Atrium Real Estate Investment Trust (XKLS:5130) Beneish M-Score : -1.57 (As of May. 26, 2024)

View and export this data going back to 2007. Start your Free Trial

What is Atrium Real Estate Investment Trust 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 -1.57 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKLS:5130' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.33 Max: 7.12
Current: -1.57

During the past 13 years, the highest Beneish M-Score of Atrium Real Estate Investment Trust was 7.12. The lowest was -3.28. And the median was -2.33.

Atrium Real Estate Investment Trust Beneish M-Score Historical Data

The historical data trend for Atrium Real Estate Investment Trust'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.

Atrium Real Estate Investment Trust Beneish M-Score Chart

Atrium Real Estate Investment Trust Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.47

-2.38

-2.83

-2.99

-3.28

Atrium Real Estate Investment Trust Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.69	-2.43	-3.28	-1.57

Competitive Comparison of Atrium Real Estate Investment Trust's Beneish M-Score

For the REIT - Industrial subindustry, Atrium Real Estate Investment Trust'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.

Atrium Real Estate Investment Trust's Beneish M-Score Distribution in the REITs Industry

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

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

Atrium Real Estate Investment Trust 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 Atrium Real Estate Investment Trust 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 * 1.863

0.528 * 1.0325

0.404 * 1.0516

0.892 * 1.0805

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0091

4.679 * 7.0E-5

0.327 * 0.9714

-1.57

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was RM14.28 Mil.
Revenue was 11.849 + 9.986 + 9.854 + 9.874 = RM41.56 Mil.
Gross Profit was 10.563 + 8.644 + 8.968 + 9.138 = RM37.31 Mil.
Total Current Assets was RM38.53 Mil.
Total Assets was RM639.17 Mil.
Property, Plant and Equipment(Net PPE) was RM0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM5.21 Mil.
Total Current Liabilities was RM41.59 Mil.
Long-Term Debt & Capital Lease Obligation was RM211.23 Mil.
Net Income was 6.299 + 9.782 + 5.148 + 5.435 = RM26.66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.00 Mil.
Cash Flow from Operations was -0.043 + 10.917 + 6.016 + 9.729 = RM26.62 Mil.

Total Receivables was RM7.10 Mil.
Revenue was 9.851 + 9.558 + 9.539 + 9.518 = RM38.47 Mil.
Gross Profit was 9.137 + 8.912 + 8.806 + 8.801 = RM35.66 Mil.
Total Current Assets was RM66.53 Mil.
Total Assets was RM625.40 Mil.
Property, Plant and Equipment(Net PPE) was RM0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was RM0.00 Mil.
Selling, General, & Admin. Expense(SGA) was RM4.78 Mil.
Total Current Liabilities was RM43.42 Mil.
Long-Term Debt & Capital Lease Obligation was RM211.23 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)
	=	(14.282 / 41.563)	/	(7.095 / 38.466)
	=	0.343623	/	0.184449
	=	1.863

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)
	=	(35.656 / 38.466)	/	(37.313 / 41.563)
	=	0.926948	/	0.897746
	=	1.0325

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 - (38.527 + 0) / 639.168)	/	(1 - (66.53 + 0) / 625.401)
	=	0.939723	/	0.89362
	=	1.0516

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
	=	41.563	/	38.466
	=	1.0805

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	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)
	=	(5.211 / 41.563)	/	(4.779 / 38.466)
	=	0.125376	/	0.12424
	=	1.0091

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)
	=	((211.231 + 41.591) / 639.168)	/	((211.231 + 43.417) / 625.401)
	=	0.395549	/	0.407176
	=	0.9714

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
	=	(26.664 - 0	-	26.619)	/	639.168
	=	7.0E-5

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.

Atrium Real Estate Investment Trust has a M-score of -1.57 signals that the company is likely to be a manipulator.

Atrium Real Estate Investment Trust Beneish M-Score Related Terms

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

Atrium Real Estate Investment Trust (XKLS:5130) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Atrium Real Estate Investment Trust (XKLS:5130) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

36-2 Jalan 5/101C, Off Jalan Kaskas, Jalan Cheras, Kuala Lumpur, MYS, 56100

Website

http://www.atriumreit.com.my

Atrium Real Estate Investment Trust is an industrial asset-focused real estate investment trust. The company is engaged in investing in properties, which all are located in Malaysia with the objective to derive rental income.

Atrium Real Estate Investment Trust (XKLS:5130) Headlines

No Headlines