Rich Development Co Beneish M-Score Historical Data
The historical data trend for Rich Development 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.
Rich Development Co Beneish M-Score Chart
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Rich Development Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-1.97 |
-3.01 |
-1.80 |
-2.88 |
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Rich Development Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.55 |
-1.34 |
-2.42 |
-2.88 |
-2.95 |
Competitive Comparison of Rich Development Co's Beneish M-Score
For the Real Estate - Diversified subindustry, Rich Development 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.
Rich Development Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Rich Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rich Development Co's Beneish M-Score falls into.
Rich Development 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 Rich Development Co 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 * 0.7432 | + | 0.528 * 0.4908 | + | 0.404 * 1.009 | + | 0.892 * 1.2146 | + | 0.115 * 0.899 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9448 | + | 4.679 * -0.038457 | - | 0.327 * 0.942 |
| = | -2.95 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$2,421 Mil.
Revenue was 1480.727 + 1491.188 + 2606.735 + 2141.628 = NT$7,720 Mil.
Gross Profit was 383.926 + 219.324 + 514.128 + 274.973 = NT$1,392 Mil.
Total Current Assets was NT$21,601 Mil.
Total Assets was NT$39,596 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,559 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$489 Mil.
Selling, General, & Admin. Expense(SGA) was NT$590 Mil.
Total Current Liabilities was NT$13,964 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,830 Mil.
Net Income was 85.644 + 33.462 + 188.088 + 27.205 = NT$334 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -162.971 + -207.74 + 1278.284 + 949.583 = NT$1,857 Mil.
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Total Receivables was NT$2,682 Mil.
Revenue was 1465.99 + 1661.756 + 1571.578 + 1657.142 = NT$6,356 Mil.
Gross Profit was 172.252 + 88.913 + -38.339 + 339.808 = NT$563 Mil.
Total Current Assets was NT$22,445 Mil.
Total Assets was NT$40,249 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,284 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$418 Mil.
Selling, General, & Admin. Expense(SGA) was NT$514 Mil.
Total Current Liabilities was NT$14,446 Mil.
Long-Term Debt & Capital Lease Obligation was NT$7,992 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) |
| = | (2420.872 / 7720.278) | / | (2681.97 / 6356.466) |
| = | 0.313573 | / | 0.421928 |
| | = | 0.7432 |
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) |
| = | (562.634 / 6356.466) | / | (1392.351 / 7720.278) |
| = | 0.088514 | / | 0.18035 |
| | = | 0.4908 |
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 - (21601.285 + 6558.94) / 39596.064) | / | (1 - (22444.766 + 6283.712) / 40248.938) |
| = | 0.288813 | / | 0.28623 |
| | = | 1.009 |
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 |
| = | 7720.278 | / | 6356.466 |
| | = | 1.2146 |
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)) |
| = | (418.257 / (418.257 + 6283.712)) | / | (489.289 / (489.289 + 6558.94)) |
| = | 0.062408 | / | 0.06942 |
| | = | 0.899 |
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) |
| = | (589.531 / 7720.278) | / | (513.733 / 6356.466) |
| = | 0.076361 | / | 0.080821 |
| | = | 0.9448 |
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) |
| = | ((6830.38 + 13963.937) / 39596.064) | / | ((7992.487 + 14445.513) / 40248.938) |
| = | 0.525161 | / | 0.557481 |
| | = | 0.942 |
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 |
| = | (334.399 - 0 | - | 1857.156) | / | 39596.064 |
| | = | -0.038457 |
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.
Rich Development Co has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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