ST Group Food Industries Holdings (SGX:DRX) Beneish M-Score : -3.20 (As of May. 28, 2024)

View and export this data going back to 2019. Start your Free Trial

What is ST Group Food Industries Holdings 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 -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ST Group Food Industries Holdings's Beneish M-Score or its related term are showing as below:

SGX:DRX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.91 Max: -2.44
Current: -3.2

During the past 8 years, the highest Beneish M-Score of ST Group Food Industries Holdings was -2.44. The lowest was -3.24. And the median was -2.91.

ST Group Food Industries Holdings Beneish M-Score Historical Data

The historical data trend for ST Group Food Industries 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.

* Premium members only.

ST Group Food Industries Holdings Beneish M-Score Chart

ST Group Food Industries Holdings Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

Get a 7-Day Free Trial

-2.44

-2.93

-3.24

-2.67

-3.20

ST Group Food Industries Holdings Semi-Annual Data
	Jun16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-	-2.67	-	-3.20	-

Competitive Comparison of ST Group Food Industries Holdings's Beneish M-Score

For the Restaurants subindustry, ST Group Food Industries 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.

ST Group Food Industries Holdings's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, ST Group Food Industries Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ST Group Food Industries Holdings's Beneish M-Score falls into.

ST Group Food Industries 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 ST Group Food Industries Holdings 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 * 0.8173

0.528 * 0.9171

0.404 * 0.9667

0.892 * 1.3014

0.115 * 0.9923

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.166973

0.327 * 0.9562

-3.20

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was S$4.03 Mil.
Revenue was S$59.46 Mil.
Gross Profit was S$18.16 Mil.
Total Current Assets was S$15.44 Mil.
Total Assets was S$51.69 Mil.
Property, Plant and Equipment(Net PPE) was S$27.68 Mil.
Depreciation, Depletion and Amortization(DDA) was S$7.67 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$15.01 Mil.
Long-Term Debt & Capital Lease Obligation was S$16.75 Mil.
Net Income was S$1.77 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$10.40 Mil.

Total Receivables was S$3.79 Mil.
Revenue was S$45.69 Mil.
Gross Profit was S$12.80 Mil.
Total Current Assets was S$15.63 Mil.
Total Assets was S$56.19 Mil.
Property, Plant and Equipment(Net PPE) was S$30.92 Mil.
Depreciation, Depletion and Amortization(DDA) was S$8.49 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$15.52 Mil.
Long-Term Debt & Capital Lease Obligation was S$20.58 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)
	=	(4.028 / 59.46)	/	(3.787 / 45.691)
	=	0.067743	/	0.082883
	=	0.8173

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)
	=	(12.795 / 45.691)	/	(18.155 / 59.46)
	=	0.280033	/	0.305331
	=	0.9171

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 - (15.436 + 27.678) / 51.685)	/	(1 - (15.627 + 30.923) / 56.189)
	=	0.165831	/	0.171546
	=	0.9667

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
	=	59.46	/	45.691
	=	1.3014

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))
	=	(8.488 / (8.488 + 30.923))	/	(7.673 / (7.673 + 27.678))
	=	0.215371	/	0.217052
	=	0.9923

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)
	=	(0 / 59.46)	/	(0 / 45.691)
	=	0	/	0
	=	1

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)
	=	((16.749 + 15.007) / 51.685)	/	((20.582 + 15.524) / 56.189)
	=	0.614414	/	0.642581
	=	0.9562

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
	=	(1.774 - 0	-	10.404)	/	51.685
	=	-0.166973

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.

ST Group Food Industries Holdings has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.

ST Group Food Industries Holdings Beneish M-Score Related Terms

Thank you for viewing the detailed overview of ST Group Food Industries Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

ST Group Food Industries Holdings (SGX:DRX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » ST Group Food Industries Holdings Ltd (SGX:DRX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

120-130 Turner Street, Port Melbourne, Melbourne, VIC, AUS, 3207

Website

http://www.stgroup.net.au

ST Group Food Industries Holdings Ltd is an investment holding company. The company's operating segment includes Food and beverage retails; Supply chain; Franchise and Others. It generates maximum revenue from the Food and beverage retails segment. The food and beverage retails segment includes operations to all franchise and Group-owned restaurants and stores. Its supply chain segment predominantly includes the manufacturing, procurement and distribution of food, equipment and supplies to restaurants and stores from the group's supply chain center operations in Australia. Geographically, it derives a majority of revenue from Australia and also has a presence in Malaysia; New Zealand, and the United Kingdom.

ST Group Food Industries Holdings (SGX:DRX) Headlines

No Headlines