Axelum Resources (PHS:AXLM) Beneish M-Score : -2.66 (As of Apr. 28, 2024)

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What is Axelum Resources 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:AXLM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.5 Max: -1.81
Current: -2.66

During the past 9 years, the highest Beneish M-Score of Axelum Resources was -1.81. The lowest was -2.95. And the median was -2.50.

Axelum Resources Beneish M-Score Historical Data

The historical data trend for Axelum Resources'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.

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Axelum Resources Beneish M-Score Chart

Axelum Resources Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.95

-2.33

-1.81

-2.50

-2.66

Axelum Resources 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															-2.50	-2.80	-2.61	-2.92	-2.66

Competitive Comparison of Axelum Resources's Beneish M-Score

For the Packaged Foods subindustry, Axelum Resources'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.

Axelum Resources's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Axelum Resources's Beneish M-Score distribution charts can be found below:

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

Axelum Resources 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 Axelum Resources 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 * 1.0969

0.528 * 1.751

0.404 * 1.103

0.892 * 0.8063

0.115 * 0.8492

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3472

4.679 * -0.084152

0.327 * 1.1834

-2.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱707 Mil.
Revenue was 1401.789 + 1458.165 + 1457.635 + 1361.051 = ₱5,679 Mil.
Gross Profit was 232.057 + 247.534 + 245.805 + 244.57 = ₱970 Mil.
Total Current Assets was ₱4,972 Mil.
Total Assets was ₱11,232 Mil.
Property, Plant and Equipment(Net PPE) was ₱4,112 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱271 Mil.
Selling, General, & Admin. Expense(SGA) was ₱960 Mil.
Total Current Liabilities was ₱1,274 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3 Mil.
Net Income was -390.044 + -302.027 + -56.704 + -69.264 = ₱-818 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 300.93 + 144.159 + -4.688 + -313.224 = ₱127 Mil.

Total Receivables was ₱800 Mil.
Revenue was 1730.118 + 1937.098 + 1706.517 + 1668.856 = ₱7,043 Mil.
Gross Profit was 675.329 + 569.134 + 429.732 + 432.157 = ₱2,106 Mil.
Total Current Assets was ₱5,139 Mil.
Total Assets was ₱11,446 Mil.
Property, Plant and Equipment(Net PPE) was ₱4,322 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱240 Mil.
Selling, General, & Admin. Expense(SGA) was ₱884 Mil.
Total Current Liabilities was ₱1,097 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3 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)
	=	(707.441 / 5678.64)	/	(799.859 / 7042.589)
	=	0.124579	/	0.113575
	=	1.0969

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)
	=	(2106.352 / 7042.589)	/	(969.966 / 5678.64)
	=	0.299088	/	0.17081
	=	1.751

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 - (4971.827 + 4112.235) / 11232.239)	/	(1 - (5138.594 + 4322.369) / 11445.626)
	=	0.191251	/	0.173399
	=	1.103

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
	=	5678.64	/	7042.589
	=	0.8063

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))
	=	(239.582 / (239.582 + 4322.369))	/	(271.082 / (271.082 + 4112.235))
	=	0.052517	/	0.061844
	=	0.8492

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)
	=	(960.359 / 5678.64)	/	(884.066 / 7042.589)
	=	0.169118	/	0.125531
	=	1.3472

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)
	=	((3.045 + 1274.223) / 11232.239)	/	((3.067 + 1096.708) / 11445.626)
	=	0.113714	/	0.096087
	=	1.1834

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
	=	(-818.039 - 0	-	127.177)	/	11232.239
	=	-0.084152

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.

Axelum Resources has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Axelum Resources Beneish M-Score Related Terms

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Axelum Resources (PHS:AXLM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Axelum Resources Corp (PHS:AXLM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Tiano-Montalvan Streets, ICS Building, Cagayan de Oro, MSR, PHL, 9000

Website

https://www.axelum.ph

Axelum Resources Corp is engaged in the manufacturing and distributing of high-quality coconut products which are mostly distributed to domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service industries, and nutritional and personal care brands. The company's product segments are divided into coconut water, white meat (Desiccated coconut, Coconut milk powder, Coconut cream/milk, sweetened coconut), and by-products. Geographically, it derives a majority of its revenue from the Philippines and also has a presence in the United States of America and Australia.