Templeton Emerging Marketsome Fund (Templeton Emerging Marketsome Fund) Beneish M-Score : 0.00 (As of Jun. 07, 2024)

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What is Templeton Emerging Marketsome Fund Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Templeton Emerging Marketsome Fund's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Templeton Emerging Marketsome Fund was 0.00. The lowest was 0.00. And the median was 0.00.

Templeton Emerging Marketsome Fund 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 Templeton Emerging Marketsome Fund 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* 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 $8.54 Mil.
Revenue was $35.42 Mil.
Gross Profit was $35.42 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $331.06 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $-4.72 Mil.
Selling, General, & Admin. Expense(SGA) was $0.54 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $50.00 Mil.
Net Income was $34.86 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $14.03 Mil.

Total Receivables was $7.21 Mil.
Revenue was $-57.73 Mil.
Gross Profit was $-57.73 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $312.56 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $0.21 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $36.00 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)
	=	(8.54 / 35.419)	/	(7.205 / -57.726)
	=	0.241114	/
	=

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)
	=	(-57.726 / -57.726)	/	(35.419 / 35.419)
	=		/	1
	=

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 - (0 + 0) / 331.055)	/	(1 - (0 + 0) / 312.556)
	=	1	/	1
	=

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
	=	35.419	/	-57.726
	=

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))
	=	(0.049 / (0.049 + 0))	/	(-4.716 / (-4.716 + 0))
	=	1	/	1
	=

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)
	=	(0.54 / 35.419)	/	(0.213 / -57.726)
	=	0.015246	/
	=

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)
	=	((50 + 0) / 331.055)	/	((36 + 0) / 312.556)
	=	0.151032	/	0.115179
	=

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
	=	(34.862 - 0	-	14.032)	/	331.055
	=	0.06292

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.

Templeton Emerging Marketsome Fund Beneish M-Score Related Terms

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Templeton Emerging Marketsome Fund (Templeton Emerging Marketsome Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Templeton Emerging Markets Income Fund (NYSE:TEI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

300 S.E. 2nd Street, Fort Lauderdale, FL, USA, 33301-1923

Website

https://www.franklintempletondatasources.com

Templeton Emerging Markets Income Fund is a closed-end fund. It seeks high, current income, with a secondary goal of capital appreciation, by investing, under normal market conditions. The company's investment portfolio includes Foreign Government and Agency Securities; Quasi-Sovereign and Corporate Bonds; Common Stocks and Other Equity Interests, and Short-Term Investments and Money Market Funds.

Executives

Christine M. Debevec	officer: VP & Assistant Secretary	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
George P. Hoyt	officer: VP & Secretary	C/O FRANKLIN TEMPLETON, 100 FIRST STAMFORD PLACE, STAMFORD CT 06902
Ted P Becker	officer: Chief Compliance Officer	399 PARK AVENUE, 4TH FLOOR, NEW YORK NY 10022
Oliveira Marc De	officer: VP & Assistant Secretary	C/O LEGG MASON & CO. LLC, ONE FIRST STAMFORD PLACE, STAMFORD CT 06902
Alexander Kymn	officer: VP & Assistant Secretary	WELLS FARGO BANK, 45 FREMONT STREET, 26TH FLOOR, SAN FRANCISCO CA 94105
Harris Goldblat	officer: VP & Assistant Secretary	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Tara E. Gormel	officer: VP & Assistant Secretary	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Terrence J. Checki	other: Trustee	HESS CORPORATION, 1185 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Christopher Kings	officer: CFO, CAO and Treasurer	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Ryan Wheeler	officer: Interim CFO, CAO and Treasurer	300 S.E. 2ND STREET, FORT LAUDERDALE FL 33301
Susan Kerr	officer: VP - AML Compliance	280 PARK AVENUE, NEW YORK NY 10017
Christine Zhu	officer: Vice President	ONE FRANKLIN PARKWAY, SMO-920/3, SAN MATEO CA 94403
Michael J Hasenstab	officer: Pres. & CEO - Invest. Mgmt.	ONE FRANKLIN PARKWAY, SMO-920/3, SAN MATEO CA 94403
Saba Capital Management, L.p.	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Bates Ann Torre	other: Trustee	300 CONTINENTAL DRIVE, NEWARK DE 19713