China Fortune Land Development Co Beneish M-Score Historical Data
The historical data trend for China Fortune Land 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.
|
China Fortune Land Development Co Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-1.55 |
0.10 |
-1.90 |
-1.29 |
-2.64 |
|
China Fortune Land Development Co Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.07 |
-2.64 |
-2.61 |
-2.49 |
-2.60 |
Competitive Comparison
For the Real Estate - Development subindustry, China Fortune Land 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.
China Fortune Land Development Co Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, China Fortune Land Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Fortune Land Development Co's Beneish M-Score falls into.
China Fortune Land 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 China Fortune Land 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 * 1.3167 | + | 0.528 * 0.6188 | + | 0.404 * 1.1714 | + | 0.892 * 0.7553 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7558 | + | 4.679 * 0.011033 | - | 0.327 * 0.9342 |
| = | -2.60 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ¥208,742 Mil.
Revenue was 7170.628 + 4740.546 + 5875.614 + 9961.296 = ¥27,748 Mil.
Gross Profit was 2492.999 + 557.306 + 806.678 + 1767.566 = ¥5,625 Mil.
Total Current Assets was ¥326,649 Mil.
Total Assets was ¥373,733 Mil.
Property, Plant and Equipment(Net PPE) was ¥11,463 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,668 Mil.
Total Current Liabilities was ¥171,167 Mil.
Long-Term Debt & Capital Lease Obligation was ¥163,012 Mil.
Net Income was -613.373 + -2005.335 + 738.16 + 3142.466 = ¥1,262 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -1477.771 + -9.986 + 165.018 + -1538.84 = ¥-2,862 Mil.
|
Total Receivables was ¥209,897 Mil.
Revenue was 7616.19 + 10181.886 + 4182.363 + 14758.346 = ¥36,739 Mil.
Gross Profit was 1770.2 + 1299.708 + 328.053 + 1209.848 = ¥4,608 Mil.
Total Current Assets was ¥370,135 Mil.
Total Assets was ¥417,293 Mil.
Property, Plant and Equipment(Net PPE) was ¥13,205 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,258 Mil.
Total Current Liabilities was ¥268,681 Mil.
Long-Term Debt & Capital Lease Obligation was ¥130,736 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) |
| = | (208742.125 / 27748.084) | / | (209897.219 / 36738.785) |
| = | 7.522758 | / | 5.713232 |
| | = | 1.3167 |
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) |
| = | (4607.809 / 36738.785) | / | (5624.549 / 27748.084) |
| = | 0.125421 | / | 0.2027 |
| | = | 0.6188 |
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 - (326648.517 + 11462.646) / 373732.91) | / | (1 - (370134.936 + 13204.54) / 417292.605) |
| = | 0.095313 | / | 0.081365 |
| | = | 1.1714 |
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 |
| = | 27748.084 | / | 36738.785 |
| | = | 0.7553 |
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)) |
| = | (0 / (0 + 13204.54)) | / | (0 / (0 + 11462.646)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1667.782 / 27748.084) | / | (1257.655 / 36738.785) |
| = | 0.060104 | / | 0.034232 |
| | = | 1.7558 |
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) |
| = | ((163012.485 + 171166.935) / 373732.91) | / | ((130735.901 + 268680.7) / 417292.605) |
| = | 0.894166 | / | 0.957162 |
| | = | 0.9342 |
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 |
| = | (1261.918 - 0 | - | -2861.579) | / | 373732.91 |
| | = | 0.011033 |
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.
China Fortune Land Development Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SHSE:600340 has been successfully added to your