Sagicor Real Estate X Fund (XJAM:XFUND) Beneish M-Score: -2.62 (As of Jun. 26, 2026)


XJAM:XFUND Sagicor Real Estate X Fund Ltd XJAM:XFUND
66 GF Score
Price JMD8.99
GF Value JMD9.21
Valuation Fairly Valued
! 2 Warning Signs
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What is Sagicor Real Estate X Fund Beneish M-Score?

Sagicor Real Estate X Fund XJAM:XFUND +6.77% 66 Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus rates XJAM:XFUND with a GF Score™ of 66/100 and a GF Value™ of JMD9.21 (Fairly Valued). The stock has 2 warning signs investors should review. Among 824 Travel & Leisure companies, Sagicor Real Estate X Fund ranks worse than 51.58% on this metric.

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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:XFUND' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.62   Max: -1.87
Current: -2.62

During the past 5 years, the highest Beneish M-Score of Sagicor Real Estate X Fund was -1.87. The lowest was -3.03. And the median was -2.62.

Sagicor Real Estate X Fund Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sagicor Real Estate X Fund'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.

Sagicor Real Estate X Fund Beneish M-Score Chart

Sagicor Real Estate X Fund Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.03 -1.87 -2.62

Sagicor Real Estate X Fund Semi-Annual Data
Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -3.03 -1.87 -2.62

XJAM:XFUND vs MAR, HLT, H: Beneish M-Score Comparison

For the Lodging subindustry, Sagicor Real Estate X Fund'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.

Sagicor Real Estate X Fund Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Sagicor Real Estate X Fund's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sagicor Real Estate X Fund's Beneish M-Score falls into.


XJAM:XFUND
66GF Score
Sagicor Real Estate X Fund Ltd XJAM:XFUND
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sagicor Real Estate X Fund 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 Sagicor Real Estate X Fund for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.66+0.528 * 0.9849+0.404 * 0.7618+0.892 * 1.0874+0.115 * 1.2361
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9431+4.679 * 0.00285-0.327 * 0.5446
=-2.62

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was JMD196 Mil.
Revenue was JMD8,462 Mil.
Gross Profit was JMD5,884 Mil.
Total Current Assets was JMD7,733 Mil.
Total Assets was JMD30,072 Mil.
Property, Plant and Equipment(Net PPE) was JMD18,654 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD609 Mil.
Selling, General, & Admin. Expense(SGA) was JMD2,470 Mil.
Total Current Liabilities was JMD1,060 Mil.
Long-Term Debt & Capital Lease Obligation was JMD2,874 Mil.
Net Income was JMD1,008 Mil.
Gross Profit was JMD0 Mil.
Cash Flow from Operations was JMD923 Mil.
 Total Receivables was JMD274 Mil.
Revenue was JMD7,782 Mil.
Gross Profit was JMD5,330 Mil.
Total Current Assets was JMD9,185 Mil.
Total Assets was JMD32,214 Mil.
Property, Plant and Equipment(Net PPE) was JMD17,847 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD726 Mil.
Selling, General, & Admin. Expense(SGA) was JMD2,408 Mil.
Total Current Liabilities was JMD7,738 Mil.
Long-Term Debt & Capital Lease Obligation was JMD0 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)
=(196.307 / 8462.242) / (273.519 / 7781.853)
=0.023198 / 0.035148
=0.66

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)
=(5329.51 / 7781.853) / (5884.482 / 8462.242)
=0.684864 / 0.695381
=0.9849

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 - (7733.034 + 18653.935) / 30072.254) / (1 - (9184.939 + 17847.043) / 32214.295)
=0.122548 / 0.16087
=0.7618

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
=8462.242 / 7781.853
=1.0874

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))
=(726.252 / (726.252 + 17847.043)) / (609.362 / (609.362 + 18653.935))
=0.039102 / 0.031633
=1.2361

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)
=(2470.048 / 8462.242) / (2408.426 / 7781.853)
=0.29189 / 0.309493
=0.9431

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)
=((2874.061 + 1059.995) / 30072.254) / ((0 + 7737.646) / 32214.295)
=0.13082 / 0.240193
=0.5446

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
=(1008.312 - 0 - 922.592) / 30072.254
=0.00285

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.

Sagicor Real Estate X Fund has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.62 mean?
Sagicor Real Estate X Fund (XJAM:XFUND) has a Beneish M-Score of -2.62 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sagicor Real Estate X Fund and its competitors. According to the industry distribution chart, Sagicor Real Estate X Fund ranks #425 out of 824 companies in the Travel & Leisure industry, placing it in the top 51.6%.
Is Sagicor Real Estate X Fund's Beneish M-Score too high?
Sagicor Real Estate X Fund's current Beneish M-Score is -2.62. Based on the distribution chart, Sagicor Real Estate X Fund ranks #425 out of 824 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Sagicor Real Estate X Fund has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Sagicor Real Estate X Fund's Beneish M-Score compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, Sagicor Real Estate X Fund ranks #425 out of 824 companies for Beneish M-Score. This places Sagicor Real Estate X Fund in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sagicor Real Estate X Fund and its competitors. Sagicor Real Estate X Fund's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sagicor Real Estate X Fund stock overvalued right now?
Based on GuruFocus' analysis, Sagicor Real Estate X Fund (XJAM:XFUND) is currently considered Fairly Valued. The stock's GF Value™ is JMD9.21, compared to a current price of JMD8.99 — trading 2.4% below its estimated fair value. The current Beneish M-Score is -2.62. Sagicor Real Estate X Fund's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Sagicor Real Estate X Fund (XJAM:XFUND), the current Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Sagicor Real Estate X Fund (XJAM:XFUND) Overvalued in 2026?

Based on GuruFocus' analysis, Sagicor Real Estate X Fund stock appears to be undervalued. The current stock price of JMD8.99 is trading 2.4% below its estimated GF Value™ of JMD9.21. GuruFocus considers Sagicor Real Estate X Fund to be Fairly Valued.

Key valuation signals for XJAM:XFUND:

  • Beneish M-Score: -2.62
  • GF Value™: JMD9.21 vs. price of JMD8.99 (2.4% below fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the XJAM:XFUND stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sagicor Real Estate X Fund Business Description

Address Saint Michael, Cecil F De Caires Building, Wildey, BRB
Sagicor Real Estate X Fund Ltd is an International Business Company with property investments held through its subsidiaries. The Company's main business activity is to invest in hotel and commercial real estate activities and has engaged Sagicor Property Services (SPS) to manage and operate its direct and indirect real estate assets domiciled in Jamaica. The Group is organised into two primary business segments: Hotel Operations, comprising the direct ownership and operation of hotels and generating maximum revenue, and Commercial Operations, comprising indirect investment in real estate via the Sagicor Sigma Global Funds and the investment property in X Fund Properties Limited. The Group operates in the Caribbean and the United States of America, which generate maximum revenue.
66GF Score

Get the complete analysis for XJAM:XFUND

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

JMD8.99
Price
JMD9.21
GF Value