PTFC Redevelopment (PHS:TFC) Beneish M-Score : -2.39 (As of May. 25, 2024)

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What is PTFC Redevelopment 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:TFC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.61 Max: 2.02
Current: -2.39

During the past 13 years, the highest Beneish M-Score of PTFC Redevelopment was 2.02. The lowest was -3.71. And the median was -2.61.

PTFC Redevelopment Beneish M-Score Historical Data

The historical data trend for PTFC Redevelopment'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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PTFC Redevelopment Beneish M-Score Chart

PTFC Redevelopment Annual Data

Trend

Aug14

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Beneish M-Score

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-2.35

-1.23

-2.90

-2.30

-2.35

PTFC Redevelopment Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-2.42	-2.23	-2.35	-2.68	-2.39

Competitive Comparison of PTFC Redevelopment's Beneish M-Score

For the Real Estate - Diversified subindustry, PTFC Redevelopment'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.

PTFC Redevelopment's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where PTFC Redevelopment's Beneish M-Score falls into.

PTFC Redevelopment 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 PTFC Redevelopment 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 * 1.0242

0.528 * 0.9951

0.404 * 0.8771

0.892 * 1.0943

0.115 * 1.0253

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9122

4.679 * 0.001919

0.327 * 0.9834

-2.39

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was ₱19.9 Mil.
Revenue was 55.553 + 54.047 + 54.055 + 53.336 = ₱217.0 Mil.
Gross Profit was 36.738 + 35.21 + 36.627 + 34.985 = ₱143.6 Mil.
Total Current Assets was ₱416.4 Mil.
Total Assets was ₱608.1 Mil.
Property, Plant and Equipment(Net PPE) was ₱2.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱14.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₱19.7 Mil.
Total Current Liabilities was ₱27.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.0 Mil.
Net Income was 27.746 + 26.924 + 26.129 + 24.599 = ₱105.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0.0 Mil.
Cash Flow from Operations was 25.896 + 29.913 + 23.626 + 24.796 = ₱104.2 Mil.

Total Receivables was ₱17.8 Mil.
Revenue was 50.566 + 50.284 + 49.588 + 47.855 = ₱198.3 Mil.
Gross Profit was 33.094 + 33.258 + 32.618 + 31.571 = ₱130.5 Mil.
Total Current Assets was ₱373.3 Mil.
Total Assets was ₱581.4 Mil.
Property, Plant and Equipment(Net PPE) was ₱2.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱13.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₱19.8 Mil.
Total Current Liabilities was ₱26.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.0 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)
	=	(19.927 / 216.991)	/	(17.78 / 198.293)
	=	0.091833	/	0.089665
	=	1.0242

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)
	=	(130.541 / 198.293)	/	(143.56 / 216.991)
	=	0.658324	/	0.661594
	=	0.9951

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 - (416.408 + 2.739) / 608.147)	/	(1 - (373.278 + 2.146) / 581.437)
	=	0.31078	/	0.354317
	=	0.8771

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
	=	216.991	/	198.293
	=	1.0943

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))
	=	(13.063 / (13.063 + 2.146))	/	(14.141 / (14.141 + 2.739))
	=	0.858899	/	0.837737
	=	1.0253

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)
	=	(19.732 / 216.991)	/	(19.767 / 198.293)
	=	0.090935	/	0.099686
	=	0.9122

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)
	=	((0 + 27.574) / 608.147)	/	((0 + 26.807) / 581.437)
	=	0.045341	/	0.046105
	=	0.9834

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
	=	(105.398 - 0	-	104.231)	/	608.147
	=	0.001919

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.

PTFC Redevelopment has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.

PTFC Redevelopment Beneish M-Score Related Terms

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PTFC Redevelopment (PHS:TFC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PTFC Redevelopment Corp (PHS:TFC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

802 A. Bonifacio Street, Balintawak, Quezon, QUE, PHL, 1105

Website

https://www.ptfc-brc.com

PTFC Redevelopment Corp has its primary purpose to deal, engage or acquire an interest in land or real estate development. It operates in one segment: Leasing Activities. Rental services generate maximum revenue for the company. Geographically it caters its services only to the Philippines market. The company's portfolio consists of commercial, industrial, mini, and personal (self) storage spaces. It also provides office rental services for businesses and individuals. It also provides facilities such as Mini/Self-Storage, Baesa Warehouses and Balintawak Warehouses.