Robinsons Retail Holdings (PHS:RRHI) Beneish M-Score : -2.64 (As of Apr. 30, 2024)

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What is Robinsons Retail Holdings 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:RRHI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.61 Max: -1.08
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Robinsons Retail Holdings was -1.08. The lowest was -2.81. And the median was -2.61.

Robinsons Retail Holdings Beneish M-Score Historical Data

The historical data trend for Robinsons Retail Holdings'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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Robinsons Retail Holdings Beneish M-Score Chart

Robinsons Retail Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.81

-2.72

-2.77

-2.70

-2.64

Robinsons Retail Holdings Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.70	-2.81	-2.69	-2.93	-2.64

Competitive Comparison of Robinsons Retail Holdings's Beneish M-Score

For the Department Stores subindustry, Robinsons Retail Holdings'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.

Robinsons Retail Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Robinsons Retail Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Robinsons Retail Holdings's Beneish M-Score falls into.

Robinsons Retail Holdings 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 Robinsons Retail Holdings 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 * 1.0418

0.528 * 0.9962

0.404 * 1.2683

0.892 * 1.0744

0.115 * 0.9356

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.085

4.679 * -0.070104

0.327 * 1.0638

-2.64

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱3,948 Mil.
Revenue was 53925.986 + 47221.941 + 46384.751 + 44593.184 = ₱192,126 Mil.
Gross Profit was 12706.558 + 11365.161 + 10998.975 + 10529.417 = ₱45,600 Mil.
Total Current Assets was ₱48,471 Mil.
Total Assets was ₱155,023 Mil.
Property, Plant and Equipment(Net PPE) was ₱43,306 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱7,500 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,396 Mil.
Total Current Liabilities was ₱39,273 Mil.
Long-Term Debt & Capital Lease Obligation was ₱33,698 Mil.
Net Income was 1515.191 + 783.338 + 1261.836 + 536.703 = ₱4,097 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 8012.382 + 4282.241 + 2216.997 + 453.101 = ₱14,965 Mil.

Total Receivables was ₱3,528 Mil.
Revenue was 51730.294 + 44724.242 + 42943.523 + 39423.01 = ₱178,821 Mil.
Gross Profit was 12217.056 + 10747.526 + 10232.724 + 9084.882 = ₱42,282 Mil.
Total Current Assets was ₱51,198 Mil.
Total Assets was ₱141,526 Mil.
Property, Plant and Equipment(Net PPE) was ₱44,802 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱7,180 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,197 Mil.
Total Current Liabilities was ₱40,097 Mil.
Long-Term Debt & Capital Lease Obligation was ₱22,523 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)
	=	(3948.337 / 192125.862)	/	(3527.553 / 178821.069)
	=	0.020551	/	0.019727
	=	1.0418

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)
	=	(42282.188 / 178821.069)	/	(45600.111 / 192125.862)
	=	0.23645	/	0.237345
	=	0.9962

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 - (48471.332 + 43306.005) / 155022.916)	/	(1 - (51198.477 + 44802.485) / 141526.138)
	=	0.407976	/	0.321673
	=	1.2683

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
	=	192125.862	/	178821.069
	=	1.0744

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))
	=	(7179.629 / (7179.629 + 44802.485))	/	(7499.945 / (7499.945 + 43306.005))
	=	0.138117	/	0.147619
	=	0.9356

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)
	=	(1395.858 / 192125.862)	/	(1197.347 / 178821.069)
	=	0.007265	/	0.006696
	=	1.085

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)
	=	((33698.23 + 39273.033) / 155022.916)	/	((22523.078 + 40097.37) / 141526.138)
	=	0.470713	/	0.442466
	=	1.0638

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
	=	(4097.068 - 0	-	14964.721)	/	155022.916
	=	-0.070104

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.

Robinsons Retail Holdings has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Robinsons Retail Holdings Beneish M-Score Related Terms

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Robinsons Retail Holdings (PHS:RRHI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Robinsons Retail Holdings Inc (PHS:RRHI) » Definitions » Beneish M-Score

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RRETY:USA

Address

ADB Avenue corner Poveda Street, 43rd Floor, Robinsons Equitable Tower, Ortigas Center, Metro Manila, Pasig, PHL, 1600

Website

https://www.robinsonsretailholdings.com.ph

Robinsons Retail Holdings Inc is a multiformat retailer in the Philippines. The company operates in six business segments: Supermarkets (Robinsons Supermarket, Robinsons Easymart, and Robinsons Selections), Department stores (Robinsons Department Store), Drugstores (Southstar Drug and Manson Drug), DIY stores (True Home by True Value, A.M. Builders' Depot, Handyman Do it Best, True Value), Convenience stores (Ministop) and Specialty stores (toys retailer Toys "R" Us, one-price-point retailer Daiso Japan, consumer electronics and appliances retailers Robinsons Appliances and Savers Appliances and international fashion brands, such as Topshop, Topman, Dorothy Perkins, and international cosmetics brands such as Shiseido).

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