Oman Reit Fund (MUS:OMRF) Beneish M-Score : -2.40 (As of Apr. 19, 2025)

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What is Oman Reit Fund Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Oman Reit Fund's Beneish M-Score or its related term are showing as below:

MUS:OMRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.4 Med: -2.4 Max: -2.4
Current: -2.4

During the past 3 years, the highest Beneish M-Score of Oman Reit Fund was -2.40. The lowest was -2.40. And the median was -2.40.

Oman Reit 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 Oman Reit 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

0.528 * 1

0.404 * 1

0.892 * 1.3312

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7272

4.679 * 0.007327

0.327 * 1.9096

-2.40

* 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 (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ر.ع0.00 Mil.
Revenue was 0.997 + 1.03 + 1.143 + 1.754 = ر.ع4.92 Mil.
Gross Profit was 0.997 + 1.03 + 1.143 + 1.754 = ر.ع4.92 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع71.66 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع1.39 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع18.49 Mil.
Net Income was 0.725 + 0.707 + 0.669 + 1.41 = ر.ع3.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ر.ع0.00 Mil.
Cash Flow from Operations was 1.236 + 0.726 + 0.085 + 0.939 = ر.ع2.99 Mil.

Total Receivables was ر.ع0.00 Mil.
Revenue was 0.935 + 0.879 + 0.861 + 1.024 = ر.ع3.70 Mil.
Gross Profit was 0.935 + 0.879 + 0.861 + 1.024 = ر.ع3.70 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع56.00 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع1.44 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع7.57 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)
	=	(0 / 4.924)	/	(0 / 3.699)
	=	0	/	0
	=	1

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)
	=	(3.699 / 3.699)	/	(4.924 / 4.924)
	=	1	/	1
	=	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 - (0 + 0) / 71.656)	/	(1 - (0 + 0) / 55.997)
	=	1	/	1
	=	1

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
	=	4.924	/	3.699
	=	1.3312

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)
	=	(1.393 / 4.924)	/	(1.439 / 3.699)
	=	0.2829	/	0.389024
	=	0.7272

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)
	=	((18.493 + 0) / 71.656)	/	((7.568 + 0) / 55.997)
	=	0.25808	/	0.13515
	=	1.9096

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
	=	(3.511 - 0	-	2.986)	/	71.656
	=	0.007327

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.

Oman Reit Fund has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

Oman Reit Fund Beneish M-Score Related Terms

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Oman Reit Fund Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Oman Reit Fund (MUS:OMRF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

South Alkhuweir, Block B, Floor 4, Office 408, Way 4560, Building 5341/1, The Office, P.O. Box 1963, Bousher, OMN, 130

Website

https://www.athiqa.om/oman-reit-fund

Oman Reit Fund is a Real Estate Investment Fund (REIT) registered in Oman. The principal activities of the Fund are investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Oman that are used for residence, office, light industrial/logistics, and retail purposes, as well as real estate-related assets. The Fund operates in only one business segment, which is real estate.