Japan Metropolitan Fund Investment (TSE:8953) Beneish M-Score : -2.45 (As of Apr. 25, 2024)

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What is Japan Metropolitan Fund Investment 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8953' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.54 Max: -1.66
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Japan Metropolitan Fund Investment was -1.66. The lowest was -2.78. And the median was -2.54.

Japan Metropolitan Fund Investment Beneish M-Score Historical Data

The historical data trend for Japan Metropolitan Fund Investment'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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Japan Metropolitan Fund Investment Beneish M-Score Chart

Japan Metropolitan Fund Investment Annual Data

Trend

Aug13

Aug14

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Beneish M-Score

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-2.53

-2.56

-2.14

-1.66

-2.45

Japan Metropolitan Fund Investment Semi-Annual Data
	Aug14	Feb15	Aug15	Feb16	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-	-2.45	-	-2.51	-

Competitive Comparison of Japan Metropolitan Fund Investment's Beneish M-Score

For the REIT - Retail subindustry, Japan Metropolitan Fund Investment'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.

Japan Metropolitan Fund Investment's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Japan Metropolitan Fund Investment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Japan Metropolitan Fund Investment's Beneish M-Score falls into.

Japan Metropolitan Fund Investment 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 Japan Metropolitan Fund Investment 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 * 0.905

0.528 * 0.9521

0.404 * 1.0837

0.892 * 1.1528

0.115 * 0.9558

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9079

4.679 * -0.007209

0.327 * 1.0108

-2.45

This Year (Aug22) TTM:

Last Year (Aug21) TTM:

Total Receivables was 円1,092 Mil.
Revenue was 円81,711 Mil.
Gross Profit was 円46,049 Mil.
Total Current Assets was 円65,048 Mil.
Total Assets was 円1,248,964 Mil.
Property, Plant and Equipment(Net PPE) was 円1,145,300 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,876 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,797 Mil.
Total Current Liabilities was 円75,388 Mil.
Long-Term Debt & Capital Lease Obligation was 円488,945 Mil.
Net Income was 円32,647 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円41,650 Mil.

Total Receivables was 円1,047 Mil.
Revenue was 円70,880 Mil.
Gross Profit was 円38,030 Mil.
Total Current Assets was 円85,757 Mil.
Total Assets was 円1,235,721 Mil.
Property, Plant and Equipment(Net PPE) was 円1,114,707 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11,972 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,449 Mil.
Total Current Liabilities was 円72,599 Mil.
Long-Term Debt & Capital Lease Obligation was 円479,775 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)
	=	(1092.389 / 81710.966)	/	(1047.098 / 70879.673)
	=	0.013369	/	0.014773
	=	0.905

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)
	=	(38030.323 / 70879.673)	/	(46049.129 / 81710.966)
	=	0.536548	/	0.563561
	=	0.9521

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 - (65048.126 + 1145299.594) / 1248964.047)	/	(1 - (85757.437 + 1114706.861) / 1235720.64)
	=	0.030919	/	0.028531
	=	1.0837

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
	=	81710.966	/	70879.673
	=	1.1528

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))
	=	(11971.639 / (11971.639 + 1114706.861))	/	(12875.824 / (12875.824 + 1145299.594))
	=	0.010626	/	0.011117
	=	0.9558

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)
	=	(7797.023 / 81710.966)	/	(7449.219 / 70879.673)
	=	0.095422	/	0.105097
	=	0.9079

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)
	=	((488945 + 75387.529) / 1248964.047)	/	((479775 + 72598.893) / 1235720.64)
	=	0.45184	/	0.447005
	=	1.0108

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
	=	(32646.895 - 0	-	41650.499)	/	1248964.047
	=	-0.007209

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.

Japan Metropolitan Fund Investment has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Japan Metropolitan Fund Investment Beneish M-Score Related Terms

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Japan Metropolitan Fund Investment (TSE:8953) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Japan Metropolitan Fund Investment Corp (TSE:8953) » Definitions » Beneish M-Score

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Traded in Other Exchanges

JRFIF:USA

Address

Marunouchi 2-chome, Tokyo Building 7-3, Chiyoda-ku, Tokyo, JPN, 100-6420

Website

https://www.jmf-reit.com

Japan Metropolitan Fund Investment Corp is a Japanese real estate investment trust that specialises in retail properties. The company principally generates revenue from leasing properties to tenants, which include supermarkets, clothing and accessory stores, cosmetic shops, general merchandise stores, and entertainment venues. The company's properties are located domestically in urban and suburban areas, with approximately half in the Greater Tokyo metropolitan area and the remaining in Osaka, Nagoya and surrounding areas, and other major cities.

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