AbaCore Capital Holdings Beneish M-Score Historical Data
The historical data trend for AbaCore Capital 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.
AbaCore Capital Holdings Beneish M-Score Chart
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AbaCore Capital Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-1.46 |
-1.47 |
19.43 |
-2.39 |
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AbaCore Capital Holdings 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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20.16 |
52.45 |
12.83 |
-2.39 |
-2.95 |
Competitive Comparison of AbaCore Capital Holdings's Beneish M-Score
For the Real Estate Services subindustry, AbaCore Capital 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.
AbaCore Capital Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, AbaCore Capital Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AbaCore Capital Holdings's Beneish M-Score falls into.
AbaCore Capital 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 AbaCore Capital Holdings 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 * 0.758 | + | 0.528 * 1.087 | + | 0.404 * 1.0802 | + | 0.892 * 0.8387 | + | 0.115 * 0.9952 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.4172 | + | 4.679 * 0.039043 | - | 0.327 * 1.3657 |
| = | -2.95 |
* 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 ₱639.60 Mil.
Revenue was 4.394 + 7.361 + 1.436 + 0.006 = ₱13.20 Mil.
Gross Profit was 4.072 + 6.253 + 1.081 + -0.108 = ₱11.30 Mil.
Total Current Assets was ₱725.28 Mil.
Total Assets was ₱23,183.42 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,557.21 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱20.93 Mil.
Selling, General, & Admin. Expense(SGA) was ₱34.35 Mil.
Total Current Liabilities was ₱1,433.81 Mil.
Long-Term Debt & Capital Lease Obligation was ₱45.80 Mil.
Net Income was -14.73 + 2064.287 + 75.267 + 3.731 = ₱2,128.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0.00 Mil.
Cash Flow from Operations was -203.181 + 641.073 + 873.066 + -87.543 = ₱1,223.42 Mil.
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Total Receivables was ₱1,006.03 Mil.
Revenue was 0.004 + 0.523 + 0.002 + 15.206 = ₱15.74 Mil.
Gross Profit was -0.2 + 0.016 + -0.262 + 15.089 = ₱14.64 Mil.
Total Current Assets was ₱1,530.41 Mil.
Total Assets was ₱19,526.62 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,478.58 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱20.19 Mil.
Selling, General, & Admin. Expense(SGA) was ₱16.94 Mil.
Total Current Liabilities was ₱847.54 Mil.
Long-Term Debt & Capital Lease Obligation was ₱65.00 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) |
| = | (639.598 / 13.197) | / | (1006.028 / 15.735) |
| = | 48.465409 | / | 63.935685 |
| | = | 0.758 |
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) |
| = | (14.643 / 15.735) | / | (11.298 / 13.197) |
| = | 0.930601 | / | 0.856104 |
| | = | 1.087 |
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 - (725.275 + 2557.206) / 23183.421) | / | (1 - (1530.414 + 2478.584) / 19526.621) |
| = | 0.858413 | / | 0.794691 |
| | = | 1.0802 |
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 |
| = | 13.197 | / | 15.735 |
| | = | 0.8387 |
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)) |
| = | (20.188 / (20.188 + 2478.584)) | / | (20.929 / (20.929 + 2557.206)) |
| = | 0.008079 | / | 0.008118 |
| | = | 0.9952 |
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) |
| = | (34.347 / 13.197) | / | (16.942 / 15.735) |
| = | 2.602637 | / | 1.076708 |
| | = | 2.4172 |
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) |
| = | ((45.8 + 1433.806) / 23183.421) | / | ((65 + 847.542) / 19526.621) |
| = | 0.063822 | / | 0.046733 |
| | = | 1.3657 |
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 |
| = | (2128.555 - 0 | - | 1223.415) | / | 23183.421 |
| | = | 0.039043 |
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.
AbaCore Capital Holdings has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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