Mapletree Logistics Trust (SGX:M44U) Beneish M-Score : -3.06 (As of Dec. 11, 2024)

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What is Mapletree Logistics 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:M44U' s Beneish M-Score Range Over the Past 10 Years
Min: -10.71 Med: -2.24 Max: -1.45
Current: -3.06

During the past 13 years, the highest Beneish M-Score of Mapletree Logistics Trust was -1.45. The lowest was -10.71. And the median was -2.24.

Mapletree Logistics Trust Beneish M-Score Historical Data

The historical data trend for Mapletree Logistics 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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Mapletree Logistics Trust Beneish M-Score Chart

Mapletree Logistics Trust Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-10.68

-2.16

-1.55

-2.95

-2.76

Mapletree Logistics Trust Quarterly Data
	Dec19	Mar20	Jun20	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															-2.14	-2.64	-2.76	-3.07	-3.06

Competitive Comparison of Mapletree Logistics Trust's Beneish M-Score

For the REIT - Industrial subindustry, Mapletree Logistics 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.

Mapletree Logistics Trust's Beneish M-Score Distribution in the REITs Industry

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

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

Mapletree Logistics 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 Mapletree Logistics 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 * 0.4895

0.528 * 1.0095

0.404 * 0.9983

0.892 * 1.0002

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.022344

0.327 * 1.0377

-3.06

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was S$44.7 Mil.
Revenue was 179.634 + 178.927 + 178.189 + 180.858 = S$717.6 Mil.
Gross Profit was 131.726 + 130.866 + 129.5 + 132.922 = S$525.0 Mil.
Total Current Assets was S$491.1 Mil.
Total Assets was S$13,973.6 Mil.
Property, Plant and Equipment(Net PPE) was S$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$5.2 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.0 Mil.
Total Current Liabilities was S$675.1 Mil.
Long-Term Debt & Capital Lease Obligation was S$5,330.4 Mil.
Net Income was 62.978 + 82.595 + 63.834 + 70.17 = S$279.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.0 Mil.
Cash Flow from Operations was 129.367 + 134.692 + 145.671 + 182.08 = S$591.8 Mil.

Total Receivables was S$91.3 Mil.
Revenue was 185.471 + 178.445 + 176.278 + 177.241 = S$717.4 Mil.
Gross Profit was 137.033 + 131.566 + 129.609 + 131.652 = S$529.9 Mil.
Total Current Assets was S$470.1 Mil.
Total Assets was S$14,032.0 Mil.
Property, Plant and Equipment(Net PPE) was S$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$4.5 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.0 Mil.
Total Current Liabilities was S$893.8 Mil.
Long-Term Debt & Capital Lease Obligation was S$4,917.5 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)
	=	(44.727 / 717.608)	/	(91.344 / 717.435)
	=	0.062328	/	0.12732
	=	0.4895

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)
	=	(529.86 / 717.435)	/	(525.014 / 717.608)
	=	0.738548	/	0.731617
	=	1.0095

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 - (491.133 + 0) / 13973.616)	/	(1 - (470.13 + 0) / 14031.983)
	=	0.964853	/	0.966496
	=	0.9983

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
	=	717.608	/	717.435
	=	1.0002

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))
	=	(4.474 / (4.474 + 0))	/	(5.181 / (5.181 + 0))
	=	1	/	1
	=	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)
	=	(0 / 717.608)	/	(0 / 717.435)
	=	0	/	0
	=	1

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)
	=	((5330.418 + 675.067) / 13973.616)	/	((4917.481 + 893.81) / 14031.983)
	=	0.429773	/	0.414146
	=	1.0377

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
	=	(279.577 - 0	-	591.81)	/	13973.616
	=	-0.022344

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.

Mapletree Logistics Trust has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

Mapletree Logistics Trust Beneish M-Score Related Terms

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Mapletree Logistics Trust Business Description

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MAPGF:USA

Address

10 Pasir Panjang Road, No. 13-01, Mapletree Business City, Singapore, SGP, 117438

Website

https://www.mapletreelogisticstrust.com

Mapletree Logistics Trust is a real estate investment trust focusing on logistics properties. As of Sept. 30, 2024, the trust had a SGD 13.4 billion portfolio of 186 properties, spread across Singapore, Hong Kong, Japan, China, South Korea, Australia, Malaysia, Vietnam, and India. The trust is externally managed by Mapletree Logistics Trust Management Ltd, a subsidiary of Mapletree Investments Pte Ltd, which owns around a 26% stake in the trust.

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