CapitaLand India Trust Beneish M-Score Historical Data
The historical data trend for CapitaLand India Trust'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.
CapitaLand India Trust Beneish M-Score Chart
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CapitaLand India Trust Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.46 |
-1.39 |
-2.04 |
-2.26 |
-2.26 |
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CapitaLand India Trust Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.04 |
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-2.26 |
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-2.26 |
Competitive Comparison of CapitaLand India Trust's Beneish M-Score
For the Real Estate Services subindustry, CapitaLand India Trust'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.
CapitaLand India Trust's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, CapitaLand India Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CapitaLand India Trust's Beneish M-Score falls into.
CapitaLand India Trust 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 CapitaLand India Trust 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 * 1.0212 | + | 0.528 * 1.0293 | + | 0.404 * 0.9998 | + | 0.892 * 1.1277 | + | 0.115 * 1.2425 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.026167 | - | 0.327 * 0.9789 |
| = | -2.25 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $55.3 Mil.
Revenue was $175.7 Mil.
Gross Profit was $120.3 Mil.
Total Current Assets was $232.1 Mil.
Total Assets was $2,800.2 Mil.
Property, Plant and Equipment(Net PPE) was $36.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.9 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $456.3 Mil.
Long-Term Debt & Capital Lease Obligation was $728.6 Mil.
Net Income was $110.7 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $183.9 Mil.
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Total Receivables was $48.0 Mil.
Revenue was $155.8 Mil.
Gross Profit was $109.8 Mil.
Total Current Assets was $204.6 Mil.
Total Assets was $2,379.9 Mil.
Property, Plant and Equipment(Net PPE) was $22.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.7 Mil.
Selling, General, & Admin. Expense(SGA) was $13.6 Mil.
Total Current Liabilities was $393.7 Mil.
Long-Term Debt & Capital Lease Obligation was $635.0 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) |
| = | (55.334 / 175.702) | / | (48.046 / 155.8) |
| = | 0.314931 | / | 0.308383 |
| | = | 1.0212 |
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) |
| = | (109.791 / 155.8) | / | (120.296 / 175.702) |
| = | 0.704692 | / | 0.684659 |
| | = | 1.0293 |
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 - (232.12 + 35.976) / 2800.244) | / | (1 - (204.619 + 22.719) / 2379.876) |
| = | 0.90426 | / | 0.904475 |
| | = | 0.9998 |
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 |
| = | 175.702 | / | 155.8 |
| | = | 1.1277 |
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)) |
| = | (0.724 / (0.724 + 22.719)) | / | (0.917 / (0.917 + 35.976)) |
| = | 0.030883 | / | 0.024856 |
| | = | 1.2425 |
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) |
| = | (0 / 175.702) | / | (13.601 / 155.8) |
| = | 0 | / | 0.087298 |
| | = | 0 |
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) |
| = | ((728.595 + 456.283) / 2800.244) | / | ((634.976 + 393.688) / 2379.876) |
| = | 0.423134 | / | 0.432234 |
| | = | 0.9789 |
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 |
| = | (110.674 - 0 | - | 183.948) | / | 2800.244 |
| | = | -0.026167 |
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.
CapitaLand India Trust has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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