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Maui Land & Pineapple Co (Maui Land & Pineapple Co) Beneish M-Score : -1.23 (As of Apr. 27, 2024)


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What is Maui Land & Pineapple Co 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 -1.23 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Maui Land & Pineapple Co's Beneish M-Score or its related term are showing as below:

MLP' s Beneish M-Score Range Over the Past 10 Years
Min: -4.68   Med: -2.31   Max: 6.27
Current: -1.23

During the past 13 years, the highest Beneish M-Score of Maui Land & Pineapple Co was 6.27. The lowest was -4.68. And the median was -2.31.


Maui Land & Pineapple Co Beneish M-Score Historical Data

The historical data trend for Maui Land & Pineapple Co'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.

Maui Land & Pineapple Co Beneish M-Score Chart

Maui Land & Pineapple Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.68 -2.69 -3.08 -2.04 -1.23

Maui Land & Pineapple Co 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.04 -1.84 -1.03 -2.61 -1.23

Competitive Comparison of Maui Land & Pineapple Co's Beneish M-Score

For the Real Estate Services subindustry, Maui Land & Pineapple Co'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.


Maui Land & Pineapple Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Maui Land & Pineapple Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Maui Land & Pineapple Co's Beneish M-Score falls into.



Maui Land & Pineapple Co 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 Maui Land & Pineapple Co for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 2.51+0.528 * 1.7635+0.404 * 1.4353+0.892 * 0.5208+0.115 * 1.2728
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1691+4.679 * -0.057244-0.327 * 1.0796
=-1.23

* 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.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $1.17 Mil.
Revenue was 4.043 + 2.101 + 2.473 + 2.298 = $10.92 Mil.
Gross Profit was 2.119 + 0.641 + 0.735 + 0.872 = $4.37 Mil.
Total Current Assets was $10.00 Mil.
Total Assets was $42.22 Mil.
Property, Plant and Equipment(Net PPE) was $16.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.87 Mil.
Selling, General, & Admin. Expense(SGA) was $7.28 Mil.
Total Current Liabilities was $2.48 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 0.593 + -1.192 + -1.117 + -1.364 = $-3.08 Mil.
Non Operating Income was 0.109 + 0.12 + 0.35 + 0.129 = $0.71 Mil.
Cash Flow from Operations was -1.174 + 0.247 + -1.175 + 0.731 = $-1.37 Mil.
Total Receivables was $0.89 Mil.
Revenue was 2.173 + 2.551 + 13.987 + 2.248 = $20.96 Mil.
Gross Profit was 0.693 + 1.235 + 11.953 + 0.907 = $14.79 Mil.
Total Current Assets was $15.22 Mil.
Total Assets was $42.41 Mil.
Property, Plant and Equipment(Net PPE) was $15.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.11 Mil.
Selling, General, & Admin. Expense(SGA) was $11.96 Mil.
Total Current Liabilities was $2.31 Mil.
Long-Term Debt & Capital Lease Obligation was $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)
=(1.166 / 10.915) / (0.892 / 20.959)
=0.106825 / 0.042559
=2.51

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)
=(14.788 / 20.959) / (4.367 / 10.915)
=0.705568 / 0.400092
=1.7635

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 - (10.004 + 16.059) / 42.223) / (1 - (15.22 + 15.878) / 42.406)
=0.38273 / 0.26666
=1.4353

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
=10.915 / 20.959
=0.5208

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))
=(1.11 / (1.11 + 15.878)) / (0.869 / (0.869 + 16.059))
=0.06534 / 0.051335
=1.2728

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)
=(7.279 / 10.915) / (11.955 / 20.959)
=0.66688 / 0.570399
=1.1691

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 + 2.48) / 42.223) / ((0 + 2.307) / 42.406)
=0.058736 / 0.054403
=1.0796

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
=(-3.08 - 0.708 - -1.371) / 42.223
=-0.057244

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.

Maui Land & Pineapple Co has a M-score of -1.23 signals that the company is likely to be a manipulator.


Maui Land & Pineapple Co Beneish M-Score Related Terms

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Maui Land & Pineapple Co (Maui Land & Pineapple Co) Business Description

Traded in Other Exchanges
N/A
Address
200 Village Road, Lahaina, Maui, HI, USA, 96761
Maui Land & Pineapple Co Inc is a landholding and operating company. ML&P owns, develops, sells, and manages residential, resort, commercial, agricultural, and industrial real estate. It operates in three segments: Real Estate, which includes the development and sale of real estate inventory; Leasing operations include residential, resort, commercial, agricultural, industrial land and property leases; and Resort Amenities segment, which include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The majority of its revenue is derived from the Leasing segment. Leasing revenue is generated from restaurants, retail outlets, office buildings, warehouses, and other resort activities.
Executives
Race A. Randle officer: CEO C/O MAUI LAND AND PINEAPPLE COMPANY, INC, 200 VILLAGE ROAD, LAHAINA HI 96761
Paulus Subrata officer: Vice President 200 VILLAGE ROAD, LAHAINA HI 96761
R Scot Sellers director C/O ARCHSTONE-SMITH, 9200 E. PANORAMA CIRCLE, SUITE 400, ENGLEWOOD CO 80112
Scott Nadao Kodama officer: Accounting Officer 1698 NANA ST., WAILUKU HI 96793
Glyn Aeppel director 6 WHIPPOORWILL LANE, WESTPORT CT 06880
John Sabin director 44 HERSHA DRIVE, HARRISBURG PA 17102
Wade K Kodama officer: CFO 95-1025 AHIKAO ST., MILILANI HI 96789
Michael Shoma Hotta officer: CFO 200 VILLAGE ROAD, LAHAINA HI 96761
Anthony P. Takitani director 200 VILLAGE ROAD, LAHAINA HI 96761
Ryan L Churchill officer: Senior Vice President P. O. BOX 187, KAHULUI HI 96733
Stephen M Case director, 10 percent owner 1717 RHODE ISLAND AVENUE, N.W., 9TH FLOOR, WASHINGTON DC 20036
Tim T Esaki officer: CFO 200 VILLAGE ROAD, LAHAINA HI 96761
Authur C. Tokin director P. O. BOX 187, KAHULUI HI 96733-6687
John P Durkin officer: CFO P.O. BOX 187, KAHULUI HI 96733-6687
Gerald J Watts officer: VP/General Mngr. MPC 2530 RED HILL AVE, SANTA ANA CA 92705

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