PLDT Beneish M-Score Historical Data
The historical data trend for PLDT'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.
PLDT Beneish M-Score Chart
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PLDT Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.97 |
-2.91 |
-3.00 |
-2.83 |
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PLDT Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.00 |
-3.18 |
-3.03 |
-3.09 |
-2.83 |
Competitive Comparison of PLDT's Beneish M-Score
For the Telecom Services subindustry, PLDT'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.
PLDT's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, PLDT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PLDT's Beneish M-Score falls into.
PLDT 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 PLDT 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 * 0.9565 | + | 0.528 * 1.0247 | + | 0.404 * 1.0164 | + | 0.892 * 1.0323 | + | 0.115 * 1.5175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.911 | + | 4.679 * -0.093014 | - | 0.327 * 0.9935 |
| = | -2.83 |
* 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 $476 Mil.
Revenue was 945.353 + 905.892 + 894.776 + 906.654 = $3,653 Mil.
Gross Profit was 821.637 + 802.781 + 795.318 + 791.232 = $3,211 Mil.
Total Current Assets was $1,214 Mil.
Total Assets was $10,554 Mil.
Property, Plant and Equipment(Net PPE) was $5,538 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,016 Mil.
Selling, General, & Admin. Expense(SGA) was $1,107 Mil.
Total Current Liabilities was $3,405 Mil.
Long-Term Debt & Capital Lease Obligation was $4,931 Mil.
Net Income was -21.904 + 163.247 + 163.385 + 156.096 = $461 Mil.
Non Operating Income was 4.502 + -42.301 + -26.44 + 21.696 = $-43 Mil.
Cash Flow from Operations was 345.038 + 397.088 + 281.769 + 461.136 = $1,485 Mil.
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Total Receivables was $482 Mil.
Revenue was 904.334 + 889.079 + 882.413 + 862.726 = $3,539 Mil.
Gross Profit was 806.33 + 796.218 + 803.837 + 781.085 = $3,187 Mil.
Total Current Assets was $1,408 Mil.
Total Assets was $10,807 Mil.
Property, Plant and Equipment(Net PPE) was $5,569 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,713 Mil.
Selling, General, & Admin. Expense(SGA) was $1,177 Mil.
Total Current Liabilities was $4,277 Mil.
Long-Term Debt & Capital Lease Obligation was $4,316 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) |
| = | (475.698 / 3652.675) | / | (481.81 / 3538.552) |
| = | 0.130233 | / | 0.13616 |
| | = | 0.9565 |
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) |
| = | (3187.47 / 3538.552) | / | (3210.968 / 3652.675) |
| = | 0.900784 | / | 0.879073 |
| | = | 1.0247 |
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 - (1214.188 + 5537.72) / 10553.892) | / | (1 - (1408.221 + 5568.68) / 10807.437) |
| = | 0.360245 | / | 0.354435 |
| | = | 1.0164 |
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 |
| = | 3652.675 | / | 3538.552 |
| | = | 1.0323 |
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)) |
| = | (1713.193 / (1713.193 + 5568.68)) | / | (1016.103 / (1016.103 + 5537.72)) |
| = | 0.235268 | / | 0.15504 |
| | = | 1.5175 |
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) |
| = | (1106.956 / 3652.675) | / | (1177.116 / 3538.552) |
| = | 0.303054 | / | 0.332655 |
| | = | 0.911 |
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) |
| = | ((4930.947 + 3405.416) / 10553.892) | / | ((4315.723 + 4276.868) / 10807.437) |
| = | 0.789885 | / | 0.795063 |
| | = | 0.9935 |
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 |
| = | (460.824 - -42.543 | - | 1485.031) | / | 10553.892 |
| | = | -0.093014 |
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.
PLDT has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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