Sunway Real Estate Investment Trust (XKLS:5176) Beneish M-Score : -2.45 (As of Jun. 22, 2024)

View and export this data going back to 2010. Start your Free Trial

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

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

XKLS:5176' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.37 Max: -1.12
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Sunway Real Estate Investment Trust was -1.12. The lowest was -2.88. And the median was -2.37.

Sunway Real Estate Investment Trust Beneish M-Score Historical Data

The historical data trend for Sunway 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.

Sunway Real Estate Investment Trust Beneish M-Score Chart

Sunway Real Estate Investment Trust Annual Data

Trend

Jun13

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.33

-2.66

-1.12

-2.88

-2.45

Sunway Real Estate Investment Trust Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Sep21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.45	-

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

For the REIT - Retail subindustry, Sunway 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.

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

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

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

Sunway 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 Sunway 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 * 0.9468

0.528 * 1.0375

0.404 * 0.9729

0.892 * 1.1071

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8162

4.679 * -0.011262

0.327 * 1.0179

-2.45

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM31.8 Mil.
Revenue was RM699.2 Mil.
Gross Profit was RM463.2 Mil.
Total Current Assets was RM548.5 Mil.
Total Assets was RM9,538.6 Mil.
Property, Plant and Equipment(Net PPE) was RM18.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.9 Mil.
Total Current Liabilities was RM1,907.1 Mil.
Long-Term Debt & Capital Lease Obligation was RM2,000.8 Mil.
Net Income was RM338.2 Mil.
Gross Profit was RM0.0 Mil.
Cash Flow from Operations was RM445.6 Mil.

Total Receivables was RM30.3 Mil.
Revenue was RM631.5 Mil.
Gross Profit was RM434.1 Mil.
Total Current Assets was RM295.8 Mil.
Total Assets was RM9,413.4 Mil.
Property, Plant and Equipment(Net PPE) was RM16.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.0 Mil.
Selling, General, & Admin. Expense(SGA) was RM1.0 Mil.
Total Current Liabilities was RM1,888.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,900.8 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)
	=	(31.761 / 699.18)	/	(30.298 / 631.517)
	=	0.045426	/	0.047977
	=	0.9468

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)
	=	(434.079 / 631.517)	/	(463.201 / 699.18)
	=	0.687359	/	0.662492
	=	1.0375

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 - (548.504 + 18.119) / 9538.623)	/	(1 - (295.795 + 16.576) / 9413.371)
	=	0.940597	/	0.966816
	=	0.9729

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
	=	699.18	/	631.517
	=	1.1071

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 / (0 + 16.576))	/	(0 / (0 + 18.119))
	=	0	/	0
	=	1

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)
	=	(0.86 / 699.18)	/	(0.952 / 631.517)
	=	0.00123	/	0.001507
	=	0.8162

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)
	=	((2000.773 + 1907.083) / 9538.623)	/	((1900.822 + 1887.976) / 9413.371)
	=	0.409688	/	0.402491
	=	1.0179

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
	=	(338.191 - 0	-	445.618)	/	9538.623
	=	-0.011262

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.

Sunway Real Estate Investment Trust has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Sunway Real Estate Investment Trust Beneish M-Score Related Terms

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

Sunway Real Estate Investment Trust (XKLS:5176) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Sunway Real Estate Investment Trust (XKLS:5176) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Lagoon Timur, Level 15, Menara Sunway, Bandar Sunway, Subang Jaya, SGR, MYS, 47500

Website

https://www.sunwayreit.com

Sunway Real Estate Investment Trust provides unitholders with a diversified portfolio of retail, hospitality, office, and other real estate assets. Sunway REIT divides its property type into four categories: retail, hotel, office, and others. The retail properties, which include shopping malls and hypermarkets, generate the most revenue for the company. The retail properties' tenants include department stores, supermarkets, cinemas, entertainment centers, fashion stores, convention centers, and others. The investment trust focuses on retail and mixed-use assets in cities and townships in Malaysia.

Sunway Real Estate Investment Trust (XKLS:5176) Headlines

No Headlines