Shanghai Lujiazui Finance & Trade Zone Development Co Beneish M-Score Historical Data
The historical data trend for Shanghai Lujiazui Finance & Trade Zone 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.
Shanghai Lujiazui Finance & Trade Zone Development Co Beneish M-Score Chart
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Shanghai Lujiazui Finance & Trade Zone 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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-2.62 |
-2.54 |
-2.57 |
-2.09 |
-2.34 |
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Shanghai Lujiazui Finance & Trade Zone Development Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.77 |
-2.34 |
-2.69 |
-2.86 |
-2.96 |
Competitive Comparison of Shanghai Lujiazui Finance & Trade Zone Development Co's Beneish M-Score
For the Real Estate - Development subindustry, Shanghai Lujiazui Finance & Trade Zone 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.
Shanghai Lujiazui Finance & Trade Zone Development Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Shanghai Lujiazui Finance & Trade Zone Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Lujiazui Finance & Trade Zone Development Co's Beneish M-Score falls into.
Shanghai Lujiazui Finance & Trade Zone 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 Shanghai Lujiazui Finance & Trade Zone 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 * 0.893 | + | 0.528 * 0.7124 | + | 0.404 * 1.0253 | + | 0.892 * 1.0296 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2032 | + | 4.679 * -0.045696 | - | 0.327 * 0.9845 |
| = | -2.94 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $143 Mil.
Revenue was 326.662 + 249.135 + 387.472 + 648.803 = $1,612 Mil.
Gross Profit was 179.798 + 123.974 + 242.865 + 353.872 = $901 Mil.
Total Current Assets was $11,778 Mil.
Total Assets was $22,413 Mil.
Property, Plant and Equipment(Net PPE) was $514 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $104 Mil.
Total Current Liabilities was $10,553 Mil.
Long-Term Debt & Capital Lease Obligation was $5,022 Mil.
Net Income was 70.495 + 19.592 + 57.431 + -0.319 = $147 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 326.411 + 249.023 + 82.932 + 513.01 = $1,171 Mil.
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Total Receivables was $155 Mil.
Revenue was 281.254 + 276.376 + 290.618 + 717.437 = $1,566 Mil.
Gross Profit was 146.446 + 188.849 + 186.346 + 101.428 = $623 Mil.
Total Current Assets was $11,731 Mil.
Total Assets was $21,877 Mil.
Property, Plant and Equipment(Net PPE) was $510 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $84 Mil.
Total Current Liabilities was $9,041 Mil.
Long-Term Debt & Capital Lease Obligation was $6,402 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) |
| = | (142.799 / 1612.072) | / | (155.302 / 1565.685) |
| = | 0.088581 | / | 0.099191 |
| | = | 0.893 |
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) |
| = | (623.069 / 1565.685) | / | (900.509 / 1612.072) |
| = | 0.397953 | / | 0.558603 |
| | = | 0.7124 |
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 - (11777.842 + 514.165) / 22412.741) | / | (1 - (11731.202 + 510.414) / 21876.648) |
| = | 0.451562 | / | 0.440425 |
| | = | 1.0253 |
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 |
| = | 1612.072 | / | 1565.685 |
| | = | 1.0296 |
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 + 510.414)) | / | (0 / (0 + 514.165)) |
| = | 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) |
| = | (104.142 / 1612.072) | / | (84.066 / 1565.685) |
| = | 0.064601 | / | 0.053693 |
| | = | 1.2032 |
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) |
| = | ((5022.34 + 10553.258) / 22412.741) | / | ((6402.394 + 9040.758) / 21876.648) |
| = | 0.694944 | / | 0.705919 |
| | = | 0.9845 |
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 |
| = | (147.199 - 0 | - | 1171.376) | / | 22412.741 |
| | = | -0.045696 |
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.
Shanghai Lujiazui Finance & Trade Zone Development Co has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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