Golden MV Holdings (PHS:HVN) Beneish M-Score : -2.27 (As of May. 11, 2024)

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What is Golden MV 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:HVN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47 Med: -1.63 Max: 1.36
Current: -2.27

During the past 10 years, the highest Beneish M-Score of Golden MV Holdings was 1.36. The lowest was -2.47. And the median was -1.63.

Golden MV Holdings Beneish M-Score Historical Data

The historical data trend for Golden MV 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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Golden MV Holdings Beneish M-Score Chart

Golden MV Holdings Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-1.56

-1.28

-1.78

-2.46

-1.92

Golden MV Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.47	-1.92	-2.41	-2.36	-2.27

Competitive Comparison of Golden MV Holdings's Beneish M-Score

For the Real Estate - Development subindustry, Golden MV 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.

Golden MV Holdings's Beneish M-Score Distribution in the Real Estate Industry

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

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

Golden MV 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 Golden MV 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 * 1.0643

0.528 * 1.038

0.404 * 1.3975

0.892 * 1.0785

0.115 * 0.9729

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3474

4.679 * -0.013536

0.327 * 0.9155

-2.27

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₱15,069 Mil.
Revenue was 1246.784 + 1104.529 + 1614.79 + 1236.202 = ₱5,202 Mil.
Gross Profit was 708.788 + 659.81 + 849.76 + 795.184 = ₱3,014 Mil.
Total Current Assets was ₱24,923 Mil.
Total Assets was ₱28,380 Mil.
Property, Plant and Equipment(Net PPE) was ₱259 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱76 Mil.
Selling, General, & Admin. Expense(SGA) was ₱144 Mil.
Total Current Liabilities was ₱9,070 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3,194 Mil.
Net Income was 372.267 + 299.361 + 473.039 + 232.282 = ₱1,377 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was -278.301 + 1635.021 + 552.406 + -148.017 = ₱1,761 Mil.

Total Receivables was ₱13,128 Mil.
Revenue was 1153.848 + 1025.94 + 1547.16 + 1096.541 = ₱4,823 Mil.
Gross Profit was 602.815 + 570.465 + 821.388 + 905.528 = ₱2,900 Mil.
Total Current Assets was ₱25,087 Mil.
Total Assets was ₱27,583 Mil.
Property, Plant and Equipment(Net PPE) was ₱272 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱77 Mil.
Selling, General, & Admin. Expense(SGA) was ₱99 Mil.
Total Current Liabilities was ₱9,135 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3,885 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)
	=	(15068.578 / 5202.305)	/	(13127.658 / 4823.489)
	=	2.89652	/	2.72161
	=	1.0643

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)
	=	(2900.196 / 4823.489)	/	(3013.542 / 5202.305)
	=	0.601265	/	0.579271
	=	1.038

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 - (24922.932 + 259.172) / 28379.932)	/	(1 - (25087.285 + 271.587) / 27582.828)
	=	0.112679	/	0.080628
	=	1.3975

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
	=	5202.305	/	4823.489
	=	1.0785

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))
	=	(77.235 / (77.235 + 271.587))	/	(76.364 / (76.364 + 259.172))
	=	0.221417	/	0.227588
	=	0.9729

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)
	=	(144.368 / 5202.305)	/	(99.343 / 4823.489)
	=	0.027751	/	0.020596
	=	1.3474

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)
	=	((3194.295 + 9069.907) / 28379.932)	/	((3885.008 + 9134.775) / 27582.828)
	=	0.432143	/	0.472025
	=	0.9155

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
	=	(1376.949 - 0	-	1761.109)	/	28379.932
	=	-0.013536

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.

Golden MV Holdings has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

Golden MV Holdings Beneish M-Score Related Terms

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Golden MV Holdings (PHS:HVN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Golden MV Holdings Inc (PHS:HVN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

San Ezekiel, C5 Extension, 2nd Floor, Golden Haven Building, Villar SIPAG Complex, Las Pinas, PHL, 1746

Website

https://www.goldenhaven.com.ph

Golden MV Holdings Inc is a Philippines-based developer of memorial parks in the country in terms of the number of projects, overall sales, and land development. The Company develops, constructs, and operates columbarium and memorial chapel facilities, and is also engaged in the construction and development of residential projects in various places all over the Philippines. The company has two operating segments; the Residential segment pertains to the housing market segment of the group. It caters to the development and sale of residential houses and lots, subdivision lots, and condominium units, and The Deathcare segment pertains to the sale of memorial lots, interment income, and income from chapel services. The majority of its revenue is derived from the Residential segment.

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