JR Global REIT Beneish M-Score Historical Data
The historical data trend for JR Global 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.
JR Global REIT Beneish M-Score Chart
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JR Global REIT Annual Data
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Trend |
Jan20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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- |
- |
-2.77 |
-1.79 |
-2.68 |
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JR Global REIT Semi-Annual Data
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Jan20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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Competitive Comparison of JR Global REIT's Beneish M-Score
For the REIT - Diversified subindustry, JR Global 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.
JR Global REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, JR Global REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JR Global REIT's Beneish M-Score falls into.
JR Global 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 JR Global 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 * 0.7847 | + | 0.528 * 1 | + | 0.404 * 0.9858 | + | 0.892 * 1.0727 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8996 | + | 4.679 * -0.014796 | - | 0.327 * 1.04 |
| = | -2.68 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₩10,540 Mil.
Revenue was ₩61,421 Mil.
Gross Profit was ₩61,421 Mil.
Total Current Assets was ₩137,361 Mil.
Total Assets was ₩2,124,786 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,548 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,189 Mil.
Total Current Liabilities was ₩1,250,868 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was ₩24,233 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩55,670 Mil.
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Total Receivables was ₩12,522 Mil.
Revenue was ₩57,259 Mil.
Gross Profit was ₩57,259 Mil.
Total Current Assets was ₩105,260 Mil.
Total Assets was ₩2,056,841 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,037 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,377 Mil.
Total Current Liabilities was ₩134,471 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,029,865 Mil.
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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) |
| = | (10540.161 / 61421.485) | / | (12521.896 / 57258.989) |
| = | 0.171604 | / | 0.218689 |
| | = | 0.7847 |
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) |
| = | (57258.989 / 57258.989) | / | (61421.485 / 61421.485) |
| = | 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 - (137360.929 + 0) / 2124785.872) | / | (1 - (105259.566 + 0) / 2056840.837) |
| = | 0.935353 | / | 0.948825 |
| | = | 0.9858 |
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 |
| = | 61421.485 | / | 57258.989 |
| | = | 1.0727 |
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)) |
| = | (12036.949 / (12036.949 + 0)) | / | (12548.035 / (12548.035 + 0)) |
| = | 1 | / | 1 |
| | = | 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) |
| = | (5189.11 / 61421.485) | / | (5377.157 / 57258.989) |
| = | 0.084484 | / | 0.093909 |
| | = | 0.8996 |
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 + 1250867.894) / 2124785.872) | / | ((1029865.317 + 134470.719) / 2056840.837) |
| = | 0.588703 | / | 0.56608 |
| | = | 1.04 |
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 |
| = | (24232.917 - 0 | - | 55670.429) | / | 2124785.872 |
| | = | -0.014796 |
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.
JR Global REIT has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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