) |
| = | ((22681.704 + 10311.382) / 63321.734) | / | ((20244.018 + 9161.206) / 60704.694) |
| = | 0.521039 | / | 0.484398 |
| | = | 1.0756 |
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 |
| = | (-1181.521 - 0 | - | 1147.003) | / | 63321.734 |
| | = | -0.036773 |
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.
CapitaLand has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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