Elite UK REIT (SGX:MXNU) Beneish M-Score : -0.46 (As of Mar. 30, 2025)

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What is Elite UK 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 -0.46 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SGX:MXNU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7 Med: -1.69 Max: 45.64
Current: -0.46

During the past 6 years, the highest Beneish M-Score of Elite UK REIT was 45.64. The lowest was -3.70. And the median was -1.69.

Elite UK REIT Beneish M-Score Historical Data

The historical data trend for Elite UK 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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Elite UK REIT Beneish M-Score Chart

Elite UK REIT Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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45.64

-2.92

-3.70

-0.46

Elite UK REIT Semi-Annual Data
	Dec18	Dec19	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial						-2.92	-	-3.70	-	-0.46

Competitive Comparison of Elite UK REIT's Beneish M-Score

For the REIT - Office subindustry, Elite UK 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.

Elite UK REIT's Beneish M-Score Distribution in the REITs Industry

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

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

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Elite UK 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 Elite UK 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 * 3.3754

0.528 * 0.9841

0.404 * 1.009

0.892 * 0.8644

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1832

4.679 * -0.013355

0.327 * 0.8481

-0.46

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was £6.91 Mil.
Revenue was £39.08 Mil.
Gross Profit was £36.24 Mil.
Total Current Assets was £25.88 Mil.
Total Assets was £440.30 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £1.85 Mil.
Total Current Liabilities was £14.58 Mil.
Long-Term Debt & Capital Lease Obligation was £184.55 Mil.
Net Income was £20.50 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £26.38 Mil.

Total Receivables was £2.37 Mil.
Revenue was £45.21 Mil.
Gross Profit was £41.26 Mil.
Total Current Assets was £29.84 Mil.
Total Assets was £444.04 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £1.80 Mil.
Total Current Liabilities was £141.56 Mil.
Long-Term Debt & Capital Lease Obligation was £95.25 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)
	=	(6.909 / 39.076)	/	(2.368 / 45.206)
	=	0.176809	/	0.052382
	=	3.3754

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)
	=	(41.255 / 45.206)	/	(36.236 / 39.076)
	=	0.9126	/	0.927321
	=	0.9841

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 - (25.878 + 0) / 440.298)	/	(1 - (29.841 + 0) / 444.043)
	=	0.941226	/	0.932797
	=	1.009

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
	=	39.076	/	45.206
	=	0.8644

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)
	=	(1.845 / 39.076)	/	(1.804 / 45.206)
	=	0.047216	/	0.039906
	=	1.1832

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)
	=	((184.547 + 14.58) / 440.298)	/	((95.245 + 141.556) / 444.043)
	=	0.452255	/	0.533284
	=	0.8481

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
	=	(20.495 - 0	-	26.375)	/	440.298
	=	-0.013355

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.

Elite UK REIT has a M-score of -0.46 signals that the company is likely to be a manipulator.

Elite UK REIT Beneish M-Score Related Terms

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Elite UK REIT Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Elite UK REIT (SGX:MXNU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

8 Temasek Boulevard, 37-02, Suntec Tower Three, Singapore, SGP, 038988

Website

https://www.elitecreit.com

Elite UK REIT is a Singapore real estate investment trust (REIT) established with the investment strategy of principally investing, directly or indirectly, in real estate and real estate-related assets in the UK.

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