FRLOF (Frasers Logisticsmmercial Trust) Beneish M-Score : -1.97 (As of Dec. 11, 2024)

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What is Frasers Logisticsmmercial 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 -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRLOF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -1.97 Max: -0.71
Current: -1.97

During the past 12 years, the highest Beneish M-Score of Frasers Logisticsmmercial Trust was -0.71. The lowest was -2.80. And the median was -1.97.

Frasers Logisticsmmercial Trust Beneish M-Score Historical Data

The historical data trend for Frasers Logisticsmmercial 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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Frasers Logisticsmmercial Trust Beneish M-Score Chart

Frasers Logisticsmmercial Trust Annual Data

Trend

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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-1.16

-1.40

-2.80

-2.63

-1.97

Frasers Logisticsmmercial Trust Semi-Annual Data
	Sep13	Sep14	Sep15	Dec16	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial														-2.80	-	-2.63	-	-1.97

Competitive Comparison of Frasers Logisticsmmercial Trust's Beneish M-Score

For the REIT - Industrial subindustry, Frasers Logisticsmmercial 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.

Frasers Logisticsmmercial Trust's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where Frasers Logisticsmmercial Trust's Beneish M-Score falls into.

Frasers Logisticsmmercial 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 Frasers Logisticsmmercial 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 * 1.6634

0.528 * 1.0384

0.404 * 1.0052

0.892 * 1.1172

0.115 * 0.5568

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9187

4.679 * -0.022958

0.327 * 1.0939

-1.92

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $23.2 Mil.
Revenue was $344.7 Mil.
Gross Profit was $247.8 Mil.
Total Current Assets was $137.5 Mil.
Total Assets was $5,508.1 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $29.0 Mil.
Total Current Liabilities was $515.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,432.1 Mil.
Net Income was $113.9 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $240.3 Mil.

Total Receivables was $12.5 Mil.
Revenue was $308.6 Mil.
Gross Profit was $230.4 Mil.
Total Current Assets was $152.7 Mil.
Total Assets was $5,087.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $28.3 Mil.
Total Current Liabilities was $446.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,197.8 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)
	=	(23.221 / 344.736)	/	(12.495 / 308.559)
	=	0.067359	/	0.040495
	=	1.6634

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)
	=	(230.352 / 308.559)	/	(247.842 / 344.736)
	=	0.746541	/	0.718933
	=	1.0384

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 - (137.536 + 0.012) / 5508.13)	/	(1 - (152.694 + 0.054) / 5087.379)
	=	0.975028	/	0.969975
	=	1.0052

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
	=	344.736	/	308.559
	=	1.1172

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))
	=	(0.042 / (0.042 + 0.054))	/	(0.044 / (0.044 + 0.012))
	=	0.4375	/	0.785714
	=	0.5568

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)
	=	(29.014 / 344.736)	/	(28.268 / 308.559)
	=	0.084163	/	0.091613
	=	0.9187

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)
	=	((1432.069 + 515.66) / 5508.13)	/	((1197.816 + 446.751) / 5087.379)
	=	0.35361	/	0.323264
	=	1.0939

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
	=	(113.857 - 0	-	240.312)	/	5508.13
	=	-0.022958

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.

Frasers Logisticsmmercial Trust has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.

Frasers Logisticsmmercial Trust Beneish M-Score Related Terms

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Frasers Logisticsmmercial Trust Business Description

Industry

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BUOU:Singapore

Address

438 Alexandra Road, No. 21-00 Alexandra Point, Singapore, SGP, 119958

Website

https://www.frasersproperty.com

Frasers Logistics & Commercial Trust was established following the merger between Frasers Logistics and Industrial Trust and Frasers Commercial Trust in April 2020. As of Sept. 30, 2024, the trust has a diversified portfolio of 112 logistics, industrial and commercial properties valued at around SGD 6.8 billion across Singapore, Australia, Germany, the Netherlands, and the United Kingdom. The trust is externally managed by Frasers Logistics & Commercial Asset Management, a subsidiary of Frasers Property, which owns around 23% of the trust.