Global One Real Estate Investment (TSE:8958) Beneish M-Score : -2.85 (As of May. 15, 2024)

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What is Global One Real Estate Investment 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.

Good Sign:

Beneish M-Score -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8958' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.53 Max: -1.95
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Global One Real Estate Investment was -1.95. The lowest was -2.99. And the median was -2.53.

Global One Real Estate Investment Beneish M-Score Historical Data

The historical data trend for Global One Real Estate Investment'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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Global One Real Estate Investment Beneish M-Score Chart

Global One Real Estate Investment Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

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-2.99

-2.47

-2.77

-2.22

-2.85

Global One Real Estate Investment Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.77	-	-2.22	-	-2.85

Competitive Comparison of Global One Real Estate Investment's Beneish M-Score

For the REIT - Office subindustry, Global One Real Estate Investment'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.

Global One Real Estate Investment's Beneish M-Score Distribution in the REITs Industry

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

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

Global One Real Estate Investment 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 Global One Real Estate Investment 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 * 0.8301

0.528 * 0.9355

0.404 * 0.8171

0.892 * 1.2253

0.115 * 1.0342

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9073

4.679 * -0.068254

0.327 * 1.0123

-2.85

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was 円134 Mil.
Revenue was 円13,904 Mil.
Gross Profit was 円8,408 Mil.
Total Current Assets was 円18,726 Mil.
Total Assets was 円220,926 Mil.
Property, Plant and Equipment(Net PPE) was 円201,804 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,864 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,128 Mil.
Total Current Liabilities was 円30,121 Mil.
Long-Term Debt & Capital Lease Obligation was 円77,400 Mil.
Net Income was 円6,278 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円21,357 Mil.

Total Receivables was 円131 Mil.
Revenue was 円11,348 Mil.
Gross Profit was 円6,419 Mil.
Total Current Assets was 円17,611 Mil.
Total Assets was 円198,848 Mil.
Property, Plant and Equipment(Net PPE) was 円180,801 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,727 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,015 Mil.
Total Current Liabilities was 円12,149 Mil.
Long-Term Debt & Capital Lease Obligation was 円83,450 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)
	=	(133.736 / 13904.294)	/	(131.491 / 11347.968)
	=	0.009618	/	0.011587
	=	0.8301

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)
	=	(6419.35 / 11347.968)	/	(8407.642 / 13904.294)
	=	0.565683	/	0.60468
	=	0.9355

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 - (18725.505 + 201804.227) / 220925.591)	/	(1 - (17610.993 + 180800.825) / 198847.862)
	=	0.001792	/	0.002193
	=	0.8171

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
	=	13904.294	/	11347.968
	=	1.2253

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))
	=	(1727.181 / (1727.181 + 180800.825))	/	(1863.537 / (1863.537 + 201804.227))
	=	0.009463	/	0.00915
	=	1.0342

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)
	=	(1128.05 / 13904.294)	/	(1014.785 / 11347.968)
	=	0.08113	/	0.089424
	=	0.9073

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)
	=	((77400 + 30120.622) / 220925.591)	/	((83450 + 12148.578) / 198847.862)
	=	0.486683	/	0.480762
	=	1.0123

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
	=	(6277.823 - 0	-	21356.912)	/	220925.591
	=	-0.068254

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.

Global One Real Estate Investment has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

Global One Real Estate Investment Beneish M-Score Related Terms

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Global One Real Estate Investment (TSE:8958) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Global One Real Estate Investment Corp (TSE:8958) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

4-1, Kojimachi, Chiyoda-ku, Tokyo, JPN

Website

http://www.go-reit.co.jp

Global One Real Estate Investment Corp is a real estate investment company based in Japan. It invests in the properties from long-term standpoint and properties that continue to boost demand for a certain period after the acquisition. The company selects investment properties with following criteria: easy accessibility from train stations, newly built and large buildings with extensive office space. It mainly invests in class-A office buildings in the Tokyo metropolitan area, the Chubu area and the Kinki area of Japan.

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