CapitaLand Malaysia Trust (XKLS:5180) Beneish M-Score : -1.66 (As of Apr. 08, 2025)

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What is CapitaLand Malaysia 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.

Warning Sign:

Beneish M-Score -1.66 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for CapitaLand Malaysia Trust's Beneish M-Score or its related term are showing as below:

XKLS:5180' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.54 Max: -1.66
Current: -1.66

During the past 13 years, the highest Beneish M-Score of CapitaLand Malaysia Trust was -1.66. The lowest was -2.74. And the median was -2.54.

CapitaLand Malaysia Trust Beneish M-Score Historical Data

The historical data trend for CapitaLand Malaysia 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.

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CapitaLand Malaysia Trust Beneish M-Score Chart

CapitaLand Malaysia Trust Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.56

-2.60

-2.74

-2.05

-1.66

CapitaLand Malaysia 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															-2.05	-2.59	-2.59	-2.56	-1.66

Competitive Comparison of CapitaLand Malaysia Trust's Beneish M-Score

For the REIT - Retail subindustry, CapitaLand Malaysia 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.

CapitaLand Malaysia Trust's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where CapitaLand Malaysia Trust's Beneish M-Score falls into.

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CapitaLand Malaysia 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 CapitaLand Malaysia 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 * 1.7594

0.528 * 0.9456

0.404 * 0.995

0.892 * 1.1502

0.115 * 0.9437

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7882

4.679 * -0.004724

0.327 * 0.972

-1.66

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was RM51.4 Mil.
Revenue was 119.984 + 109.24 + 113.652 + 111.884 = RM454.8 Mil.
Gross Profit was 31.469 + 71.088 + 73.776 + 74.249 = RM250.6 Mil.
Total Current Assets was RM134.0 Mil.
Total Assets was RM5,268.0 Mil.
Property, Plant and Equipment(Net PPE) was RM3.4 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM14.3 Mil.
Total Current Liabilities was RM323.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,987.5 Mil.
Net Income was 89.973 + 30.227 + 33.47 + 33.485 = RM187.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 57.478 + 64.009 + 38.975 + 51.579 = RM212.0 Mil.

Total Receivables was RM25.4 Mil.
Revenue was 108.51 + 103.636 + 104.755 + 78.489 = RM395.4 Mil.
Gross Profit was 28.141 + 65.517 + 65.745 + 46.612 = RM206.0 Mil.
Total Current Assets was RM104.5 Mil.
Total Assets was RM5,116.8 Mil.
Property, Plant and Equipment(Net PPE) was RM3.8 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM15.8 Mil.
Total Current Liabilities was RM327.4 Mil.
Long-Term Debt & Capital Lease Obligation was RM1,981.3 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)
	=	(51.38 / 454.76)	/	(25.391 / 395.39)
	=	0.112983	/	0.064218
	=	1.7594

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)
	=	(206.015 / 395.39)	/	(250.582 / 454.76)
	=	0.521043	/	0.55102
	=	0.9456

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 - (133.956 + 3.426) / 5267.982)	/	(1 - (104.489 + 3.766) / 5116.805)
	=	0.973921	/	0.978843
	=	0.995

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
	=	454.76	/	395.39
	=	1.1502

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))
	=	(1.685 / (1.685 + 3.766))	/	(1.669 / (1.669 + 3.426))
	=	0.309118	/	0.327576
	=	0.9437

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)
	=	(14.331 / 454.76)	/	(15.809 / 395.39)
	=	0.031513	/	0.039983
	=	0.7882

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)
	=	((1987.495 + 322.969) / 5267.982)	/	((1981.285 + 327.413) / 5116.805)
	=	0.438586	/	0.451199
	=	0.972

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
	=	(187.155 - 0	-	212.041)	/	5267.982
	=	-0.004724

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.

CapitaLand Malaysia Trust has a M-score of -1.66 signals that the company is likely to be a manipulator.

CapitaLand Malaysia Trust Beneish M-Score Related Terms

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CapitaLand Malaysia Trust Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » CapitaLand Malaysia Trust (XKLS:5180) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No.10, Persiaran KLCC, Unit No.1-27, Level 27, Naza Tower, Kuala Lumpur, MYS, 50088

Website

https://www.clmt.com.my

CapitaLand Malaysia Trust is a property investment trust that focuses on retail properties in Malaysia. Its principal activity is to invest, on a long term basis, in a portfolio of income-producing real estate that are used for retail, commercial, office and industrial purposes, or such other non-real estate investments. Its portfolio of assets include six retail and two logistics properties located in Penang, Klang Valley and Pahang.

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