Citicore Energy REIT (PHS:CREIT) Beneish M-Score : -1.59 (As of Mar. 14, 2025)

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What is Citicore Energy REIT 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 -1.59 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Citicore Energy REIT's Beneish M-Score or its related term are showing as below:

PHS:CREIT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.95 Med: -1.52 Max: 2.79
Current: -1.59

During the past 7 years, the highest Beneish M-Score of Citicore Energy REIT was 2.79. The lowest was -3.95. And the median was -1.52.

Citicore Energy REIT Beneish M-Score Historical Data

The historical data trend for Citicore Energy REIT'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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Citicore Energy REIT Beneish M-Score Chart

Citicore Energy REIT Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.06

-2.33

Citicore Energy REIT Quarterly Data
	Dec17	Dec18	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.95	-2.33	-1.45	-1.25	-1.59

Competitive Comparison of Citicore Energy REIT's Beneish M-Score

For the REIT - Specialty subindustry, Citicore Energy REIT'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.

Citicore Energy REIT's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Citicore Energy REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Citicore Energy REIT's Beneish M-Score falls into.

Citicore Energy REIT 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 Citicore Energy REIT 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 * 1.6024

0.528 * 0.9953

0.404 * 1.0555

0.892 * 1.1097

0.115 * 0.9625

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -0.7817

4.679 * -0.019697

0.327 * 0.9867

-1.59

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱27 Mil.
Revenue was 457.808 + 448.006 + 472.843 + 491.055 = ₱1,870 Mil.
Gross Profit was 432.383 + 421.932 + 446.776 + 465.057 = ₱1,766 Mil.
Total Current Assets was ₱934 Mil.
Total Assets was ₱9,850 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,200 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱71 Mil.
Selling, General, & Admin. Expense(SGA) was ₱-0 Mil.
Total Current Liabilities was ₱460 Mil.
Long-Term Debt & Capital Lease Obligation was ₱4,687 Mil.
Net Income was 344.938 + 334.139 + 359.275 + 380.972 = ₱1,419 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 418.576 + 398.977 + 443.516 + 352.271 = ₱1,613 Mil.

Total Receivables was ₱15 Mil.
Revenue was 507.155 + 423.527 + 376.45 + 377.691 = ₱1,685 Mil.
Gross Profit was 481.106 + 396.694 + 352.283 + 353.872 = ₱1,584 Mil.
Total Current Assets was ₱1,245 Mil.
Total Assets was ₱9,723 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,262 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱71 Mil.
Selling, General, & Admin. Expense(SGA) was ₱0 Mil.
Total Current Liabilities was ₱460 Mil.
Long-Term Debt & Capital Lease Obligation was ₱4,689 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)
	=	(26.812 / 1869.712)	/	(15.077 / 1684.823)
	=	0.01434	/	0.008949
	=	1.6024

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)
	=	(1583.955 / 1684.823)	/	(1766.148 / 1869.712)
	=	0.940131	/	0.94461
	=	0.9953

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 - (933.945 + 1200.284) / 9850.14)	/	(1 - (1245.303 + 1261.537) / 9722.902)
	=	0.78333	/	0.742172
	=	1.0555

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
	=	1869.712	/	1684.823
	=	1.1097

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))
	=	(71.357 / (71.357 + 1261.537))	/	(70.696 / (70.696 + 1200.284))
	=	0.053535	/	0.055623
	=	0.9625

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)
	=	(-0.335 / 1869.712)	/	(0.385 / 1684.823)
	=	-0.000179	/	0.000229
	=	-0.7817

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)
	=	((4687.205 + 459.58) / 9850.14)	/	((4689.188 + 459.569) / 9722.902)
	=	0.522509	/	0.529549
	=	0.9867

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
	=	(1419.324 - 0	-	1613.34)	/	9850.14
	=	-0.019697

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.

Citicore Energy REIT has a M-score of -1.59 signals that the company is likely to be a manipulator.

Citicore Energy REIT Beneish M-Score Related Terms

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Citicore Energy REIT Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Citicore Energy REIT Corp (PHS:CREIT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

276 Col. Bonny Serrano Avenue, 11th Floor, Rockwell Santolan Town Plaza, Little Baguio, San Juan, PHL, 1500

Website

https://www.creit.com.ph

Citicore Energy REIT Corp is a real estate investment trust. The company's objective is to own income-generating real estate assets, including renewable energy-generating real estate assets. The Company derives revenues from two segments which are; Sale of solar energy which generates key revenue and includes the generation of electricity from solar power energy through its Clark Solar Power Project, and the Leasing segment which includes the rental operations of the company.

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