KIP Real Estate Investment Trust (XKLS:5280) Beneish M-Score : 1.06 (As of Dec. 12, 2024)

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What is KIP 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.

Warning Sign:

Beneish M-Score 1.06 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5280' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69 Med: -2.37 Max: 5.6
Current: 1.06

During the past 8 years, the highest Beneish M-Score of KIP Real Estate Investment Trust was 5.60. The lowest was -3.69. And the median was -2.37.

KIP Real Estate Investment Trust Beneish M-Score Historical Data

The historical data trend for KIP 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.

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KIP Real Estate Investment Trust Beneish M-Score Chart

KIP Real Estate Investment Trust Annual Data

Trend

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-2.27

-2.68

-2.89

0.04

0.93

KIP Real Estate Investment Trust Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.27	5.60	-0.67	0.93	1.06

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

For the REIT - Retail subindustry, KIP 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.

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

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

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

KIP 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 KIP 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 * 4.7443

0.528 * 0.9584

0.404 * 0.966

0.892 * 1.2274

0.115 * 1.0557

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4054

4.679 * 0.012889

0.327 * 1.2207

1.06

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was RM42.8 Mil.
Revenue was 26.705 + 32.64 + 24.548 + 22.605 = RM106.5 Mil.
Gross Profit was 16.41 + 25.65 + 15.492 + 15.074 = RM72.6 Mil.
Total Current Assets was RM94.6 Mil.
Total Assets was RM1,160.8 Mil.
Property, Plant and Equipment(Net PPE) was RM2.5 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.7 Mil.
Total Current Liabilities was RM25.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM449.4 Mil.
Net Income was 10.081 + 16.047 + 10.23 + 10.648 = RM47.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 9.224 + -9.638 + 44.819 + -12.36 = RM32.0 Mil.

Total Receivables was RM7.3 Mil.
Revenue was 22.367 + 22.391 + 21.82 + 20.19 = RM86.8 Mil.
Gross Profit was 14.711 + 14.454 + 14.918 + 12.626 = RM56.7 Mil.
Total Current Assets was RM50.9 Mil.
Total Assets was RM1,019.5 Mil.
Property, Plant and Equipment(Net PPE) was RM1.6 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.5 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.4 Mil.
Total Current Liabilities was RM31.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM309.7 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)
	=	(42.765 / 106.498)	/	(7.344 / 86.768)
	=	0.401557	/	0.084639
	=	4.7443

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)
	=	(56.709 / 86.768)	/	(72.626 / 106.498)
	=	0.65357	/	0.681947
	=	0.9584

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 - (94.605 + 2.546) / 1160.759)	/	(1 - (50.934 + 1.552) / 1019.466)
	=	0.916304	/	0.948516
	=	0.966

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
	=	106.498	/	86.768
	=	1.2274

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))
	=	(0.538 / (0.538 + 1.552))	/	(0.821 / (0.821 + 2.546))
	=	0.257416	/	0.243837
	=	1.0557

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)
	=	(0.652 / 106.498)	/	(0.378 / 86.768)
	=	0.006122	/	0.004356
	=	1.4054

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)
	=	((449.422 + 25.303) / 1160.759)	/	((309.65 + 31.908) / 1019.466)
	=	0.408978	/	0.335036
	=	1.2207

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
	=	(47.006 - 0	-	32.045)	/	1160.759
	=	0.012889

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.

KIP Real Estate Investment Trust has a M-score of 1.06 signals that the company is likely to be a manipulator.

KIP Real Estate Investment Trust Beneish M-Score Related Terms

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KIP Real Estate Investment Trust Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » KIP Real Estate Investment Trust (XKLS:5280) » Definitions » Beneish M-Score

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Address

No. 1, Jalan Seri Utara 1, Unit B-6, Block B, Tingkat 6, Menara KIP, Sri Utara Off Jalan Ipoh, Kuala Lumpur, MYS, 68100

Website

https://www.kipreit.com.my

KIP Real Estate Investment Trust is a real estate investment trust. The company is engaged in the investment policy of investing, directly or indirectly in a portfolio of income-producing real estate used for retail purposes. The company's key objective is to provide unitholders with regular and stable distributions, sustainable long term Unit price and distributable income and capital growth while maintaining an appropriate capital structure. Some of its properties include AEON Mall Kinta City, KIPMall Kota Tinggi, and Other. The geographical segments of the company includes the Southern region, Northern Region, and Central region. The company generates maximum revenue from the Southern region segment.

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