UOA Real Estate Investment Trust (XKLS:5110) Beneish M-Score : -0.01 (As of May. 23, 2024)

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What is UOA Real Estate Investment Trust 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 -0.01 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for UOA Real Estate Investment Trust's Beneish M-Score or its related term are showing as below:

XKLS:5110' s Beneish M-Score Range Over the Past 10 Years
Min: -8.54 Med: -2.4 Max: 0.02
Current: -0.01

During the past 13 years, the highest Beneish M-Score of UOA Real Estate Investment Trust was 0.02. The lowest was -8.54. And the median was -2.40.

UOA Real Estate Investment Trust Beneish M-Score Historical Data

The historical data trend for UOA Real Estate Investment Trust'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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UOA Real Estate Investment Trust Beneish M-Score Chart

UOA Real Estate Investment Trust Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.97

-2.84

0.02

-2.77

-2.78

UOA Real Estate Investment Trust Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.78	-2.43	-2.52	-2.43	-0.01

Competitive Comparison of UOA Real Estate Investment Trust's Beneish M-Score

For the REIT - Diversified subindustry, UOA Real Estate Investment Trust'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.

UOA Real Estate Investment Trust's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where UOA Real Estate Investment Trust's Beneish M-Score falls into.

UOA Real Estate Investment Trust 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 UOA Real Estate Investment Trust 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 * 3.8313

0.528 * 1.0583

0.404 * 0.9938

0.892 * 0.9787

0.115 * 1.2419

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6687

4.679 * -0.007682

0.327 * 1.052

-0.01

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM17.21 Mil.
Revenue was 26.218 + 28.606 + 28.468 + 28.65 = RM111.94 Mil.
Gross Profit was 16.738 + 19.58 + 19.412 + 19.441 = RM75.17 Mil.
Total Current Assets was RM21.92 Mil.
Total Assets was RM1,743.13 Mil.
Property, Plant and Equipment(Net PPE) was RM1.73 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.14 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.62 Mil.
Total Current Liabilities was RM38.13 Mil.
Long-Term Debt & Capital Lease Obligation was RM706.20 Mil.
Net Income was 11.665 + 13.886 + 13.979 + 14.609 = RM54.14 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was 11.843 + 17.697 + 18.965 + 19.024 = RM67.53 Mil.

Total Receivables was RM4.59 Mil.
Revenue was 28.148 + 28.639 + 28.487 + 29.103 = RM114.38 Mil.
Gross Profit was 19.478 + 21.306 + 19.985 + 20.515 = RM81.28 Mil.
Total Current Assets was RM11.93 Mil.
Total Assets was RM1,729.10 Mil.
Property, Plant and Equipment(Net PPE) was RM0.91 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.10 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.38 Mil.
Total Current Liabilities was RM701.82 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)
	=	(17.211 / 111.942)	/	(4.59 / 114.377)
	=	0.153749	/	0.04013
	=	3.8313

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)
	=	(81.284 / 114.377)	/	(75.171 / 111.942)
	=	0.710667	/	0.671517
	=	1.0583

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 - (21.915 + 1.73) / 1743.126)	/	(1 - (11.934 + 0.91) / 1729.1)
	=	0.986435	/	0.992572
	=	0.9938

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
	=	111.942	/	114.377
	=	0.9787

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))
	=	(0.096 / (0.096 + 0.91))	/	(0.144 / (0.144 + 1.73))
	=	0.095427	/	0.076841
	=	1.2419

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)
	=	(0.619 / 111.942)	/	(0.379 / 114.377)
	=	0.00553	/	0.003314
	=	1.6687

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)
	=	((706.2 + 38.126) / 1743.126)	/	((0 + 701.822) / 1729.1)
	=	0.427006	/	0.405889
	=	1.052

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
	=	(54.139 - 0	-	67.529)	/	1743.126
	=	-0.007682

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.

UOA Real Estate Investment Trust has a M-score of -0.01 signals that the company is likely to be a manipulator.

UOA Real Estate Investment Trust Beneish M-Score Related Terms

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UOA Real Estate Investment Trust (XKLS:5110) Business Description

Industry

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Address

Lobby A, Avenue 10, The Vertical, UOA Corporate Tower, No. 8, Jalan Kerinchi, Bangsar South City, Kuala Lumpur, SGR, MYS, 59200

Website

https://www.uoa.com.my

UOA Real Estate Investment Trust is a real estate investment trust. The company invests in a diversified portfolio of real estate and real estate-related assets used, or predominantly used, for commercial purposes. The company's investment objective is to invest in investment-grade commercial and residential assets in prime, high-return growth areas. Its properties include Residential; Commercial; and Hospitality. The company operates in Malaysia.

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