United Hampshire US REIT (SGX:ODBU) Beneish M-Score : -2.66 (As of May. 10, 2024)

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What is United Hampshire US REIT 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Hampshire US REIT's Beneish M-Score or its related term are showing as below:

SGX:ODBU' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.5 Max: -2.33
Current: -2.66

During the past 7 years, the highest Beneish M-Score of United Hampshire US REIT was -2.33. The lowest was -2.66. And the median was -2.50.

United Hampshire US REIT Beneish M-Score Historical Data

The historical data trend for United Hampshire US REIT'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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United Hampshire US REIT Beneish M-Score Chart

United Hampshire US REIT Annual Data

Trend

Dec16

Dec17

Dec18

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.33

-2.66

United Hampshire US REIT Semi-Annual Data
	Dec16	Dec17	Dec18	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-	-	-2.33	-	-2.66

Competitive Comparison of United Hampshire US REIT's Beneish M-Score

For the REIT - Retail subindustry, United Hampshire US REIT'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.

United Hampshire US REIT's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, United Hampshire US REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Hampshire US REIT's Beneish M-Score falls into.

United Hampshire US REIT 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 United Hampshire US REIT 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 * 0.8002

0.528 * 0.9889

0.404 * 0.9988

0.892 * 1.0764

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8876

4.679 * -0.015853

0.327 * 0.9991

-2.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $4.70 Mil.
Revenue was $72.00 Mil.
Gross Profit was $50.27 Mil.
Total Current Assets was $22.81 Mil.
Total Assets was $808.76 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.71 Mil.
Total Current Liabilities was $34.44 Mil.
Long-Term Debt & Capital Lease Obligation was $323.51 Mil.
Net Income was $32.82 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $45.64 Mil.

Total Receivables was $5.46 Mil.
Revenue was $66.89 Mil.
Gross Profit was $46.18 Mil.
Total Current Assets was $21.23 Mil.
Total Assets was $785.90 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.89 Mil.
Total Current Liabilities was $12.27 Mil.
Long-Term Debt & Capital Lease Obligation was $335.86 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)
	=	(4.702 / 72.001)	/	(5.459 / 66.888)
	=	0.065305	/	0.081614
	=	0.8002

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)
	=	(46.181 / 66.888)	/	(50.27 / 72.001)
	=	0.690423	/	0.698185
	=	0.9889

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 - (22.814 + 0) / 808.758)	/	(1 - (21.233 + 0) / 785.903)
	=	0.971791	/	0.972983
	=	0.9988

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
	=	72.001	/	66.888
	=	1.0764

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))	/	(0 / (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)
	=	(3.713 / 72.001)	/	(3.886 / 66.888)
	=	0.051569	/	0.058097
	=	0.8876

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)
	=	((323.513 + 34.439) / 808.758)	/	((335.861 + 12.273) / 785.903)
	=	0.442595	/	0.442973
	=	0.9991

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
	=	(32.817 - 0	-	45.638)	/	808.758
	=	-0.015853

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.

United Hampshire US REIT has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

United Hampshire US REIT Beneish M-Score Related Terms

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United Hampshire US REIT (SGX:ODBU) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » United Hampshire US REIT (SGX:ODBU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

80 Raffles Place, No. 28-21 UOB Plaza 2, Singapore, SGP, 048624

Website

https://www.uhreit.com

United Hampshire US REIT is a Singapore REIT investing in a diversified portfolio of stabilized income-producing grocery-anchored and necessity-based retail properties, and modern, climate-controlled self-storage facilities, located in the United States of America. The company's objectives are to provide unitholders with regular and stable distributions and to achieve long-term growth in distribution per unit and net asset value per unit while maintaining an appropriate capital structure. The group's reportable operating segments are Grocery and Necessity Properties, and Self-Storage Properties. The company generates the majority of its revenue from the Grocery and Necessity Properties segment.

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