Japan Prime Realty Investment (TSE:8955) Beneish M-Score : -2.70 (As of Mar. 28, 2025)

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What is Japan Prime Realty 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8955' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.42 Max: -1.82
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Japan Prime Realty Investment was -1.82. The lowest was -2.80. And the median was -2.42.

Japan Prime Realty Investment Beneish M-Score Historical Data

The historical data trend for Japan Prime Realty 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 Prime Realty Investment Beneish M-Score Chart

Japan Prime Realty Investment Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.50

-2.48

-1.83

-2.29

-2.70

Japan Prime Realty Investment Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.83	-	-2.29	-	-2.70

Competitive Comparison of Japan Prime Realty Investment's Beneish M-Score

For the REIT - Diversified subindustry, Japan Prime Realty 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 Prime Realty Investment's Beneish M-Score Distribution in the REITs Industry

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

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

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Japan Prime Realty 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 Prime Realty 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 * 0.9941

0.528 * 0.9847

0.404 * 0.9561

0.892 * 1.0461

0.115 * 0.9796

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0029

4.679 * -0.043976

0.327 * 1.0631

-2.70

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was 円747 Mil.
Revenue was 円37,225 Mil.
Gross Profit was 円20,141 Mil.
Total Current Assets was 円50,885 Mil.
Total Assets was 円538,271 Mil.
Property, Plant and Equipment(Net PPE) was 円473,738 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,349 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,718 Mil.
Total Current Liabilities was 円40,015 Mil.
Long-Term Debt & Capital Lease Obligation was 円198,500 Mil.
Net Income was 円16,321 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円39,992 Mil.

Total Receivables was 円718 Mil.
Revenue was 円35,585 Mil.
Gross Profit was 円18,959 Mil.
Total Current Assets was 円40,693 Mil.
Total Assets was 円510,803 Mil.
Property, Plant and Equipment(Net PPE) was 円456,562 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,105 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,638 Mil.
Total Current Liabilities was 円30,511 Mil.
Long-Term Debt & Capital Lease Obligation was 円182,400 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)
	=	(746.971 / 37225.285)	/	(718.302 / 35585.396)
	=	0.020066	/	0.020185
	=	0.9941

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)
	=	(18959.143 / 35585.396)	/	(20140.559 / 37225.285)
	=	0.532779	/	0.541045
	=	0.9847

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 - (50884.927 + 473737.622) / 538271.324)	/	(1 - (40693.085 + 456562.143) / 510802.543)
	=	0.025357	/	0.026522
	=	0.9561

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
	=	37225.285	/	35585.396
	=	1.0461

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))
	=	(4104.872 / (4104.872 + 456562.143))	/	(4349.189 / (4349.189 + 473737.622))
	=	0.008911	/	0.009097
	=	0.9796

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)
	=	(1718.36 / 37225.285)	/	(1637.923 / 35585.396)
	=	0.046161	/	0.046028
	=	1.0029

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)
	=	((198500 + 40015.153) / 538271.324)	/	((182400 + 30511.391) / 510802.543)
	=	0.443113	/	0.416817
	=	1.0631

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
	=	(16321.436 - 0	-	39992.445)	/	538271.324
	=	-0.043976

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 Prime Realty Investment has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Japan Prime Realty Investment Beneish M-Score Related Terms

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Japan Prime Realty Investment Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Japan Prime Realty Investment Corp (TSE:8955) » Definitions » Beneish M-Score

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Address

4-16 Yaesu, 1-Chome, Chuo-ku, Tokyo, JPN, 103-0028

Website

http://www.jpr-reit.co.jp

Japan Prime Realty Investment Corporation, or JPR, is a Japanese real estate investment trust primarily involved in the ownership of properties in the Greater Tokyo region. Most of JPR's real estate portfolio is comprised of office buildings, with retail properties making up the rest of the company's holdings. The vast majority of JPR's assets are in the Tokyo metropolitan area, which are mostly concentrated in Central Tokyo. The company generates nearly all of its revenue through collecting funds from investors, investing that money into real estate properties, and then collecting rental income from those properties. Its collection of tenants is fairly evenly distributed among service, information and communication, manufacturing, finance, retail, and real estate companies.

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