Sinyi Realty Beneish M-Score Historical Data
The historical data trend for Sinyi Realty'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.
Sinyi Realty Beneish M-Score Chart
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Sinyi Realty Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-2.47 |
-2.89 |
-2.50 |
-2.50 |
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Sinyi Realty 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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-2.83 |
-2.46 |
-2.69 |
-2.50 |
-2.18 |
Competitive Comparison of Sinyi Realty's Beneish M-Score
For the Real Estate Services subindustry, Sinyi Realty'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.
Sinyi Realty's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Sinyi Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinyi Realty's Beneish M-Score falls into.
Sinyi Realty 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 Sinyi Realty 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 * 1.6157 | + | 0.528 * 0.816 | + | 0.404 * 1.0825 | + | 0.892 * 0.9122 | + | 0.115 * 1.0538 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.141 | + | 4.679 * -0.024423 | - | 0.327 * 0.9726 |
| = | -2.18 |
* 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$1,572 Mil.
Revenue was 3139.67 + 3397.11 + 2999.967 + 3480.514 = NT$13,017 Mil.
Gross Profit was 948.649 + 943.115 + 862.984 + 973.59 = NT$3,728 Mil.
Total Current Assets was NT$20,036 Mil.
Total Assets was NT$31,704 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,825 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$700 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,781 Mil.
Total Current Liabilities was NT$5,560 Mil.
Long-Term Debt & Capital Lease Obligation was NT$11,963 Mil.
Net Income was 458.882 + 407.056 + 342.464 + 510.382 = NT$1,719 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -447.218 + 1073.296 + 917.638 + 949.387 = NT$2,493 Mil.
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Total Receivables was NT$1,067 Mil.
Revenue was 4327.327 + 3684.819 + 2974.895 + 3282.937 = NT$14,270 Mil.
Gross Profit was 1004.647 + 885.005 + 624.925 + 820.645 = NT$3,335 Mil.
Total Current Assets was NT$19,427 Mil.
Total Assets was NT$30,459 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,509 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$714 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,711 Mil.
Total Current Liabilities was NT$8,959 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,349 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) |
| = | (1571.945 / 13017.261) | / | (1066.525 / 14269.978) |
| = | 0.120759 | / | 0.074739 |
| | = | 1.6157 |
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) |
| = | (3335.222 / 14269.978) | / | (3728.338 / 13017.261) |
| = | 0.233723 | / | 0.286415 |
| | = | 0.816 |
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 - (20036.209 + 8825.108) / 31704.158) | / | (1 - (19426.626 + 8509.328) / 30459.081) |
| = | 0.089668 | / | 0.082837 |
| | = | 1.0825 |
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 |
| = | 13017.261 | / | 14269.978 |
| | = | 0.9122 |
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)) |
| = | (714.464 / (714.464 + 8509.328)) | / | (700.165 / (700.165 + 8825.108)) |
| = | 0.077459 | / | 0.073506 |
| | = | 1.0538 |
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) |
| = | (1780.937 / 13017.261) | / | (1711.043 / 14269.978) |
| = | 0.136813 | / | 0.119905 |
| | = | 1.141 |
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) |
| = | ((11962.598 + 5560.143) / 31704.158) | / | ((8348.531 + 8959.458) / 30459.081) |
| = | 0.552695 | / | 0.568237 |
| | = | 0.9726 |
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 |
| = | (1718.784 - 0 | - | 2493.103) | / | 31704.158 |
| | = | -0.024423 |
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.
Sinyi Realty has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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