AME REIT (XKLS:5307) Beneish M-Score : -0.78 (As of May. 24, 2024)

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What is AME 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.

Warning Sign:

Beneish M-Score -0.78 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5307' s Beneish M-Score Range Over the Past 10 Years
Min: -0.78 Med: -0.78 Max: -0.78
Current: -0.78

During the past 4 years, the highest Beneish M-Score of AME REIT was -0.78. The lowest was -0.78. And the median was -0.78.

AME REIT Beneish M-Score Historical Data

The historical data trend for AME 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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AME REIT Beneish M-Score Chart

AME REIT Annual Data

Trend

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

AME REIT Quarterly Data
	Mar20	Mar21	Mar22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-0.78

Competitive Comparison of AME REIT's Beneish M-Score

For the REIT - Industrial subindustry, AME 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.

AME REIT's Beneish M-Score Distribution in the REITs Industry

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

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

AME 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 AME 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 * 0.0964

0.528 * 1.0065

0.404 * 1.0115

0.892 * 3.826

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2214

4.679 * 0.047592

0.327 * 2.0892

-0.78

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM2.53 Mil.
Revenue was 12.363 + 11.765 + 11.393 + 10.773 = RM46.29 Mil.
Gross Profit was 10.41 + 9.696 + 9.646 + 9.095 = RM38.85 Mil.
Total Current Assets was RM22.85 Mil.
Total Assets was RM692.13 Mil.
Property, Plant and Equipment(Net PPE) was RM0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.13 Mil.
Total Current Liabilities was RM109.27 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 Mil.
Net Income was 9.949 + 8.719 + 8.646 + 43.187 = RM70.50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 13.859 + 10.963 + 12.739 + 0 = RM37.56 Mil.

Total Receivables was RM6.87 Mil.
Revenue was 10.792 + 1.308 + 0 + 0 = RM12.10 Mil.
Gross Profit was 9.117 + 1.103 + 0 + 0 = RM10.22 Mil.
Total Current Assets was RM25.65 Mil.
Total Assets was RM582.65 Mil.
Property, Plant and Equipment(Net PPE) was RM0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.16 Mil.
Total Current Liabilities was RM44.03 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.00 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)
	=	(2.534 / 46.294)	/	(6.872 / 12.1)
	=	0.054737	/	0.567934
	=	0.0964

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)
	=	(10.22 / 12.1)	/	(38.847 / 46.294)
	=	0.844628	/	0.839137
	=	1.0065

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 - (22.854 + 0) / 692.134)	/	(1 - (25.646 + 0) / 582.646)
	=	0.96698	/	0.955984
	=	1.0115

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
	=	46.294	/	12.1
	=	3.826

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)
	=	(0.133 / 46.294)	/	(0.157 / 12.1)
	=	0.002873	/	0.012975
	=	0.2214

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)
	=	((0 + 109.273) / 692.134)	/	((0 + 44.03) / 582.646)
	=	0.157878	/	0.075569
	=	2.0892

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
	=	(70.501 - 0	-	37.561)	/	692.134
	=	0.047592

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.

AME REIT has a M-score of -0.78 signals that the company is likely to be a manipulator.

AME REIT Beneish M-Score Related Terms

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AME REIT (XKLS:5307) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » AME REIT (XKLS:5307) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 2, Jalan I-Park SAC 1/1, Taman Perindustrian I-Park SAC, Senai, JHR, MYS, 81400

Website

https://www.amereit.com.my

AME REIT is engaged in investing directly and indirectly in a Shariah compliant portfolio of income income producing Real Estate used primarily for industrial and industrial-related purposes in Malaysia and overseas. The company's portfolio consists of 34 subject properties with 31 industrial properties and around 3 industrial related properties known as Dormitories which are freehold properties.

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