Specialised Investment Compound (AMM:SPIC) Beneish M-Score : -3.45 (As of Mar. 15, 2025)

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What is Specialised Investment Compound 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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AMM:SPIC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.47 Med: -2.52 Max: -0.14
Current: -3.45

During the past 13 years, the highest Beneish M-Score of Specialised Investment Compound was -0.14. The lowest was -4.47. And the median was -2.52.

Specialised Investment Compound Beneish M-Score Historical Data

The historical data trend for Specialised Investment Compound'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.

* Premium members only.

Specialised Investment Compound Beneish M-Score Chart

Specialised Investment Compound Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.66

-2.24

-2.65

-2.35

-2.80

Specialised Investment Compound Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.33	-2.80	-3.00	-2.92	-3.45

Competitive Comparison of Specialised Investment Compound's Beneish M-Score

For the Real Estate Services subindustry, Specialised Investment Compound'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.

Specialised Investment Compound's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Specialised Investment Compound's Beneish M-Score falls into.

Specialised Investment Compound 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 Specialised Investment Compound 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

0.528 * 1.4436

0.404 * 1.1147

0.892 * 0.8691

0.115 * 1.8182

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 6.9038

4.679 * -0.079355

0.327 * 0.5164

-3.45

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was JOD2.69 Mil.
Revenue was 0.429 + 0.497 + 0.517 + 0.582 = JOD2.03 Mil.
Gross Profit was 0.076 + 0.174 + 0.198 + 0.198 = JOD0.65 Mil.
Total Current Assets was JOD4.03 Mil.
Total Assets was JOD15.31 Mil.
Property, Plant and Equipment(Net PPE) was JOD0.21 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD0.25 Mil.
Selling, General, & Admin. Expense(SGA) was JOD0.23 Mil.
Total Current Liabilities was JOD1.19 Mil.
Long-Term Debt & Capital Lease Obligation was JOD0.00 Mil.
Net Income was -0.03 + -0.032 + -0.003 + -0.49 = JOD-0.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JOD0.00 Mil.
Cash Flow from Operations was 0.127 + -0.001 + 0.002 + 0.532 = JOD0.66 Mil.

Total Receivables was JOD0.00 Mil.
Revenue was 0.473 + 0.67 + 0.558 + 0.629 = JOD2.33 Mil.
Gross Profit was 0.141 + 0.256 + 0.325 + 0.351 = JOD1.07 Mil.
Total Current Assets was JOD6.06 Mil.
Total Assets was JOD17.28 Mil.
Property, Plant and Equipment(Net PPE) was JOD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD0.39 Mil.
Selling, General, & Admin. Expense(SGA) was JOD0.04 Mil.
Total Current Liabilities was JOD2.60 Mil.
Long-Term Debt & Capital Lease Obligation was JOD0.00 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)
	=	(2.69 / 2.025)	/	(0 / 2.33)
	=	1.328395	/	0
	=	1

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)
	=	(1.073 / 2.33)	/	(0.646 / 2.025)
	=	0.460515	/	0.319012
	=	1.4436

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 - (4.027 + 0.207) / 15.311)	/	(1 - (6.064 + 0) / 17.277)
	=	0.723467	/	0.649013
	=	1.1147

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
	=	2.025	/	2.33
	=	0.8691

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))
	=	(0.386 / (0.386 + 0))	/	(0.253 / (0.253 + 0.207))
	=	1	/	0.55
	=	1.8182

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)
	=	(0.234 / 2.025)	/	(0.039 / 2.33)
	=	0.115556	/	0.016738
	=	6.9038

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 + 1.188) / 15.311)	/	((0 + 2.596) / 17.277)
	=	0.077591	/	0.150258
	=	0.5164

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
	=	(-0.555 - 0	-	0.66)	/	15.311
	=	-0.079355

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.

Specialised Investment Compound has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.

Specialised Investment Compound Beneish M-Score Related Terms

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Specialised Investment Compound Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Specialised Investment Compound (AMM:SPIC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

24 Abdel Hamid Badis Street, P.O. Box: 11636, Shumaysani, Amman, JOR

Website

https://www.altajamouat.com

Specialised Investment Compound is engaged in Real estate services. The company's main activities are utilizing, developing, and investing lands for establishing, selling, and investing in industrial buildings and specialized craft warehouses.

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