Cosco Capital Beneish M-Score Historical Data
The historical data trend for Cosco Capital'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.
Cosco Capital Beneish M-Score Chart
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Cosco Capital Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.70 |
-3.21 |
-3.31 |
-2.42 |
-2.60 |
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Cosco Capital 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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-2.53 |
-2.53 |
-2.75 |
-2.60 |
-2.73 |
Competitive Comparison of Cosco Capital's Beneish M-Score
For the Grocery Stores subindustry, Cosco Capital'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.
Cosco Capital's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Cosco Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cosco Capital's Beneish M-Score falls into.
Cosco Capital 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 Cosco Capital 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 * 1.0337 | + | 0.528 * 1.0085 | + | 0.404 * 0.9461 | + | 0.892 * 1.068 | + | 0.115 * 1.0137 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9688 | + | 4.679 * -0.072965 | - | 0.327 * 0.973 |
| = | -2.73 |
* 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 ₱6,188 Mil.
Revenue was 50857.224 + 64217.161 + 52086.422 + 51459.635 = ₱218,620 Mil.
Gross Profit was 10509.86 + 11489.248 + 9960.374 + 10332.245 = ₱42,292 Mil.
Total Current Assets was ₱102,791 Mil.
Total Assets was ₱222,281 Mil.
Property, Plant and Equipment(Net PPE) was ₱77,654 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱5,211 Mil.
Selling, General, & Admin. Expense(SGA) was ₱7,605 Mil.
Total Current Liabilities was ₱24,159 Mil.
Long-Term Debt & Capital Lease Obligation was ₱49,483 Mil.
Net Income was 1995.285 + 2023.371 + 1823.218 + 1756.921 = ₱7,599 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was -3195.17 + 19273.955 + 3362.455 + 4376.246 = ₱23,817 Mil.
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Total Receivables was ₱5,605 Mil.
Revenue was 47477.202 + 61103.947 + 48588.76 + 47532.335 = ₱204,702 Mil.
Gross Profit was 9575.329 + 11010.875 + 9499.908 + 9850.406 = ₱39,937 Mil.
Total Current Assets was ₱98,795 Mil.
Total Assets was ₱209,475 Mil.
Property, Plant and Equipment(Net PPE) was ₱69,009 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱4,699 Mil.
Selling, General, & Admin. Expense(SGA) was ₱7,350 Mil.
Total Current Liabilities was ₱24,791 Mil.
Long-Term Debt & Capital Lease Obligation was ₱46,538 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) |
| = | (6188.051 / 218620.442) | / | (5604.876 / 204702.244) |
| = | 0.028305 | / | 0.027381 |
| | = | 1.0337 |
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) |
| = | (39936.518 / 204702.244) | / | (42291.727 / 218620.442) |
| = | 0.195096 | / | 0.193448 |
| | = | 1.0085 |
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 - (102791.381 + 77653.716) / 222280.928) | / | (1 - (98795.223 + 69009.297) / 209475.411) |
| = | 0.188212 | / | 0.19893 |
| | = | 0.9461 |
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 |
| = | 218620.442 | / | 204702.244 |
| | = | 1.068 |
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)) |
| = | (4698.972 / (4698.972 + 69009.297)) | / | (5211.127 / (5211.127 + 77653.716)) |
| = | 0.063751 | / | 0.062887 |
| | = | 1.0137 |
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) |
| = | (7604.672 / 218620.442) | / | (7350.245 / 204702.244) |
| = | 0.034785 | / | 0.035907 |
| | = | 0.9688 |
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) |
| = | ((49483.284 + 24158.814) / 222280.928) | / | ((46537.802 + 24791.067) / 209475.411) |
| = | 0.331302 | / | 0.340512 |
| | = | 0.973 |
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 |
| = | (7598.795 - 0 | - | 23817.486) | / | 222280.928 |
| | = | -0.072965 |
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.
Cosco Capital has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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