Ayala Land Beneish M-Score Historical Data
The historical data trend for Ayala Land'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.
Ayala Land Beneish M-Score Chart
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Ayala Land Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.08 |
-2.29 |
-2.51 |
-2.61 |
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Ayala Land Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.54 |
-2.50 |
-2.53 |
-2.61 |
Competitive Comparison of Ayala Land's Beneish M-Score
For the Real Estate - Development subindustry, Ayala Land'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.
Ayala Land's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Ayala Land's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ayala Land's Beneish M-Score falls into.
Ayala Land 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 Ayala Land 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 * 0.8737 | + | 0.528 * 0.9608 | + | 0.404 * 0.9442 | + | 0.892 * 1.1824 | + | 0.115 * 1.0948 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8865 | + | 4.679 * 0.003717 | - | 0.327 * 1.0133 |
| = | -2.61 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₱105,530 Mil.
Revenue was 49224.744 + 31756.785 + 34398.131 + 30121.589 = ₱145,501 Mil.
Gross Profit was 17547.749 + 14804.956 + 14971.73 + 11038.143 = ₱58,363 Mil.
Total Current Assets was ₱412,958 Mil.
Total Assets was ₱846,632 Mil.
Property, Plant and Equipment(Net PPE) was ₱53,070 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱9,505 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,238 Mil.
Total Current Liabilities was ₱234,177 Mil.
Long-Term Debt & Capital Lease Obligation was ₱239,794 Mil.
Net Income was 6115.319 + 7000.139 + 6879.484 + 4512.639 = ₱24,508 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 13131.332 + 6428.841 + 9724.624 + -7924.548 = ₱21,360 Mil.
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Total Receivables was ₱102,151 Mil.
Revenue was 38848.5 + 31885.022 + 28087.117 + 24230.673 = ₱123,051 Mil.
Gross Profit was 14054.728 + 11041.669 + 12196.242 + 10129.961 = ₱47,423 Mil.
Total Current Assets was ₱359,857 Mil.
Total Assets was ₱779,655 Mil.
Property, Plant and Equipment(Net PPE) was ₱48,573 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱9,689 Mil.
Selling, General, & Admin. Expense(SGA) was ₱555 Mil.
Total Current Liabilities was ₱202,524 Mil.
Long-Term Debt & Capital Lease Obligation was ₱228,226 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) |
| = | (105530.428 / 145501.249) | / | (102151.267 / 123051.312) |
| = | 0.725289 | / | 0.830152 |
| | = | 0.8737 |
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) |
| = | (47422.6 / 123051.312) | / | (58362.578 / 145501.249) |
| = | 0.385389 | / | 0.401114 |
| | = | 0.9608 |
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 - (412957.505 + 53069.76) / 846632.482) | / | (1 - (359857.405 + 48572.68) / 779654.52) |
| = | 0.449552 | / | 0.47614 |
| | = | 0.9442 |
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 |
| = | 145501.249 | / | 123051.312 |
| | = | 1.1824 |
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)) |
| = | (9688.718 / (9688.718 + 48572.68)) | / | (9505.083 / (9505.083 + 53069.76)) |
| = | 0.166297 | / | 0.151899 |
| | = | 1.0948 |
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) |
| = | (1237.904 / 145501.249) | / | (554.974 / 123051.312) |
| = | 0.008508 | / | 0.00451 |
| | = | 1.8865 |
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) |
| = | ((239793.804 + 234177.111) / 846632.482) | / | ((228225.696 + 202523.944) / 779654.52) |
| = | 0.559831 | / | 0.552488 |
| | = | 1.0133 |
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 |
| = | (24507.581 - 0 | - | 21360.249) | / | 846632.482 |
| | = | 0.003717 |
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.
Ayala Land has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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