SRRE (Sunrise Real Estate Group) Beneish M-Score : -2.09 (As of Mar. 14, 2025)

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What is Sunrise Real Estate Group 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.

Good Sign:

Beneish M-Score -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sunrise Real Estate Group's Beneish M-Score or its related term are showing as below:

SRRE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -0.81 Max: 17.81
Current: -2.09

During the past 13 years, the highest Beneish M-Score of Sunrise Real Estate Group was 17.81. The lowest was -3.15. And the median was -0.81.

Sunrise Real Estate Group Beneish M-Score Historical Data

The historical data trend for Sunrise Real Estate Group'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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Sunrise Real Estate Group Beneish M-Score Chart

Sunrise Real Estate Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.70

-2.32

4.16

-1.68

-0.73

Sunrise Real Estate Group Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.67	-0.73	-0.29	-1.62	-2.09

Competitive Comparison of Sunrise Real Estate Group's Beneish M-Score

For the Real Estate - Development subindustry, Sunrise Real Estate Group'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.

Sunrise Real Estate Group's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Sunrise Real Estate Group's Beneish M-Score falls into.

Sunrise Real Estate Group 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 Sunrise Real Estate Group 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 * 1.4492

0.528 * 0.5207

0.404 * 1.5496

0.892 * 0.6955

0.115 * 0.8932

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.637

4.679 * 0.04516

0.327 * 0.9497

-2.09

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $19.39 Mil.
Revenue was 7.222 + 4.448 + 1.9 + 6.66 = $20.23 Mil.
Gross Profit was 1.516 + 0.689 + -0.007 + 2.563 = $4.76 Mil.
Total Current Assets was $152.96 Mil.
Total Assets was $195.84 Mil.
Property, Plant and Equipment(Net PPE) was $0.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.69 Mil.
Selling, General, & Admin. Expense(SGA) was $3.63 Mil.
Total Current Liabilities was $83.78 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 3.13 + -3.6 + -4.007 + -7.915 = $-12.39 Mil.
Non Operating Income was 3.074 + -3.271 + -3.274 + -22.127 = $-25.60 Mil.
Cash Flow from Operations was -1.004 + -0.622 + -3.516 + 9.504 = $4.36 Mil.

Total Receivables was $19.24 Mil.
Revenue was 5.397 + 7.043 + 5.734 + 10.912 = $29.09 Mil.
Gross Profit was 0.741 + 1.087 + 0.553 + 1.183 = $3.56 Mil.
Total Current Assets was $214.76 Mil.
Total Assets was $250.52 Mil.
Property, Plant and Equipment(Net PPE) was $0.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.75 Mil.
Selling, General, & Admin. Expense(SGA) was $8.19 Mil.
Total Current Liabilities was $112.85 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(19.393 / 20.23)	/	(19.24 / 29.086)
	=	0.958626	/	0.661487
	=	1.4492

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)
	=	(3.564 / 29.086)	/	(4.761 / 20.23)
	=	0.122533	/	0.235344
	=	0.5207

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 - (152.964 + 0.485) / 195.837)	/	(1 - (214.757 + 0.771) / 250.52)
	=	0.216445	/	0.139677
	=	1.5496

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
	=	20.23	/	29.086
	=	0.6955

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))
	=	(1.746 / (1.746 + 0.771))	/	(1.686 / (1.686 + 0.485))
	=	0.693683	/	0.776601
	=	0.8932

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)
	=	(3.629 / 20.23)	/	(8.191 / 29.086)
	=	0.179387	/	0.281613
	=	0.637

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 + 83.779) / 195.837)	/	((0 + 112.853) / 250.52)
	=	0.4278	/	0.450475
	=	0.9497

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
	=	(-12.392 - -25.598	-	4.362)	/	195.837
	=	0.04516

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.

Sunrise Real Estate Group has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

Sunrise Real Estate Group Beneish M-Score Related Terms

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Sunrise Real Estate Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Sunrise Real Estate Group Inc (OTCPK:SRRE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 18, Panlong Road, Shanghai, CHN, 201702

Website

http://www.sunrise.sh

Sunrise Real Estate Group Inc is engaged in the provision of real estate development and property brokerage services. The provided services include real estate marketing services, property leasing services, and property management services in the People's Republic of China. The operating segments of the company are Property brokerage services, Real estate development, Investment transaction, and Others. It generates maximum revenue from the Real estate development segment.

Executives

Ace Develop Properties Limited	10 percent owner, other: President and CEO	P.O. BOX 957, OFFSHORE INCORPORATED CENTER ROAD TOWN, TORTOLA D8 XXXXX
Chao Chin Lin	director, 10 percent owner, officer: Senior Vice President	FLOOR 7, NO. 333, ZHAOJIABANG ROAD, SHANGHAI F4 200032
Robert Lin Investment Inc	10 percent owner	NO 333 FLOOR 7, ZHAOJIABANG ROAD, SHANGHAI F4 20032
Wen Yan Wang	officer: Chief Financial Officer	SUITE 701 NO 333, ZHAOJIABANG ROAD, SHANGHAI F4 200032
Chi Jung Lin	officer: CHIEF EXECUTIVE OFFICER	FLOOR 7, NO. 333, ZHAOJIABANG ROAD, SHANGHAI F4 200032
Hsin Hung Lin	director	SUITE 701, NO. 333, ZHAOJIABANG ROAD, SHANGHAI F4 200032
Xi Zhang	director	240 BEIJING E. ROAD, SHANGHAI F4 200002
Ardavazt Honanyan	officer: Chief Financial Officer	SUITE 701, 333 ZHAOJIABANG RD., SHAGHAI F4 200032
Ren Chen	director	27/F GANGTAI PLAZA, NO. 700, YANAN E. ROAD, SHANGHAI F4 200001
Xuan Jie Fu	director	FLOOR 5, JIN YAN BUILDING, NO. 8, ZHONGSHAN E. NO. 2 ROAD, SHANGHAI F4 200002
Xiao Gang Li	director	NO. 7, LANE 622, HUAI HAI M. ROAD, SHANGHAI F4 200020
Yarek Bartosz	director, 10 percent owner, officer: President	9521 21ST ST SE, CALGARY ALBERTA CANA A0 999999999
Olympus Investment Corp	10 percent owner	11F NO 249 SECTION 1, FUSHING SOUTH ROAD, TAIPEI F5 000000

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