Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
CapitaLand China Trust's Sloan Ratio for the quarter that ended in Dec. 2023 was -3.20%.
As of Dec. 2023, CapitaLand China Trust has a Sloan Ratio of -3.20%, indicating the company is in the safe zone and there is no funny business with accruals.
CapitaLand China Trust Sloan Ratio % Historical Data
* 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.
Competitive Comparison of CapitaLand China Trust's Sloan Ratio %
For the REIT - Retail subindustry, CapitaLand China Trust's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 China Trust's Sloan Ratio % Distribution in the REITs Industry
For the REITs industry and Real Estate sector, CapitaLand China Trust's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where CapitaLand China Trust's Sloan Ratio % falls into.
CapitaLand China Trust Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
CapitaLand China Trust's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
CapitaLand China Trust's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was 34.863 (Jun. 2023 ) + 5.963 (Dec. 2023 ) = S$40.8 Mil.
CapitaLand China Trust's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was 117.016 (Jun. 2023 ) + 89.056 (Dec. 2023 ) = S$206.1 Mil.
CapitaLand China Trust's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -20.739 (Jun. 2023 ) + 15.11 (Dec. 2023 ) = S$-5.6 Mil.
* 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 China Trust (SGX:AU8U) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, CapitaLand China Trust has a Sloan Ratio of -3.20%, indicating the company is in the safe zone and there is no funny business with accruals.
CapitaLand China Trust Sloan Ratio % Related Terms
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CapitaLand China Trust (SGX:AU8U) Business Description
CapitaLand China Trust is a Singapore-based real estate investment trust which invests in retail properties. The company's portfolio consists primarily of shopping malls located in multiple cities in mainland China, Hong Kong, and Macau. The company generates revenue from leasing properties to its tenants. Fashion and accessories stores, dining venues, and department stores collectively contribute the majority of total rental revenue. Other tenants include supermarkets, beauty and healthcare retailers, homeware and furniture stores, and leisure venues. The operating segments are Retail Malls, Business Parks and Logistics Parks. Majority of revenue is generated from Retail Malls segment.
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