Mabuhay Vinyl Beneish M-Score Historical Data
The historical data trend for Mabuhay Vinyl'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.
Mabuhay Vinyl Beneish M-Score Chart
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Mabuhay Vinyl Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-1.69 |
-1.64 |
-1.51 |
-2.68 |
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Mabuhay Vinyl 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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-1.60 |
-1.66 |
-1.92 |
-2.68 |
-3.00 |
Competitive Comparison of Mabuhay Vinyl's Beneish M-Score
For the Chemicals subindustry, Mabuhay Vinyl'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.
Mabuhay Vinyl's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Mabuhay Vinyl's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mabuhay Vinyl's Beneish M-Score falls into.
Mabuhay Vinyl 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 Mabuhay Vinyl 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 * 1.042 | + | 0.528 * 0.9256 | + | 0.404 * 1.0855 | + | 0.892 * 0.927 | + | 0.115 * 1.1384 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0948 | + | 4.679 * -0.076134 | - | 0.327 * 1.416 |
| = | -3.00 |
* 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 ₱1,281 Mil.
Revenue was 718.282 + 761.544 + 743.777 + 747.123 = ₱2,971 Mil.
Gross Profit was 278.087 + 270.343 + 324.11 + 317.128 = ₱1,190 Mil.
Total Current Assets was ₱2,706 Mil.
Total Assets was ₱4,550 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,571 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱108 Mil.
Selling, General, & Admin. Expense(SGA) was ₱476 Mil.
Total Current Liabilities was ₱487 Mil.
Long-Term Debt & Capital Lease Obligation was ₱113 Mil.
Net Income was 94.402 + 41.163 + 122.223 + 132.173 = ₱390 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 206.761 + 22.944 + 249.556 + 257.098 = ₱736 Mil.
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Total Receivables was ₱1,326 Mil.
Revenue was 821.327 + 820.588 + 736.93 + 825.94 = ₱3,205 Mil.
Gross Profit was 296.18 + 325.811 + 290.309 + 275.564 = ₱1,188 Mil.
Total Current Assets was ₱2,558 Mil.
Total Assets was ₱4,006 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,227 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱97 Mil.
Selling, General, & Admin. Expense(SGA) was ₱469 Mil.
Total Current Liabilities was ₱328 Mil.
Long-Term Debt & Capital Lease Obligation was ₱45 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) |
| = | (1281.276 / 2970.726) | / | (1326.48 / 3204.785) |
| = | 0.431301 | / | 0.413906 |
| | = | 1.042 |
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) |
| = | (1187.864 / 3204.785) | / | (1189.668 / 2970.726) |
| = | 0.370653 | / | 0.400464 |
| | = | 0.9256 |
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 - (2706.439 + 1570.998) / 4549.851) | / | (1 - (2558.034 + 1226.788) / 4005.763) |
| = | 0.059873 | / | 0.055156 |
| | = | 1.0855 |
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 |
| = | 2970.726 | / | 3204.785 |
| | = | 0.927 |
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)) |
| = | (97.185 / (97.185 + 1226.788)) | / | (108.276 / (108.276 + 1570.998)) |
| = | 0.073404 | / | 0.064478 |
| | = | 1.1384 |
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) |
| = | (476.274 / 2970.726) | / | (469.293 / 3204.785) |
| = | 0.160322 | / | 0.146435 |
| | = | 1.0948 |
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) |
| = | ((112.71 + 486.644) / 4549.851) | / | ((45.005 + 327.65) / 4005.763) |
| = | 0.13173 | / | 0.09303 |
| | = | 1.416 |
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 |
| = | (389.961 - 0 | - | 736.359) | / | 4549.851 |
| | = | -0.076134 |
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.
Mabuhay Vinyl has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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