Axis Real Estate Investment Trust (XKLS:5106) Beneish M-Score : -2.29 (As of Apr. 09, 2025)

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What is Axis Real Estate Investment Trust 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKLS:5106' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.56 Max: 5.49
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Axis Real Estate Investment Trust was 5.49. The lowest was -3.15. And the median was -2.56.

Axis Real Estate Investment Trust Beneish M-Score Historical Data

The historical data trend for Axis Real Estate Investment Trust'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.

Axis Real Estate Investment Trust Beneish M-Score Chart

Axis Real Estate Investment Trust Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.91

-2.83

-2.60

-3.06

-2.29

Axis Real Estate Investment Trust Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-3.06	-1.96	-0.58	-1.36	-2.29

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

For the REIT - Diversified subindustry, Axis Real Estate Investment Trust'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.

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

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

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

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Axis Real Estate Investment Trust 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 Axis Real Estate Investment Trust 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 * 1.2006

0.528 * 0.9798

0.404 * 0.9853

0.892 * 1.117

0.115 * 1.0754

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0311

4.679 * -0.018365

0.327 * 0.9928

-2.29

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM7.6 Mil.
Revenue was 88.107 + 80.751 + 77.24 + 76.056 = RM322.2 Mil.
Gross Profit was 67.106 + 61.331 + 57.679 + 56.91 = RM243.0 Mil.
Total Current Assets was RM166.6 Mil.
Total Assets was RM5,258.6 Mil.
Property, Plant and Equipment(Net PPE) was RM1.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.4 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.7 Mil.
Total Current Liabilities was RM932.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM934.9 Mil.
Net Income was 91.013 + 37.77 + 38.955 + 42.268 = RM210.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 155.63 + 59.629 + 35.523 + 55.795 = RM306.6 Mil.

Total Receivables was RM5.7 Mil.
Revenue was 76.584 + 72.639 + 68.72 + 70.467 = RM288.4 Mil.
Gross Profit was 57.578 + 53.689 + 50.727 + 51.184 = RM213.2 Mil.
Total Current Assets was RM77.4 Mil.
Total Assets was RM4,522.9 Mil.
Property, Plant and Equipment(Net PPE) was RM1.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.0 Mil.
Total Current Liabilities was RM877.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM740.5 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)
	=	(7.616 / 322.154)	/	(5.679 / 288.41)
	=	0.023641	/	0.019691
	=	1.2006

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)
	=	(213.178 / 288.41)	/	(243.026 / 322.154)
	=	0.739149	/	0.754378
	=	0.9798

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 - (166.626 + 1.112) / 5258.558)	/	(1 - (77.382 + 1.391) / 4522.893)
	=	0.968102	/	0.982583
	=	0.9853

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
	=	322.154	/	288.41
	=	1.117

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))
	=	(0.495 / (0.495 + 1.391))	/	(0.359 / (0.359 + 1.112))
	=	0.26246	/	0.244052
	=	1.0754

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)
	=	(4.653 / 322.154)	/	(4.04 / 288.41)
	=	0.014443	/	0.014008
	=	1.0311

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)
	=	((934.944 + 932.365) / 5258.558)	/	((740.454 + 877.271) / 4522.893)
	=	0.355099	/	0.357675
	=	0.9928

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
	=	(210.006 - 0	-	306.577)	/	5258.558
	=	-0.018365

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.

Axis Real Estate Investment Trust has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Axis Real Estate Investment Trust Beneish M-Score Related Terms

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Axis Real Estate Investment Trust Business Description

Industry

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Address

No. 2, Jalan 51A/223, Section 51A, Penthouse, Menara Axis, Petaling Jaya, SGR, MYS, 46100

Website

https://www.axis-reit.com.my

Axis Real Estate Investment Trust owns and invests in industrial and office real estate. It currently has a diverse portfolio of properties strategically located in the Klang Valley, Johor, Penang, Pahang, Negeri Sembilan and Kedah. The primary objectives of the Fund are to provide unitholders with a stable and growing distribution of income and to achieve long-term growth, in the net asset value per unit of the Fund.

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