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Frasers Centrepoint Trust (SGX:J69U) Beneish M-Score : -2.17 (As of Dec. 12, 2024)


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What is Frasers Centrepoint 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:J69U' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.39   Max: -1.11
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Frasers Centrepoint Trust was -1.11. The lowest was -2.71. And the median was -2.39.


Frasers Centrepoint Trust Beneish M-Score Historical Data

The historical data trend for Frasers Centrepoint 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.

Frasers Centrepoint Trust Beneish M-Score Chart

Frasers Centrepoint Trust Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.11 -1.65 -2.51 -2.67 -2.17

Frasers Centrepoint Trust Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
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 -2.51 - -2.67 - -2.17

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

For the REIT - Retail subindustry, Frasers Centrepoint 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 Centrepoint Trust's Beneish M-Score Distribution in the REITs Industry

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

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



Frasers Centrepoint 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 Centrepoint Trust 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 * 1.2609+0.528 * 1.0115+0.404 * 1.0624+0.892 * 0.9513+0.115 * 1.1243
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7104+4.679 * -0.002841-0.327 * 0.9105
=-2.17

* 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 S$9.7 Mil.
Revenue was S$351.7 Mil.
Gross Profit was S$215.3 Mil.
Total Current Assets was S$36.5 Mil.
Total Assets was S$6,378.9 Mil.
Property, Plant and Equipment(Net PPE) was S$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was S$1.8 Mil.
Total Current Liabilities was S$428.7 Mil.
Long-Term Debt & Capital Lease Obligation was S$1,708.4 Mil.
Net Income was S$197.5 Mil.
Gross Profit was S$0.0 Mil.
Cash Flow from Operations was S$215.7 Mil.
Total Receivables was S$8.1 Mil.
Revenue was S$369.7 Mil.
Gross Profit was S$228.9 Mil.
Total Current Assets was S$408.9 Mil.
Total Assets was S$6,375.2 Mil.
Property, Plant and Equipment(Net PPE) was S$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was S$2.7 Mil.
Total Current Liabilities was S$504.0 Mil.
Long-Term Debt & Capital Lease Obligation was S$1,841.9 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)
=(9.683 / 351.733) / (8.072 / 369.723)
=0.027529 / 0.021833
=1.2609

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)
=(228.914 / 369.723) / (215.293 / 351.733)
=0.61915 / 0.612092
=1.0115

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 - (36.494 + 0.04) / 6378.871) / (1 - (408.931 + 0.048) / 6375.182)
=0.994273 / 0.935848
=1.0624

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
=351.733 / 369.723
=0.9513

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))
=(0.043 / (0.043 + 0.048)) / (0.029 / (0.029 + 0.04))
=0.472527 / 0.42029
=1.1243

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)
=(1.797 / 351.733) / (2.659 / 369.723)
=0.005109 / 0.007192
=0.7104

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)
=((1708.418 + 428.741) / 6378.871) / ((1841.925 + 504.004) / 6375.182)
=0.335037 / 0.367978
=0.9105

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
=(197.546 - 0 - 215.667) / 6378.871
=-0.002841

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 Centrepoint Trust has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.


Frasers Centrepoint Trust Beneish M-Score Related Terms

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Frasers Centrepoint Trust Business Description

Traded in Other Exchanges
Address
10 Marina Boulevard, Marina Bay Financial Centre, Tower 2 Number 48-01, Singapore, SGP, 018983
Frasers Centrepoint Trust, or FCT, is a real estate investment trust listed on the Singapore Exchange that predominately invests in suburban retail assets in Singapore. Its portfolio consists of 9 retail malls (of which two are not wholly owned) and one office property with a total valuation of SGD 7.0 billion as at Sept. 30, 2024. The trust is externally managed by Frasers Centrepoint Asset Management, a wholly owned subsidiary of Frasers Property Limited that has a 39.4% direct and indirect interest in FCT.

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