SFA Semicon Philippines (PHS:SSP) Beneish M-Score : 3.15 (As of May. 12, 2024)

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What is SFA Semicon Philippines 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.

Warning Sign:

Beneish M-Score 3.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

PHS:SSP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.4 Max: 3.15
Current: 3.15

During the past 12 years, the highest Beneish M-Score of SFA Semicon Philippines was 3.15. The lowest was -3.21. And the median was -2.40.

SFA Semicon Philippines Beneish M-Score Historical Data

The historical data trend for SFA Semicon Philippines'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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SFA Semicon Philippines Beneish M-Score Chart

SFA Semicon Philippines Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.12

-2.74

-2.92

-2.30

3.15

SFA Semicon Philippines 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															-2.30	-2.70	-3.01	-3.23	3.15

Competitive Comparison of SFA Semicon Philippines's Beneish M-Score

For the Semiconductors subindustry, SFA Semicon Philippines'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.

SFA Semicon Philippines's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, SFA Semicon Philippines's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SFA Semicon Philippines's Beneish M-Score falls into.

SFA Semicon Philippines 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 SFA Semicon Philippines 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 * 1.0685

0.528 * 13.4515

0.404 * 0.9745

0.892 * 0.6196

0.115 * 1.0452

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3102

4.679 * -0.131677

0.327 * 0.9717

3.15

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱1,088 Mil.
Revenue was 2732.797 + 2896.919 + 3730.482 + 3140.483 = ₱12,501 Mil.
Gross Profit was -131.827 + -150.076 + 187.782 + 141.326 = ₱47 Mil.
Total Current Assets was ₱2,898 Mil.
Total Assets was ₱10,189 Mil.
Property, Plant and Equipment(Net PPE) was ₱7,134 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱594 Mil.
Selling, General, & Admin. Expense(SGA) was ₱79 Mil.
Total Current Liabilities was ₱1,093 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,175 Mil.
Net Income was -284.666 + -200.562 + 134.993 + 47.377 = ₱-303 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 80.823 + 168.094 + 380.918 + 409.01 = ₱1,039 Mil.

Total Receivables was ₱1,643 Mil.
Revenue was 4769.614 + 5003.162 + 5224.332 + 5177.876 = ₱20,175 Mil.
Gross Profit was 402.447 + 203.901 + 160.092 + 258.301 = ₱1,025 Mil.
Total Current Assets was ₱3,890 Mil.
Total Assets was ₱11,051 Mil.
Property, Plant and Equipment(Net PPE) was ₱6,986 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱610 Mil.
Selling, General, & Admin. Expense(SGA) was ₱97 Mil.
Total Current Liabilities was ₱1,373 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,159 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)
	=	(1088.064 / 12500.681)	/	(1643.466 / 20174.984)
	=	0.08704	/	0.081461
	=	1.0685

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)
	=	(1024.741 / 20174.984)	/	(47.205 / 12500.681)
	=	0.050793	/	0.003776
	=	13.4515

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 - (2898.07 + 7134.273) / 10189.385)	/	(1 - (3889.826 + 6986.155) / 11050.752)
	=	0.015412	/	0.015815
	=	0.9745

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
	=	12500.681	/	20174.984
	=	0.6196

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))
	=	(610.493 / (610.493 + 6986.155))	/	(594.201 / (594.201 + 7134.273))
	=	0.080363	/	0.076885
	=	1.0452

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)
	=	(78.982 / 12500.681)	/	(97.288 / 20174.984)
	=	0.006318	/	0.004822
	=	1.3102

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)
	=	((1175.105 + 1092.957) / 10189.385)	/	((1158.756 + 1372.788) / 11050.752)
	=	0.222591	/	0.229083
	=	0.9717

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
	=	(-302.858 - 0	-	1038.845)	/	10189.385
	=	-0.131677

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.

SFA Semicon Philippines has a M-score of 3.15 signals that the company is likely to be a manipulator.

SFA Semicon Philippines Beneish M-Score Related Terms

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SFA Semicon Philippines (PHS:SSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » SFA Semicon Philippines Corp (PHS:SSP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Panday Pira Avenue, Corner Creekside Road, Clark Freeport Zone, Pampanga, PHL

Website

http://www.sfasemicon.com.ph

SFA Semicon Philippines Corp is a manufacturer of semiconductor and memory devices. It is engaged in the construction, ownership, and operation of the plant for the manufacture, assembly, test, and warehousing of semiconductor and memory devices and applications and related products. The company offers a range of products such as memory chips and modules for digital cameras, personal computers, workstations and servers, micro secure digital cards for smartphones, digital multimedia broadcasting, phone, personal digital assistant, and Blister packing.