DM Wenceslao & Associates (PHS:DMW) Beneish M-Score : -1.45 (As of May. 16, 2024)

View and export this data going back to 2018. Start your Free Trial

What is DM Wenceslao & Associates 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.

Warning Sign:

Beneish M-Score -1.45 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for DM Wenceslao & Associates's Beneish M-Score or its related term are showing as below:

PHS:DMW' s Beneish M-Score Range Over the Past 10 Years
Min: -2.32 Med: -2.05 Max: -1.45
Current: -1.45

During the past 8 years, the highest Beneish M-Score of DM Wenceslao & Associates was -1.45. The lowest was -2.32. And the median was -2.05.

DM Wenceslao & Associates Beneish M-Score Historical Data

The historical data trend for DM Wenceslao & Associates'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.

* Premium members only.

DM Wenceslao & Associates Beneish M-Score Chart

DM Wenceslao & Associates Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.15

-1.84

-2.32

-2.05

-1.45

DM Wenceslao & Associates Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.45	-1.70	-1.45	-

Competitive Comparison of DM Wenceslao & Associates's Beneish M-Score

For the Real Estate Services subindustry, DM Wenceslao & Associates'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.

DM Wenceslao & Associates's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, DM Wenceslao & Associates's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DM Wenceslao & Associates's Beneish M-Score falls into.

DM Wenceslao & Associates 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 DM Wenceslao & Associates 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 * 1.9867

0.528 * 0.9743

0.404 * 0.7984

0.892 * 1.0553

0.115 * 1.5694

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3277

4.679 * 0.10889

0.327 * 0.8073

-1.04

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₱4,579 Mil.
Revenue was 940.541 + 1288.068 + 796.59 + 917.553 = ₱3,943 Mil.
Gross Profit was 713.974 + 952.388 + 615.407 + 597.918 = ₱2,880 Mil.
Total Current Assets was ₱25,464 Mil.
Total Assets was ₱53,365 Mil.
Property, Plant and Equipment(Net PPE) was ₱794 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱322 Mil.
Selling, General, & Admin. Expense(SGA) was ₱585 Mil.
Total Current Liabilities was ₱9,094 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3,209 Mil.
Net Income was 550.712 + 6038.594 + 343.221 + 387.292 = ₱7,320 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 966.669 + -83.472 + -60.187 + 685.927 = ₱1,509 Mil.

Total Receivables was ₱2,184 Mil.
Revenue was 1096.75 + 1036.736 + 823.18 + 779.401 = ₱3,736 Mil.
Gross Profit was 763.942 + 735.762 + 575.751 + 583.166 = ₱2,659 Mil.
Total Current Assets was ₱14,086 Mil.
Total Assets was ₱39,596 Mil.
Property, Plant and Equipment(Net PPE) was ₱318 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱263 Mil.
Selling, General, & Admin. Expense(SGA) was ₱418 Mil.
Total Current Liabilities was ₱8,933 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,375 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)
	=	(4578.929 / 3942.752)	/	(2184.016 / 3736.067)
	=	1.161354	/	0.584576
	=	1.9867

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)
	=	(2658.621 / 3736.067)	/	(2879.687 / 3942.752)
	=	0.71161	/	0.730375
	=	0.9743

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 - (25464.152 + 794.249) / 53364.548)	/	(1 - (14085.582 + 317.91) / 39595.617)
	=	0.507943	/	0.636235
	=	0.7984

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
	=	3942.752	/	3736.067
	=	1.0553

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))
	=	(262.568 / (262.568 + 317.91))	/	(321.606 / (321.606 + 794.249))
	=	0.452331	/	0.288215
	=	1.5694

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)
	=	(585.4 / 3942.752)	/	(417.797 / 3736.067)
	=	0.148475	/	0.111828
	=	1.3277

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)
	=	((3208.612 + 9094.34) / 53364.548)	/	((2375.433 + 8932.762) / 39595.617)
	=	0.230545	/	0.285592
	=	0.8073

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
	=	(7319.819 - 0	-	1508.937)	/	53364.548
	=	0.10889

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.

DM Wenceslao & Associates has a M-score of -1.04 signals that the company is likely to be a manipulator.

DM Wenceslao & Associates Beneish M-Score Related Terms

Thank you for viewing the detailed overview of DM Wenceslao & Associates's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

DM Wenceslao & Associates (PHS:DMW) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » DM Wenceslao & Associates Inc (PHS:DMW) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Pres D. Macapagal Boulevard, Corner Asean Avenue, 15th Floor, Aseana 3 Building, Aseana City, Metro Manila, Paranaque, PHL

Website

https://www.dmwai.com

DM Wenceslao & Associates Inc is an integrated property developer specializing in land reclamation, construction, and real estate development. It operates in three business segments: Construction, which includes general construction business that involves site development, earthworks, structural and civil works, masonry works, architectural finishes, electrical works, plumbing, and sanitary works, fire protection works, and mechanical works; Sale of Land & Condominium Units segment involves the development and sale of industrial and other parcels of land and residential condominium units; and Rental, which includes leasing of real estate properties, including land and building and other structures. The key revenue derives from the Rentals segment.

DM Wenceslao & Associates (PHS:DMW) Headlines

No Headlines