Millennium Global Holdings (PHS:MG) Beneish M-Score : -2.71 (As of May. 11, 2024)

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What is Millennium Global 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:MG' s Beneish M-Score Range Over the Past 10 Years
Min: -22.7 Med: -2.29 Max: 1946.55
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Millennium Global Holdings was 1946.55. The lowest was -22.70. And the median was -2.29.

Millennium Global Holdings Beneish M-Score Historical Data

The historical data trend for Millennium Global 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.

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Millennium Global Holdings Beneish M-Score Chart

Millennium Global Holdings Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.23

-2.75

-2.94

1.61

-2.93

Millennium Global Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-3.21	-2.93	-2.40	-2.99	-2.71

Competitive Comparison of Millennium Global Holdings's Beneish M-Score

For the Packaged Foods subindustry, Millennium Global 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.

Millennium Global Holdings's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where Millennium Global Holdings's Beneish M-Score falls into.

Millennium Global 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 Millennium Global 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 * 0.8128

0.528 * 1.0239

0.404 * 0.7302

0.892 * 1.2789

0.115 * 0.7071

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7099

4.679 * -0.04847

0.327 * 0.9982

-2.71

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₱852 Mil.
Revenue was 219.004 + 111.641 + 143.641 + 592.097 = ₱1,066 Mil.
Gross Profit was 51.995 + 37.957 + 37.388 + -44.998 = ₱82 Mil.
Total Current Assets was ₱1,658 Mil.
Total Assets was ₱2,023 Mil.
Property, Plant and Equipment(Net PPE) was ₱293 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱120 Mil.
Selling, General, & Admin. Expense(SGA) was ₱12 Mil.
Total Current Liabilities was ₱1,315 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 Mil.
Net Income was -0.179 + -0.321 + -0.761 + 0.891 = ₱-0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 31.31 + -160.834 + -103.431 + 330.618 = ₱98 Mil.

Total Receivables was ₱820 Mil.
Revenue was 165.178 + 99.769 + 142.276 + 426.594 = ₱834 Mil.
Gross Profit was 36.702 + 26.698 + 44.851 + -42.329 = ₱66 Mil.
Total Current Assets was ₱1,645 Mil.
Total Assets was ₱2,029 Mil.
Property, Plant and Equipment(Net PPE) was ₱286 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱74 Mil.
Selling, General, & Admin. Expense(SGA) was ₱14 Mil.
Total Current Liabilities was ₱1,321 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 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)
	=	(852.108 / 1066.383)	/	(819.677 / 833.817)
	=	0.799064	/	0.983042
	=	0.8128

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)
	=	(65.922 / 833.817)	/	(82.342 / 1066.383)
	=	0.079061	/	0.077216
	=	1.0239

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 - (1658.266 + 292.894) / 2022.546)	/	(1 - (1645.105 + 285.97) / 2029.149)
	=	0.035295	/	0.048333
	=	0.7302

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
	=	1066.383	/	833.817
	=	1.2789

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))
	=	(74.068 / (74.068 + 285.97))	/	(120.169 / (120.169 + 292.894))
	=	0.205723	/	0.290922
	=	0.7071

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)
	=	(12.445 / 1066.383)	/	(13.708 / 833.817)
	=	0.01167	/	0.01644
	=	0.7099

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)
	=	((0 + 1314.649) / 2022.546)	/	((0 + 1321.341) / 2029.149)
	=	0.649997	/	0.65118
	=	0.9982

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
	=	(-0.37 - 0	-	97.663)	/	2022.546
	=	-0.04847

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.

Millennium Global Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Millennium Global Holdings Beneish M-Score Related Terms

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Millennium Global Holdings (PHS:MG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Millennium Global Holdings Inc (PHS:MG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lot 9 Block 2, John Street, Multinational Village, Paranaque, PHL, 1701

Website

https://www.millennium-globalholdingsinc.com

Millennium Global Holdings Inc is engaged in the seafood business. The company is engaged in the processing of high quality seafood and aquaculture products for export and trading of imported marine and other related products. Its business activity is the processing and export of several quality and high valued seafood products such as Black Tiger Shrimps, Kisu (asohos) fillet, frozen lobsters, among others. It derives its revenue primarily from the export sale of aquatic and marine products.