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Asian Terminals (PHS:ATI) Beneish M-Score : -2.77 (As of May. 08, 2024)


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What is Asian Terminals 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Asian Terminals's Beneish M-Score or its related term are showing as below:

PHS:ATI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.62   Max: -2.24
Current: -2.77

During the past 13 years, the highest Beneish M-Score of Asian Terminals was -2.24. The lowest was -2.88. And the median was -2.62.


Asian Terminals Beneish M-Score Historical Data

The historical data trend for Asian Terminals'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.

Asian Terminals Beneish M-Score Chart

Asian Terminals Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 -2.34 -2.45 -2.77 -2.77

Asian Terminals Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.77 - - - -2.77

Competitive Comparison of Asian Terminals's Beneish M-Score

For the Marine Shipping subindustry, Asian Terminals'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.


Asian Terminals's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Asian Terminals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asian Terminals's Beneish M-Score falls into.



Asian Terminals 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 Asian Terminals 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 * 0.8158+0.528 * 0.9091+0.404 * 0.9833+0.892 * 1.1239+0.115 * 0.9554
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.04522-0.327 * 0.8633
=-2.77

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was ₱831 Mil.
Revenue was ₱14,703 Mil.
Gross Profit was ₱6,154 Mil.
Total Current Assets was ₱10,099 Mil.
Total Assets was ₱36,073 Mil.
Property, Plant and Equipment(Net PPE) was ₱3,238 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,989 Mil.
Selling, General, & Admin. Expense(SGA) was ₱0 Mil.
Total Current Liabilities was ₱3,595 Mil.
Long-Term Debt & Capital Lease Obligation was ₱678 Mil.
Net Income was ₱4,436 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱6,067 Mil.
Total Receivables was ₱906 Mil.
Revenue was ₱13,082 Mil.
Gross Profit was ₱4,978 Mil.
Total Current Assets was ₱9,091 Mil.
Total Assets was ₱34,631 Mil.
Property, Plant and Equipment(Net PPE) was ₱3,341 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,909 Mil.
Selling, General, & Admin. Expense(SGA) was ₱0 Mil.
Total Current Liabilities was ₱4,105 Mil.
Long-Term Debt & Capital Lease Obligation was ₱647 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)
=(830.653 / 14703.254) / (905.985 / 13081.961)
=0.056495 / 0.069255
=0.8158

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)
=(4977.53 / 13081.961) / (6153.616 / 14703.254)
=0.380488 / 0.418521
=0.9091

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 - (10098.559 + 3237.96) / 36072.931) / (1 - (9090.971 + 3341.459) / 34631.271)
=0.63029 / 0.641006
=0.9833

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
=14703.254 / 13081.961
=1.1239

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))
=(1908.756 / (1908.756 + 3341.459)) / (1989.066 / (1989.066 + 3237.96))
=0.363558 / 0.380535
=0.9554

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 / 14703.254) / (0 / 13081.961)
=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)
=((678.189 + 3595.21) / 36072.931) / ((647.026 + 4105.374) / 34631.271)
=0.118466 / 0.137229
=0.8633

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
=(4435.986 - 0 - 6067.206) / 36072.931
=-0.04522

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.

Asian Terminals has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.


Asian Terminals Beneish M-Score Related Terms

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Asian Terminals (PHS:ATI) Business Description

Traded in Other Exchanges
N/A
Address
A. Bonifacio Drive, Port Area, Manila, PHL, 1018
Asian Terminals Inc is in the operation and management of port terminals in the Philippines. It operates the manila south harbor, port of Batangas, port of General Santos, and off-dock container guards in sta mesa, manila, and Calamba City, laguna. The terminals handle containerized and non-containerized cargoes, bulk, and break-bulk cargoes, roll-on/roll-off shipment, and passenger services. The company derives the majority of its revenues from South Harbor international non-containerized cargo, the Batangas container terminal, and the port of Batangas.

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