NH Prime REIT Beneish M-Score Historical Data
The historical data trend for NH Prime REIT'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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NH Prime REIT Annual Data
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|
Trend |
Nov19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
|
- |
- |
-4.86 |
-2.47 |
27.74 |
|
NH Prime REIT Semi-Annual Data
|
|
Aug19 |
Feb20 |
Aug20 |
Feb21 |
Aug21 |
Feb22 |
Aug22 |
Feb23 |
Aug23 |
| Beneish M-Score |
|
|
|
|
- |
- |
- |
- |
- |
Competitive Comparison
For the REIT - Diversified subindustry, NH Prime REIT'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.
NH Prime REIT Beneish M-Score Distribution
For the REITs industry and Real Estate sector, NH Prime REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NH Prime REIT's Beneish M-Score falls into.
NH Prime REIT 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 NH Prime REIT 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 * 33.8085 | + | 0.528 * 1 | + | 0.404 * 0.8289 | + | 0.892 * 1.112 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1346 | + | 4.679 * 0.001329 | - | 0.327 * 0.9229 |
| = | 27.74 |
* 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 (May23) TTM: | Last Year (May22) TTM: |
Total Receivables was ₩5 Mil.
Revenue was ₩2,906 Mil.
Gross Profit was ₩2,906 Mil.
Total Current Assets was ₩19,584 Mil.
Total Assets was ₩100,191 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩0 Mil.
Selling, General, & Admin. Expense(SGA) was ₩354 Mil.
Total Current Liabilities was ₩252 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was ₩2,528 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩2,395 Mil.
|
Total Receivables was ₩0 Mil.
Revenue was ₩2,613 Mil.
Gross Profit was ₩2,613 Mil.
Total Current Assets was ₩2,774 Mil.
Total Assets was ₩94,515 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩0 Mil.
Selling, General, & Admin. Expense(SGA) was ₩281 Mil.
Total Current Liabilities was ₩257 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (4.618 / 2905.983) | / | (0.124 / 2613.216) |
| = | 0.001589 | / | 4.7E-5 |
| | = | 33.8085 |
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) |
| = | (2613.216 / 2613.216) | / | (2905.983 / 2905.983) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (19583.502 + 0) / 100191.184) | / | (1 - (2774.438 + 0) / 94514.649) |
| = | 0.804539 | / | 0.970645 |
| | = | 0.8289 |
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 |
| = | 2905.983 | / | 2613.216 |
| | = | 1.112 |
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 + 0)) | / | (0 / (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) |
| = | (354.055 / 2905.983) | / | (280.604 / 2613.216) |
| = | 0.121837 | / | 0.107379 |
| | = | 1.1346 |
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) |
| = | ((0 + 251.854) / 100191.184) | / | ((0 + 257.456) / 94514.649) |
| = | 0.002514 | / | 0.002724 |
| | = | 0.9229 |
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 |
| = | (2527.719 - 0 | - | 2394.531) | / | 100191.184 |
| | = | 0.001329 |
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.
NH Prime REIT has a M-score of 27.74 signals that the company is likely to be a manipulator.
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