SM Prime Holdings (PHS:SMPH) Beneish M-Score : -2.57 (As of May. 03, 2024)

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What is SM Prime 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:SMPH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.14 Med: -2.48 Max: -2.06
Current: -2.57

During the past 13 years, the highest Beneish M-Score of SM Prime Holdings was -2.06. The lowest was -4.14. And the median was -2.48.

SM Prime Holdings Beneish M-Score Historical Data

The historical data trend for SM Prime 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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SM Prime Holdings Beneish M-Score Chart

SM Prime Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.16

-2.06

-2.38

-2.46

-2.57

SM Prime Holdings 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															-2.46	-2.44	-2.51	-2.59	-2.57

Competitive Comparison of SM Prime Holdings's Beneish M-Score

For the Real Estate - Diversified subindustry, SM Prime 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.

SM Prime Holdings's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, SM Prime Holdings's Beneish M-Score distribution charts can be found below:

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

SM Prime 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 SM Prime 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 * 0.7693

0.528 * 0.9725

0.404 * 1.0314

0.892 * 1.2115

0.115 * 1.0016

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7906

4.679 * -0.023248

0.327 * 0.9808

-2.57

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱76,952 Mil.
Revenue was 35494.668 + 32749.026 + 31222.062 + 28695.819 = ₱128,162 Mil.
Gross Profit was 16757.026 + 15569.813 + 15123.708 + 13892.728 = ₱61,343 Mil.
Total Current Assets was ₱217,456 Mil.
Total Assets was ₱943,328 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,555 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱13,657 Mil.
Selling, General, & Admin. Expense(SGA) was ₱17,627 Mil.
Total Current Liabilities was ₱172,416 Mil.
Long-Term Debt & Capital Lease Obligation was ₱294,622 Mil.
Net Income was 9884.191 + 10681.503 + 10002.48 + 9442.327 = ₱40,011 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 17042.672 + 18533.232 + 13166.749 + 13198.734 = ₱61,941 Mil.

Total Receivables was ₱82,560 Mil.
Revenue was 32112.523 + 27328.762 + 22451.432 + 23892.918 = ₱105,786 Mil.
Gross Profit was 14609.467 + 13276.712 + 10667.118 + 10690.017 = ₱49,243 Mil.
Total Current Assets was ₱222,008 Mil.
Total Assets was ₱874,215 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,400 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱12,488 Mil.
Selling, General, & Admin. Expense(SGA) was ₱18,403 Mil.
Total Current Liabilities was ₱145,170 Mil.
Long-Term Debt & Capital Lease Obligation was ₱296,135 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)
	=	(76952.202 / 128161.575)	/	(82560.354 / 105785.635)
	=	0.600431	/	0.78045
	=	0.7693

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)
	=	(49243.314 / 105785.635)	/	(61343.275 / 128161.575)
	=	0.465501	/	0.47864
	=	0.9725

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 - (217455.628 + 1554.99) / 943327.575)	/	(1 - (222008.236 + 1399.84) / 874214.652)
	=	0.767832	/	0.744447
	=	1.0314

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
	=	128161.575	/	105785.635
	=	1.2115

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))
	=	(12487.763 / (12487.763 + 1399.84))	/	(13656.773 / (13656.773 + 1554.99))
	=	0.899202	/	0.897777
	=	1.0016

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)
	=	(17626.738 / 128161.575)	/	(18402.542 / 105785.635)
	=	0.137535	/	0.173961
	=	0.7906

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)
	=	((294622.256 + 172416.008) / 943327.575)	/	((296134.836 + 145170.302) / 874214.652)
	=	0.495097	/	0.504802
	=	0.9808

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
	=	(40010.501 - 0	-	61941.387)	/	943327.575
	=	-0.023248

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.

SM Prime Holdings has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

SM Prime Holdings Beneish M-Score Related Terms

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SM Prime Holdings (PHS:SMPH) Business Description

Industry

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SPHXF:USA

Address

Coral Way cor. J.W. Diokno Boulevard, 10th Floor, Mall of Asia Arena Annex Building, Mall of Asia Complex, Brgy. 76, Zone 10, CBP-1A, Pasay, PHL, 1300

Website

https://www.smprime.com

SM Prime Holdings Inc is an integrated property developer in Southeast Asia. Through subsidiaries and business units, it sells affordable condominium units and develops and leases office buildings in Metro Manila. It also houses a unit that develops and manages hotel and convention centers across the Philippines. Residential properties are strategically offered near business and lifestyle districts and provide a host of amenities at prices that cater to the middle market. Malls are the leading revenue provider and are equipped to handle thousands of residents in addition to cinema operations.

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