Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario (BSP:HSRE11) Beneish M-Score : 2.47 (As of Apr. 02, 2025)

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What is Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario 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 2.47 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario's Beneish M-Score or its related term are showing as below:

BSP:HSRE11' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.65 Max: 2.47
Current: 2.47

During the past 9 years, the highest Beneish M-Score of Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario was 2.47. The lowest was -3.12. And the median was -2.65.

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Beneish M-Score Historical Data

The historical data trend for Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario'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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Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Beneish M-Score Chart

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Annual Data

Trend

Dec15

Dec16

Dec17

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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0.14

-2.66

-2.81

-2.65

2.47

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Semi-Annual Data
	Dec15	Dec16	Dec17	Jun19	Jun20	Jun21	Jun22	Jun23	Jun24
Beneish M-Score	Get a 7-Day Free Trial				0.14	-2.66	-2.81	-2.65	2.47

Competitive Comparison of Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario's Beneish M-Score

For the REIT - Diversified subindustry, Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario'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.

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario's Beneish M-Score falls into.

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Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario 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 Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario 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 * 6.3138

0.528 * 1

0.404 * 0.957

0.892 * 0.9977

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2889

4.679 * 0.032103

0.327 * 1.0479

2.47

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was R$38.75 Mil.
Revenue was R$73.26 Mil.
Gross Profit was R$73.19 Mil.
Total Current Assets was R$56.80 Mil.
Total Assets was R$861.03 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$9.70 Mil.
Total Current Liabilities was R$9.11 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$88.81 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$61.17 Mil.

Total Receivables was R$6.15 Mil.
Revenue was R$73.43 Mil.
Gross Profit was R$73.37 Mil.
Total Current Assets was R$20.17 Mil.
Total Assets was R$839.13 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$7.54 Mil.
Total Current Liabilities was R$8.47 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 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)
	=	(38.753 / 73.259)	/	(6.152 / 73.428)
	=	0.528986	/	0.083783
	=	6.3138

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)
	=	(73.365 / 73.428)	/	(73.194 / 73.259)
	=	0.999142	/	0.999113
	=	1

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 - (56.796 + 0) / 861.031)	/	(1 - (20.174 + 0) / 839.126)
	=	0.934037	/	0.975958
	=	0.957

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
	=	73.259	/	73.428
	=	0.9977

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)
	=	(9.701 / 73.259)	/	(7.544 / 73.428)
	=	0.132421	/	0.10274
	=	1.2889

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 + 9.107) / 861.031)	/	((0 + 8.47) / 839.126)
	=	0.010577	/	0.010094
	=	1.0479

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
	=	(88.81 - 0	-	61.168)	/	861.031
	=	0.032103

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.

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario has a M-score of 2.47 signals that the company is likely to be a manipulator.

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Beneish M-Score Related Terms

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Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario (BSP:HSRE11) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Rua Alves Guimarães, 1216, Pinheiros, São Paulo, SP, BRA, 05410-002

Website

https://www.brltrust.com.br

Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario aims to obtain income and capital gains through investment in real estate or real rights over real estate.

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