Ichigo Office REIT Investment (TSE:8975) Beneish M-Score : 1.14 (As of May. 14, 2024)

View and export this data going back to 2005. Start your Free Trial

What is Ichigo Office REIT 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.

Warning Sign:

Beneish M-Score 1.14 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Ichigo Office REIT Investment's Beneish M-Score or its related term are showing as below:

TSE:8975' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.91 Max: 2.99
Current: 1.14

During the past 13 years, the highest Beneish M-Score of Ichigo Office REIT Investment was 2.99. The lowest was -3.33. And the median was -2.91.

Ichigo Office REIT Investment Beneish M-Score Historical Data

The historical data trend for Ichigo Office REIT 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.

* Premium members only.

Ichigo Office REIT Investment Beneish M-Score Chart

Ichigo Office REIT Investment Annual Data

Trend

Oct14

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Beneish M-Score

Get a 7-Day Free Trial

0.04

-2.04

-2.95

-3.33

1.14

Ichigo Office REIT Investment Semi-Annual Data
	Apr14	Oct14	Apr15	Oct15	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23
Beneish M-Score	Get a 7-Day Free Trial															-2.95	-	-3.33	-	1.14

Competitive Comparison of Ichigo Office REIT Investment's Beneish M-Score

For the REIT - Office subindustry, Ichigo Office REIT 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.

Ichigo Office REIT Investment's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where Ichigo Office REIT Investment's Beneish M-Score falls into.

Ichigo Office REIT 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 Ichigo Office REIT 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 * 4.9368

0.528 * 0.9156

0.404 * 0.9925

0.892 * 1.2318

0.115 * 0.9536

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0113

4.679 * -0.032778

0.327 * 1.0049

1.14

This Year (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was 円10 Mil.
Revenue was 円20,296 Mil.
Gross Profit was 円13,941 Mil.
Total Current Assets was 円21,124 Mil.
Total Assets was 円231,001 Mil.
Property, Plant and Equipment(Net PPE) was 円203,783 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,923 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,488 Mil.
Total Current Liabilities was 円10,608 Mil.
Long-Term Debt & Capital Lease Obligation was 円107,815 Mil.
Net Income was 円9,486 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円17,058 Mil.

Total Receivables was 円2 Mil.
Revenue was 円16,476 Mil.
Gross Profit was 円10,363 Mil.
Total Current Assets was 円23,244 Mil.
Total Assets was 円229,967 Mil.
Property, Plant and Equipment(Net PPE) was 円200,610 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,804 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,998 Mil.
Total Current Liabilities was 円21,475 Mil.
Long-Term Debt & Capital Lease Obligation was 円95,841 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)
	=	(9.51 / 20295.556)	/	(1.572 / 16476.445)
	=	0.000469	/	9.5E-5
	=	4.9368

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)
	=	(10362.949 / 16476.445)	/	(13941.401 / 20295.556)
	=	0.628955	/	0.686919
	=	0.9156

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 - (21124.217 + 203782.724) / 231001.429)	/	(1 - (23244.138 + 200609.669) / 229966.968)
	=	0.026383	/	0.026583
	=	0.9925

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
	=	20295.556	/	16476.445
	=	1.2318

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))
	=	(1803.96 / (1803.96 + 200609.669))	/	(1922.607 / (1922.607 + 203782.724))
	=	0.008912	/	0.009346
	=	0.9536

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)
	=	(2488.411 / 20295.556)	/	(1997.547 / 16476.445)
	=	0.122609	/	0.121237
	=	1.0113

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)
	=	((107815 + 10608.028) / 231001.429)	/	((95841 + 21474.887) / 229966.968)
	=	0.512651	/	0.510142
	=	1.0049

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
	=	(9485.875 - 0	-	17057.698)	/	231001.429
	=	-0.032778

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.

Ichigo Office REIT Investment has a M-score of 1.14 signals that the company is likely to be a manipulator.

Ichigo Office REIT Investment Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Ichigo Office REIT Investment's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Ichigo Office REIT Investment (TSE:8975) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Ichigo Office REIT Investment Corp (TSE:8975) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1-1-1 Uchisaiwai-cho, Chiyoda-ku, Tokyo, JPN, 100-0011

Website

http://www.ichigo-office.co.jp

Ichigo Office REIT Investment Corp is investment company operating in Japan. Its investment strategy is focused on mid-size offices which offer return stability and upside potential. The company seeks to drive higher earnings and sustainable growth for its shareholders by increasing the value of its assets through a wide array of value-add activities, including tailored tenant services, structural building improvements, and targeted tenant leasing. It provides stable cash flows, supporting stable dividends and upside for shareholders through rental income earned in mid-size offices.

Ichigo Office REIT Investment (TSE:8975) Headlines

No Headlines