Solid Group Beneish M-Score Historical Data
The historical data trend for Solid Group'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.
Solid Group Beneish M-Score Chart
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Solid Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.49 |
-1.75 |
-1.87 |
-2.69 |
-2.22 |
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Solid Group 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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-2.60 |
-2.57 |
-1.98 |
-2.22 |
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Competitive Comparison of Solid Group's Beneish M-Score
For the Consumer Electronics subindustry, Solid Group'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.
Solid Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Solid Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Solid Group's Beneish M-Score falls into.
Solid Group 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 Solid Group 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 * 0.567 | + | 0.528 * 1.0737 | + | 0.404 * 1.0593 | + | 0.892 * 1.3467 | + | 0.115 * 0.9819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0368 | + | 4.679 * -0.010137 | - | 0.327 * 1.2895 |
| = | -2.66 |
* 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 ₱165 Mil.
Revenue was 561.627 + 714.91 + 575.595 + 619.653 = ₱2,472 Mil.
Gross Profit was 158.82 + 238.86 + 193.771 + 216.483 = ₱808 Mil.
Total Current Assets was ₱4,865 Mil.
Total Assets was ₱14,286 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,588 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱85 Mil.
Selling, General, & Admin. Expense(SGA) was ₱620 Mil.
Total Current Liabilities was ₱446 Mil.
Long-Term Debt & Capital Lease Obligation was ₱190 Mil.
Net Income was 35.696 + 291.231 + 95.668 + 60.987 = ₱484 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 422.984 + 1963.948 + -1719.704 + -38.833 = ₱628 Mil.
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Total Receivables was ₱216 Mil.
Revenue was 556.668 + 528.428 + 397.953 + 352.429 = ₱1,835 Mil.
Gross Profit was 178.535 + 169.595 + 141.765 + 154.288 = ₱644 Mil.
Total Current Assets was ₱5,019 Mil.
Total Assets was ₱13,675 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,578 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱83 Mil.
Selling, General, & Admin. Expense(SGA) was ₱444 Mil.
Total Current Liabilities was ₱471 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1 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) |
| = | (165.226 / 2471.785) | / | (216.381 / 1835.478) |
| = | 0.066845 | / | 0.117888 |
| | = | 0.567 |
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) |
| = | (644.183 / 1835.478) | / | (807.934 / 2471.785) |
| = | 0.350962 | / | 0.326863 |
| | = | 1.0737 |
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 - (4864.896 + 1588.358) / 14285.684) | / | (1 - (5019.183 + 1577.63) / 13674.882) |
| = | 0.548271 | / | 0.517596 |
| | = | 1.0593 |
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 |
| = | 2471.785 | / | 1835.478 |
| | = | 1.3467 |
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)) |
| = | (83.017 / (83.017 + 1577.63)) | / | (85.202 / (85.202 + 1588.358)) |
| = | 0.049991 | / | 0.050911 |
| | = | 0.9819 |
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) |
| = | (619.973 / 2471.785) | / | (444.039 / 1835.478) |
| = | 0.25082 | / | 0.24192 |
| | = | 1.0368 |
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) |
| = | ((190 + 445.543) / 14285.684) | / | ((0.749 + 471.028) / 13674.882) |
| = | 0.044488 | / | 0.0345 |
| | = | 1.2895 |
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 |
| = | (483.582 - 0 | - | 628.395) | / | 14285.684 |
| | = | -0.010137 |
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.
Solid Group has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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