Luminor Financial Holdings (SGX:5UA) Beneish M-Score : 1.29 (As of Jun. 08, 2024)

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What is Luminor Financial Holdings 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.

Warning Sign:

Beneish M-Score 1.29 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Luminor Financial Holdings's Beneish M-Score or its related term are showing as below:

SGX:5UA' s Beneish M-Score Range Over the Past 10 Years
Min: -0.99 Med: 0.42 Max: 1.29
Current: 1.29

During the past 12 years, the highest Beneish M-Score of Luminor Financial Holdings was 1.29. The lowest was -0.99. And the median was 0.42.

Luminor Financial Holdings Beneish M-Score Historical Data

The historical data trend for Luminor Financial Holdings'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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Luminor Financial Holdings Beneish M-Score Chart

Luminor Financial Holdings Annual Data

Trend

Sep13

Sep14

Sep15

Jun16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-0.99

Luminor Financial Holdings Quarterly Data
	Mar15	Sep15	Mar16	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Sep20	Dec20	Jun21	Sep21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-	-	0.42	-0.99	1.29

Competitive Comparison of Luminor Financial Holdings's Beneish M-Score

For the Real Estate - Development subindustry, Luminor Financial Holdings'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.

Luminor Financial Holdings's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Luminor Financial Holdings's Beneish M-Score falls into.

Luminor Financial Holdings 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 Luminor Financial Holdings 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 * 5.9538

0.528 * 0.2578

0.404 * 2.7393

0.892 * 0.3125

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5705

4.679 * -0.019017

0.327 * 1.8963

1.29

This Year (Jun23) TTM:

Last Year (Sep21) TTM:

Total Receivables was S$24.30 Mil.
Revenue was 0 + 0 + 0 + 2.312 = S$2.31 Mil.
Gross Profit was 0 + 0 + 0 + 2.343 = S$2.34 Mil.
Total Current Assets was S$53.35 Mil.
Total Assets was S$57.47 Mil.
Property, Plant and Equipment(Net PPE) was S$1.19 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was S$1.06 Mil.
Total Current Liabilities was S$34.26 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.20 Mil.
Net Income was 0 + 0 + 0 + -1.093 = S$-1.09 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = S$0.00 Mil.

Total Receivables was S$13.06 Mil.
Revenue was 1.715 + 0 + 0.832 + 4.852 = S$7.40 Mil.
Gross Profit was 1.367 + 0 + 0.404 + 0.162 = S$1.93 Mil.
Total Current Assets was S$35.63 Mil.
Total Assets was S$36.76 Mil.
Property, Plant and Equipment(Net PPE) was S$0.44 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was S$2.16 Mil.
Total Current Liabilities was S$11.93 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.03 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)
	=	(24.299 / 2.312)	/	(13.061 / 7.399)
	=	10.509948	/	1.765239
	=	5.9538

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)
	=	(1.933 / 7.399)	/	(2.343 / 2.312)
	=	0.261252	/	1.013408
	=	0.2578

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 - (53.353 + 1.187) / 57.474)	/	(1 - (35.632 + 0.44) / 36.757)
	=	0.051049	/	0.018636
	=	2.7393

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
	=	2.312	/	7.399
	=	0.3125

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 + 0.44))	/	(0 / (0 + 1.187))
	=	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)
	=	(1.06 / 2.312)	/	(2.16 / 7.399)
	=	0.458478	/	0.291931
	=	1.5705

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)
	=	((1.201 + 34.262) / 57.474)	/	((0.033 + 11.927) / 36.757)
	=	0.617027	/	0.32538
	=	1.8963

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
	=	(-1.093 - 0	-	0)	/	57.474
	=	-0.019017

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.

Luminor Financial Holdings has a M-score of 1.29 signals that the company is likely to be a manipulator.

Luminor Financial Holdings Beneish M-Score Related Terms

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Luminor Financial Holdings (SGX:5UA) Business Description

Industry

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Traded in Other Exchanges

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Address

30 Cecil Street, No. 10-01 / 02, Prudential Tower, Singapore, SGP, 049712

Website

https://www.luminorfinancialholdings.com

Luminor Financial Holdings Ltd is an investment holding company. The company operates in two segments: Property segment, which is into the development of residential, commercial, and other properties and leasing of properties, held for sale to generate rental income; and the Financial Solutions segment provides covers interest income and fees from financial solutions business in Malaysia. The majority of its revenue comes from the Financial Solutions. The company's geographical segments are Singapore, Malaysia, and China.

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