CapitaLand Integrated Commercial Trust (CapitaLand Integrated Commercial Trust) Beneish M-Score : -2.69 (As of Apr. 29, 2024)

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What is CapitaLand Integrated Commercial 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.

Good Sign:

Beneish M-Score -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CapitaLand Integrated Commercial Trust's Beneish M-Score or its related term are showing as below:

CPAMF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.34 Max: -0.69
Current: -2.69

During the past 13 years, the highest Beneish M-Score of CapitaLand Integrated Commercial Trust was -0.69. The lowest was -2.69. And the median was -2.34.

CapitaLand Integrated Commercial Trust Beneish M-Score Historical Data

The historical data trend for CapitaLand Integrated Commercial 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.

* Premium members only.

CapitaLand Integrated Commercial Trust Beneish M-Score Chart

CapitaLand Integrated Commercial Trust Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.51

-0.69

-2.47

-2.24

-2.69

CapitaLand Integrated Commercial Trust Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.47	-2.03	-2.24	-	-2.69

Competitive Comparison of CapitaLand Integrated Commercial Trust's Beneish M-Score

For the REIT - Retail subindustry, CapitaLand Integrated Commercial 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.

CapitaLand Integrated Commercial Trust's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where CapitaLand Integrated Commercial Trust's Beneish M-Score falls into.

CapitaLand Integrated Commercial 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 CapitaLand Integrated Commercial 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 * 0.7302

0.528 * 1.0116

0.404 * 1.0056

0.892 * 1.098

0.115 * 0.8998

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9508

4.679 * -0.008781

0.327 * 0.9866

-2.67

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $28 Mil.
Revenue was $1,171 Mil.
Gross Profit was $838 Mil.
Total Current Assets was $146 Mil.
Total Assets was $18,572 Mil.
Property, Plant and Equipment(Net PPE) was $4 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $71 Mil.
Total Current Liabilities was $1,091 Mil.
Long-Term Debt & Capital Lease Obligation was $6,381 Mil.
Net Income was $648 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $811 Mil.

Total Receivables was $35 Mil.
Revenue was $1,067 Mil.
Gross Profit was $772 Mil.
Total Current Assets was $243 Mil.
Total Assets was $18,247 Mil.
Property, Plant and Equipment(Net PPE) was $4 Mil.
Depreciation, Depletion and Amortization(DDA) was $3 Mil.
Selling, General, & Admin. Expense(SGA) was $68 Mil.
Total Current Liabilities was $1,187 Mil.
Long-Term Debt & Capital Lease Obligation was $6,254 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)
	=	(27.933 / 1171.034)	/	(34.84 / 1066.539)
	=	0.023853	/	0.032666
	=	0.7302

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)
	=	(771.773 / 1066.539)	/	(837.705 / 1171.034)
	=	0.723624	/	0.715355
	=	1.0116

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 - (146.039 + 3.714) / 18571.523)	/	(1 - (243.275 + 3.929) / 18247.243)
	=	0.991936	/	0.986453
	=	1.0056

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
	=	1171.034	/	1066.539
	=	1.098

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))
	=	(3.084 / (3.084 + 3.929))	/	(3.55 / (3.55 + 3.714))
	=	0.439755	/	0.488711
	=	0.8998

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)
	=	(70.676 / 1171.034)	/	(67.696 / 1066.539)
	=	0.060353	/	0.063473
	=	0.9508

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)
	=	((6381.226 + 1091.323) / 18571.523)	/	((6254.095 + 1187.422) / 18247.243)
	=	0.402366	/	0.407816
	=	0.9866

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
	=	(647.526 - 0	-	810.607)	/	18571.523
	=	-0.008781

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.

CapitaLand Integrated Commercial Trust has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.

CapitaLand Integrated Commercial Trust Beneish M-Score Related Terms

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CapitaLand Integrated Commercial Trust (CapitaLand Integrated Commercial Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » CapitaLand Integrated Commercial Trust (OTCPK:CPAMF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

C38U:Singapore M3T:Germany

Address

168 Robinson Road, No. 30-01 Capital Tower, Singapore, SGP, 068912

Website

https://www.cict.com.sg

CapitaLand Integrated Commercial Trust was established following the merger between CapitaLand Mall Trust and CapitaLand Commercial Trust in October 2020. The trust has a diversified portfolio of 26 properties, which includes offices (mainly in the central business district), retail malls (includes urban and suburban malls), and integrated development. Most of its properties are located in Singapore, with assets in Germany and Australia making up less than 10% of its portfolio. The trust is externally managed by CapitaLand Integrated Commercial Trust Management; parent CapitaLand retains a 23% stake in CICT.

CapitaLand Integrated Commercial Trust (CapitaLand Integrated Commercial Trust) Headlines

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Full Year 2023 CapitaLand Integrated Commercial Trust Earnings Presentation Transcript

By GuruFocus Research • 02-07-2024