8990 Holdings Beneish M-Score Historical Data
The historical data trend for 8990 Holdings'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.
8990 Holdings Beneish M-Score Chart
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8990 Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-1.94 |
-1.90 |
-1.56 |
-1.93 |
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8990 Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.74 |
-1.88 |
-2.20 |
-1.93 |
-1.60 |
Competitive Comparison of 8990 Holdings's Beneish M-Score
For the Real Estate - Development subindustry, 8990 Holdings'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.
8990 Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, 8990 Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 8990 Holdings's Beneish M-Score falls into.
8990 Holdings 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 8990 Holdings 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 * 1.7919 | + | 0.528 * 1.1781 | + | 0.404 * 0.7584 | + | 0.892 * 1.0371 | + | 0.115 * 0.9287 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7067 | + | 4.679 * 0.013515 | - | 0.327 * 0.9625 |
| = | -1.60 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₱14,977 Mil.
Revenue was 5199.885 + 5542.571 + 7056.467 + 4728.432 = ₱22,527 Mil.
Gross Profit was 2287.624 + 1189.454 + 3864.976 + 2225.837 = ₱9,568 Mil.
Total Current Assets was ₱75,358 Mil.
Total Assets was ₱110,566 Mil.
Property, Plant and Equipment(Net PPE) was ₱748 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱116 Mil.
Selling, General, & Admin. Expense(SGA) was ₱112 Mil.
Total Current Liabilities was ₱24,186 Mil.
Long-Term Debt & Capital Lease Obligation was ₱30,174 Mil.
Net Income was 1703.626 + 686.824 + 2424.375 + 1691.404 = ₱6,506 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 821.8 + 2826.251 + 1062.396 + 301.483 = ₱5,012 Mil.
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Total Receivables was ₱8,059 Mil.
Revenue was 5337.089 + 4607.348 + 6978.304 + 4798.74 = ₱21,721 Mil.
Gross Profit was 2649.202 + 1633.382 + 4076.446 + 2509.371 = ₱10,868 Mil.
Total Current Assets was ₱63,050 Mil.
Total Assets was ₱108,342 Mil.
Property, Plant and Equipment(Net PPE) was ₱770 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱110 Mil.
Selling, General, & Admin. Expense(SGA) was ₱153 Mil.
Total Current Liabilities was ₱32,952 Mil.
Long-Term Debt & Capital Lease Obligation was ₱22,388 Mil.
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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) |
| = | (14976.86 / 22527.355) | / | (8059.022 / 21721.481) |
| = | 0.66483 | / | 0.371016 |
| | = | 1.7919 |
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) |
| = | (10868.401 / 21721.481) | / | (9567.891 / 22527.355) |
| = | 0.500353 | / | 0.424723 |
| | = | 1.1781 |
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 - (75358.399 + 748.416) / 110565.836) | / | (1 - (63049.915 + 769.857) / 108341.864) |
| = | 0.311661 | / | 0.410941 |
| | = | 0.7584 |
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 |
| = | 22527.355 | / | 21721.481 |
| | = | 1.0371 |
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)) |
| = | (109.6 / (109.6 + 769.857)) | / | (115.988 / (115.988 + 748.416)) |
| = | 0.124622 | / | 0.134183 |
| | = | 0.9287 |
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) |
| = | (111.771 / 22527.355) | / | (152.51 / 21721.481) |
| = | 0.004962 | / | 0.007021 |
| | = | 0.7067 |
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) |
| = | ((30174.223 + 24186.351) / 110565.836) | / | ((22388.418 + 32951.692) / 108341.864) |
| = | 0.491658 | / | 0.510792 |
| | = | 0.9625 |
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 |
| = | (6506.229 - 0 | - | 5011.93) | / | 110565.836 |
| | = | 0.013515 |
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.
8990 Holdings has a M-score of -1.60 signals that the company is likely to be a manipulator.
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