Frontier Real Estate Investment (TSE:8964) Beneish M-Score : -2.69 (As of Mar. 28, 2025)

View and export this data going back to 2004. Start your Free Trial

What is Frontier Real Estate 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Frontier Real Estate Investment's Beneish M-Score or its related term are showing as below:

TSE:8964' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.61 Max: 2.67
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Frontier Real Estate Investment was 2.67. The lowest was -2.94. And the median was -2.61.

Frontier Real Estate Investment Beneish M-Score Historical Data

The historical data trend for Frontier Real Estate 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.

* Premium members only.

Frontier Real Estate Investment Beneish M-Score Chart

Frontier Real Estate Investment Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.79

-1.85

2.67

-2.69

Frontier Real Estate Investment Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															2.67	-	-	-2.69	-

Competitive Comparison of Frontier Real Estate Investment's Beneish M-Score

For the REIT - Retail subindustry, Frontier Real Estate 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.

Frontier Real Estate Investment's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where Frontier Real Estate Investment's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Frontier Real Estate 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 Frontier Real Estate 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 * 0.9181

0.528 * 0.9817

0.404 * 0.9944

0.892 * 1.0184

0.115 * 1.0975

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.025

4.679 * -0.02766

0.327 * 1.0424

-2.69

This Year (Dec23) TTM:

Last Year (Dec21) TTM:

Total Receivables was 円118 Mil.
Revenue was 円22,564 Mil.
Gross Profit was 円13,911 Mil.
Total Current Assets was 円18,489 Mil.
Total Assets was 円336,333 Mil.
Property, Plant and Equipment(Net PPE) was 円316,044 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,798 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,252 Mil.
Total Current Liabilities was 円18,809 Mil.
Long-Term Debt & Capital Lease Obligation was 円115,200 Mil.
Net Income was 円11,850 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円21,153 Mil.

Total Receivables was 円126 Mil.
Revenue was 円22,157 Mil.
Gross Profit was 円13,410 Mil.
Total Current Assets was 円12,712 Mil.
Total Assets was 円330,060 Mil.
Property, Plant and Equipment(Net PPE) was 円315,572 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,167 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,199 Mil.
Total Current Liabilities was 円14,257 Mil.
Long-Term Debt & Capital Lease Obligation was 円111,900 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)
	=	(118.119 / 22563.592)	/	(126.348 / 22156.982)
	=	0.005235	/	0.005702
	=	0.9181

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)
	=	(13409.912 / 22156.982)	/	(13911.13 / 22563.592)
	=	0.605223	/	0.61653
	=	0.9817

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 - (18488.91 + 316044.459) / 336333.447)	/	(1 - (12711.947 + 315571.55) / 330060.025)
	=	0.005352	/	0.005382
	=	0.9944

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
	=	22563.592	/	22156.982
	=	1.0184

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))
	=	(4166.804 / (4166.804 + 315571.55))	/	(3797.817 / (3797.817 + 316044.459))
	=	0.013032	/	0.011874
	=	1.0975

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)
	=	(1251.57 / 22563.592)	/	(1199.068 / 22156.982)
	=	0.055469	/	0.054117
	=	1.025

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)
	=	((115200 + 18808.822) / 336333.447)	/	((111900 + 14256.531) / 330060.025)
	=	0.39844	/	0.382223
	=	1.0424

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
	=	(11849.688 - 0	-	21152.61)	/	336333.447
	=	-0.02766

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.

Frontier Real Estate Investment has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

Frontier Real Estate Investment Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Frontier Real Estate Investment's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Frontier Real Estate Investment Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Frontier Real Estate Investment Corp (TSE:8964) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Kojun Building, 6th Floor, 6-8-7 Ginza, Chuo-ku, Tokyo, JPN, 104-0061

Website

https://www.frontier-reit.co.jp

Frontier Real Estate Investment Corp is a real estate investment trust specializing in retail facilities. The company mainly invests in commercial buildings in the metropolitan area and local cities. The company aims at stable earnings and steady asset growth from midterm to long-term perspectives. Its property portfolio consists of AEON Shinagawa Seaside Shopping Center, AEON MALL Ibaraki, Papillon Plaza, Kamiikedai Tokyu Store, and Belltown Tambaguchi Eki-mae Store, among others.

Frontier Real Estate Investment Headlines

No Headlines