Morgan Stanley Emerg Mkts Debt Fd (Morgan Stanley Emerg Mkts Debt Fd) Beneish M-Score : 0.00 (As of May. 15, 2024)

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What is Morgan Stanley Emerg Mkts Debt Fd 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 Morgan Stanley Emerg Mkts Debt Fd's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Morgan Stanley Emerg Mkts Debt Fd was 0.00. The lowest was 0.00. And the median was 0.00.

Morgan Stanley Emerg Mkts Debt Fd 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 Morgan Stanley Emerg Mkts Debt Fd 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 $5.21 Mil.
Revenue was $17.50 Mil.
Gross Profit was $17.50 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $159.78 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.57 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.05 Mil.
Net Income was $16.99 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $0.00 Mil.

Total Receivables was $4.92 Mil.
Revenue was $-37.25 Mil.
Gross Profit was $-37.25 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $158.71 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.40 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(5.208 / 17.502)	/	(4.919 / -37.249)
	=	0.297566	/
	=

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)
	=	(-37.249 / -37.249)	/	(17.502 / 17.502)
	=		/	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) / 159.776)	/	(1 - (0 + 0) / 158.706)
	=	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
	=	17.502	/	-37.249
	=

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

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)
	=	(0.569 / 17.502)	/	(0.404 / -37.249)
	=	0.032511	/
	=

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)
	=	((0.052 + 0) / 159.776)	/	((0 + 0) / 158.706)
	=	0.000325	/	0
	=

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
	=	(16.991 - 0	-	0)	/	159.776
	=	0.106343

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.

Morgan Stanley Emerg Mkts Debt Fd Beneish M-Score Related Terms

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Morgan Stanley Emerg Mkts Debt Fd (Morgan Stanley Emerg Mkts Debt Fd) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Morgan Stanley Emerg Mkts Debt Fd Inc (NYSE:MSD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

522 Fifth Avenue, New York, NY, USA, 10036

Website

https://www.morganstanley.com

Morgan Stanley Emerg Mkts Debt Fd Inc is a diversified, closed-end management investment company. The Fund's primary investment objective is to produce high current income and as a secondary objective to seek capital appreciation, through investments mainly in debt securities of government and government-related issuers located in emerging countries, of entities organized to restructure the outstanding debt of such issuers and debt securities of corporate issuers in or organized under the laws of emerging countries.

Executives

Michael J Key	officer: Vice President	1633 BROADWAY, 29TH FLOOR, NEW YORK NY 10019
Kyle Lee	officer: Portfolio Manager	1633 BROADWAY, 19TH FLOOR, NEW YORK NY 10019
Federico C Sequeda	officer: Portfolio Manager	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Ali Akbar Causer	officer: Portfolio Manager	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Eddie Arthur Grier	other: Advisory Board Member	11700 PLAZA AMERICA DRIVE, SUITE 500, RESTON VA 20190
Frances Cashman	other: Advisory Board Member	MORGAN STANLEY INVESTMENT MANAGEMENT, 1633 BROADWAY 29TH FLOOR, NEW YORK NY 10019
Deidre Downes	officer: Chief Compliance Officer	1633 BROADWAY, 29TH FLOOR, NEW YORK NY 10019
Patricia A Maleski	director	C/O J P MORGAN INVESTMENT MANAGEMENT INC, 522 FIFTH AVENUE, NEW YORK NY 10036
Timothy J Knierim	officer: CCO	100 MULBERRY STREET, NEWARK NJ 07102
Sahil Tandon	officer: Portfolio Manager	522 5TH AVE, NEW YORK NY 10036
Jakki L. Haussler	director	221 EAST FOURTH STREET, CINCINNATI OH 45202
Nancy Everett	director	1812 PARK AVE, RICHMOND VA 23220
Nystedt Bo Jens Andreas	other: Portfolio Manager	522 5TH AVENUE, NEW YORK NY 10036
Warren John Mar	other: Portfolio Manager	522 5TH AVENUE, NEW YORK NY 10036
Joseph C Benedetti	officer: Vice President	C/O INVESCO, 225 LIBERTY STREET, NEW YORK NY 10281