Miraeasset Maps REIT 1 Beneish M-Score Historical Data
The historical data trend for Miraeasset Maps REIT 1'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.
Miraeasset Maps REIT 1 Beneish M-Score Chart
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Miraeasset Maps REIT 1 Annual Data
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Trend |
Nov20 |
May21 |
May22 |
May23 |
May24 |
| Beneish M-Score |
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- |
- |
-2.62 |
12.95 |
180.79 |
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Miraeasset Maps REIT 1 Semi-Annual Data
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|
May20 |
Nov20 |
May21 |
Nov21 |
May22 |
Nov22 |
May23 |
Nov23 |
May24 |
Nov24 |
| Beneish M-Score |
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- |
12.95 |
- |
180.79 |
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Competitive Comparison of Miraeasset Maps REIT 1's Beneish M-Score
For the REIT - Diversified subindustry, Miraeasset Maps REIT 1'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.
Miraeasset Maps REIT 1's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Miraeasset Maps REIT 1's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Miraeasset Maps REIT 1's Beneish M-Score falls into.
Miraeasset Maps REIT 1 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 Miraeasset Maps REIT 1 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 * 200.1752 | + | 0.528 * 1 | + | 0.404 * 0.9794 | + | 0.892 * 1.0911 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2117 | + | 4.679 * -0.004712 | - | 0.327 * 0.9544 |
| = | 180.79 |
* 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 (May24) TTM: | Last Year (May23) TTM: |
Total Receivables was ₩5,251 Mil.
Revenue was ₩6,554 Mil.
Gross Profit was ₩6,554 Mil.
Total Current Assets was ₩13,045 Mil.
Total Assets was ₩304,266 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,695 Mil.
Selling, General, & Admin. Expense(SGA) was ₩476 Mil.
Total Current Liabilities was ₩152,741 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was ₩1,833 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩3,267 Mil.
|
Total Receivables was ₩24 Mil.
Revenue was ₩6,007 Mil.
Gross Profit was ₩6,007 Mil.
Total Current Assets was ₩6,574 Mil.
Total Assets was ₩289,294 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,686 Mil.
Selling, General, & Admin. Expense(SGA) was ₩360 Mil.
Total Current Liabilities was ₩2,190 Mil.
Long-Term Debt & Capital Lease Obligation was ₩149,978 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) |
| = | (5250.627 / 6554.261) | / | (24.042 / 6007.232) |
| = | 0.801101 | / | 0.004002 |
| | = | 200.1752 |
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) |
| = | (6007.232 / 6007.232) | / | (6554.261 / 6554.261) |
| = | 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 - (13044.821 + 0) / 304265.747) | / | (1 - (6573.515 + 0) / 289294.093) |
| = | 0.957127 | / | 0.977277 |
| | = | 0.9794 |
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 |
| = | 6554.261 | / | 6007.232 |
| | = | 1.0911 |
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)) |
| = | (1685.565 / (1685.565 + 0)) | / | (1694.826 / (1694.826 + 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) |
| = | (476.057 / 6554.261) | / | (360.096 / 6007.232) |
| = | 0.072633 | / | 0.059944 |
| | = | 1.2117 |
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 + 152740.781) / 304265.747) | / | ((149978.07 + 2189.656) / 289294.093) |
| = | 0.501998 | / | 0.525997 |
| | = | 0.9544 |
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 |
| = | (1833.33 - 0 | - | 3267.061) | / | 304265.747 |
| | = | -0.004712 |
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.
Miraeasset Maps REIT 1 has a M-score of 180.79 signals that the company is likely to be a manipulator.
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