Quality Houses Leasehold Property Fund (BKK:QHPF) Beneish M-Score : -2.48 (As of May. 22, 2024)

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What is Quality Houses Leasehold Property Fund 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Quality Houses Leasehold Property Fund's Beneish M-Score or its related term are showing as below:

BKK:QHPF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04 Med: -2.49 Max: -2.18
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Quality Houses Leasehold Property Fund was -2.18. The lowest was -4.04. And the median was -2.49.

Quality Houses Leasehold Property Fund Beneish M-Score Historical Data

The historical data trend for Quality Houses Leasehold Property Fund'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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Quality Houses Leasehold Property Fund Beneish M-Score Chart

Quality Houses Leasehold Property Fund Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.54

-4.04

-2.18

-3.02

-2.48

Quality Houses Leasehold Property Fund Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.02	-3.24	-2.62	-2.63	-2.48

Competitive Comparison of Quality Houses Leasehold Property Fund's Beneish M-Score

For the REIT - Office subindustry, Quality Houses Leasehold Property Fund'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.

Quality Houses Leasehold Property Fund's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Quality Houses Leasehold Property Fund's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Quality Houses Leasehold Property Fund's Beneish M-Score falls into.

Quality Houses Leasehold Property Fund 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 Quality Houses Leasehold Property Fund 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 * 1.0305

0.528 * 1.0157

0.404 * 1.0157

0.892 * 1.0106

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.134

4.679 * -0.00329

0.327 * 1.0353

-2.48

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿21 Mil.
Revenue was 258.447 + 255.314 + 266.151 + 241.162 = ฿1,021 Mil.
Gross Profit was 197.838 + 194.814 + 209.008 + 187.685 = ฿789 Mil.
Total Current Assets was ฿283 Mil.
Total Assets was ฿9,015 Mil.
Property, Plant and Equipment(Net PPE) was ฿0 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿104 Mil.
Total Current Liabilities was ฿109 Mil.
Long-Term Debt & Capital Lease Obligation was ฿542 Mil.
Net Income was -137.549 + 65.018 + 70.98 + 67.943 = ฿66 Mil.
Non Operating Income was -312.709 + -103.804 + -107.515 + -94.481 = ฿-619 Mil.
Cash Flow from Operations was 298.009 + 197.797 + 62.735 + 156.016 = ฿715 Mil.

Total Receivables was ฿20 Mil.
Revenue was 254.992 + 244.484 + 239.998 + 270.868 = ฿1,010 Mil.
Gross Profit was 203.337 + 191.408 + 181.289 + 217.302 = ฿793 Mil.
Total Current Assets was ฿263 Mil.
Total Assets was ฿9,577 Mil.
Property, Plant and Equipment(Net PPE) was ฿181 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿91 Mil.
Total Current Liabilities was ฿85 Mil.
Long-Term Debt & Capital Lease Obligation was ฿582 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)
	=	(20.682 / 1021.074)	/	(19.859 / 1010.342)
	=	0.020255	/	0.019656
	=	1.0305

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)
	=	(793.336 / 1010.342)	/	(789.345 / 1021.074)
	=	0.785215	/	0.773054
	=	1.0157

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 - (283.322 + 0) / 9015.221)	/	(1 - (263.026 + 181.367) / 9577.204)
	=	0.968573	/	0.953599
	=	1.0157

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
	=	1021.074	/	1010.342
	=	1.0106

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 + 181.367))	/	(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)
	=	(104.444 / 1021.074)	/	(91.132 / 1010.342)
	=	0.102288	/	0.090199
	=	1.134

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)
	=	((541.941 + 108.806) / 9015.221)	/	((582.245 + 85.48) / 9577.204)
	=	0.072183	/	0.06972
	=	1.0353

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
	=	(66.392 - -618.509	-	714.557)	/	9015.221
	=	-0.00329

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.

Quality Houses Leasehold Property Fund has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Quality Houses Leasehold Property Fund Beneish M-Score Related Terms

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Quality Houses Leasehold Property Fund (BKK:QHPF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Quality Houses Leasehold Property Fund (BKK:QHPF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

11 South Sathorn Road, 14th Floor Q House Sathorn Building, Tungmahamek, Sathorn, Bangkok, THA, 10120

Website

http://www.lhfund.co.th

Quality Houses Leasehold Property Fund is a Thailand-based closed-end property fund. It purchases, leases, and subleases immovable properties, and seeks benefits by way of letting, subletting transfer, or disposal of those immovable properties. Its properties include the Q House Ploenchit Building, Q House Lumpini Building, and Wave Place Building. The company operates in one reportable operating segment, which is Rental of immovable properties. Its operations are located in Thailand.

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