Greenland Holdings Group (SHSE:600606) Beneish M-Score : -2.56 (As of Jun. 05, 2024)

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What is Greenland Holdings 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:600606' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -2.26 Max: 2041.15
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Greenland Holdings Group was 2041.15. The lowest was -2.56. And the median was -2.26.

Greenland Holdings Group Beneish M-Score Historical Data

The historical data trend for Greenland Holdings 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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Greenland Holdings Group Beneish M-Score Chart

Greenland Holdings Group Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.26

-2.10

-2.35

-2.42

-2.54

Greenland Holdings Group Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.41	-2.50	-2.26	-2.54	-2.56

Competitive Comparison of Greenland Holdings Group's Beneish M-Score

For the Real Estate Services subindustry, Greenland Holdings 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.

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

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

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

Greenland Holdings 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 Greenland Holdings 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 * 1.219

0.528 * 0.9058

0.404 * 0.9755

0.892 * 0.7956

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0895

4.679 * -0.004763

0.327 * 1.0008

-2.56

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥351,957 Mil.
Revenue was 51611.566 + 106653.024 + 79441.395 + 95396.524 = ¥333,103 Mil.
Gross Profit was 5363.186 + 14220.042 + 7451.994 + 9971.358 = ¥37,007 Mil.
Total Current Assets was ¥1,017,551 Mil.
Total Assets was ¥1,196,971 Mil.
Property, Plant and Equipment(Net PPE) was ¥57,204 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥12,287 Mil.
Total Current Liabilities was ¥917,041 Mil.
Long-Term Debt & Capital Lease Obligation was ¥111,661 Mil.
Net Income was 82.032 + -12019.493 + -146.49 + 618.874 = ¥-11,465 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -2418.218 + -613.751 + -1777.187 + -954.94 = ¥-5,764 Mil.

Total Receivables was ¥362,905 Mil.
Revenue was 78821.232 + 129856.041 + 101316.574 + 108684.732 = ¥418,679 Mil.
Gross Profit was 8334.211 + 7383.625 + 12462.146 + 13953.501 = ¥42,133 Mil.
Total Current Assets was ¥1,135,222 Mil.
Total Assets was ¥1,336,157 Mil.
Property, Plant and Equipment(Net PPE) was ¥61,081 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥14,175 Mil.
Total Current Liabilities was ¥1,048,009 Mil.
Long-Term Debt & Capital Lease Obligation was ¥99,400 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)
	=	(351956.909 / 333102.509)	/	(362905.285 / 418678.579)
	=	1.056602	/	0.866787
	=	1.219

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)
	=	(42133.483 / 418678.579)	/	(37006.58 / 333102.509)
	=	0.100634	/	0.111097
	=	0.9058

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 - (1017551.171 + 57204.41) / 1196971.297)	/	(1 - (1135222.406 + 61080.541) / 1336156.712)
	=	0.102104	/	0.104669
	=	0.9755

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
	=	333102.509	/	418678.579
	=	0.7956

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 + 61080.541))	/	(0 / (0 + 57204.41))
	=	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)
	=	(12286.744 / 333102.509)	/	(14174.557 / 418678.579)
	=	0.036886	/	0.033855
	=	1.0895

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)
	=	((111661.476 + 917040.998) / 1196971.297)	/	((99399.695 + 1048008.654) / 1336156.712)
	=	0.859421	/	0.858738
	=	1.0008

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
	=	(-11465.077 - 0	-	-5764.096)	/	1196971.297
	=	-0.004763

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.

Greenland Holdings Group has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

Greenland Holdings Group Beneish M-Score Related Terms

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Greenland Holdings Group (SHSE:600606) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Greenland Holdings Group Corporation Ltd (SHSE:600606) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

700, Dapu Road, Shanghai, CHN, 200023

Website

http://www.ldjt.com.cn

Greenland Holdings Group Corporation Ltd is a China-based company.The company is principally engaged in the business of development, distribution, and leasing of property. Geographically, it operates in China, USA, Canada, UK, Australia and other countries. In addition, the company is also engaged in the finance business, commercial and hotel operation, metro investment industry, energy industry, and construction industry.

Executives

Liu Yan Ping	Director
Zhu Jian Zhong	senior management

Greenland Holdings Group (SHSE:600606) Headlines

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