Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
ESR LOGOS REIT's Sloan Ratio for the quarter that ended in Jun. 2023 was -1.67%.
As of Jun. 2023, ESR LOGOS REIT has a Sloan Ratio of -1.67%, indicating the company is in the safe zone and there is no funny business with accruals.
ESR LOGOS REIT Sloan Ratio % Historical Data
The historical data trend for ESR LOGOS REIT's Sloan Ratio % 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.
Competitive Comparison of ESR LOGOS REIT's Sloan Ratio %
For the REIT - Industrial subindustry, ESR LOGOS REIT's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
ESR LOGOS REIT's Sloan Ratio % Distribution in the REITs Industry
For the REITs industry and Real Estate sector, ESR LOGOS REIT's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where ESR LOGOS REIT's Sloan Ratio % falls into.
ESR LOGOS REIT Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
ESR LOGOS REIT's Sloan Ratio for the fiscal year that ended in Dec. 2022 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
ESR LOGOS REIT's Net Income for the trailing twelve months (TTM) ended in Jun. 2023 was 67.85 (Dec. 2022 ) + -22.253 (Jun. 2023 ) = S$45.6 Mil.
ESR LOGOS REIT's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2023 was 113.705 (Dec. 2022 ) + 148.046 (Jun. 2023 ) = S$261.8 Mil.
ESR LOGOS REIT's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2023 was -123.495 (Dec. 2022 ) + -0.271 (Jun. 2023 ) = S$-123.8 Mil.
* 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.
ESR LOGOS REIT (SGX:J91U) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2023, ESR LOGOS REIT has a Sloan Ratio of -1.67%, indicating the company is in the safe zone and there is no funny business with accruals.
ESR LOGOS REIT Sloan Ratio % Related Terms
Thank you for viewing the detailed overview of ESR LOGOS REIT's Sloan Ratio % provided by GuruFocus.com. Please click on the following links to see related term pages.
ESR-Logos REIT is a Singapore-focused REIT that invests primarily in industrial properties and business parks. Its portfolio consists of 82 properties (including joint ventures), with assets under management of SGD 5 billion, spreading across Singapore, Australia and Japan. Property types include business parks, general industrial, logistics and warehouse, and high-specification industrial properties. The trust also invested in three property funds, namely ESR Australia Logistics Partnership, New LAIVS Trust, and Oxford Property Fund. The trust is externally managed by ESR Funds Management (S) Limited, which in turn is majority-owned by parent, ESR Group. Overall, ESR Group has around 10% stake in the trust through direct and indirect interests.
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