Tuas (ASX:TUA) Beneish M-Score : -2.82 (As of Apr. 04, 2025)

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What is Tuas 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:TUA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.82 Max: -2.82
Current: -2.82

During the past 3 years, the highest Beneish M-Score of Tuas was -2.82. The lowest was -2.82. And the median was -2.82.

Tuas Beneish M-Score Historical Data

The historical data trend for Tuas'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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Tuas Beneish M-Score Chart

Tuas Annual Data

Trend

Jul22

Jul23

Jul24

Beneish M-Score

-2.82

Tuas Semi-Annual Data
	Jan20	Jan22	Jul22	Jan23	Jul23	Jan24	Jul24	Jan25
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-2.82	-

Competitive Comparison of Tuas's Beneish M-Score

For the Telecom Services subindustry, Tuas'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.

Tuas's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Tuas's Beneish M-Score distribution charts can be found below:

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

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Tuas 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 Tuas 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 * 1.1188

0.528 * 0.9511

0.404 * 0.8276

0.892 * 1.3617

0.115 * 0.8858

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9158

4.679 * -0.125505

0.327 * 1.2832

-2.82

This Year (Jul24) TTM:

Last Year (Jul23) TTM:

Total Receivables was A$5.2 Mil.
Revenue was A$130.4 Mil.
Gross Profit was A$90.6 Mil.
Total Current Assets was A$110.1 Mil.
Total Assets was A$570.1 Mil.
Property, Plant and Equipment(Net PPE) was A$314.3 Mil.
Depreciation, Depletion and Amortization(DDA) was A$59.3 Mil.
Selling, General, & Admin. Expense(SGA) was A$23.9 Mil.
Total Current Liabilities was A$41.9 Mil.
Long-Term Debt & Capital Lease Obligation was A$1.0 Mil.
Net Income was A$-4.9 Mil.
Gross Profit was A$-0.2 Mil.
Cash Flow from Operations was A$66.8 Mil.

Total Receivables was A$3.4 Mil.
Revenue was A$95.8 Mil.
Gross Profit was A$63.3 Mil.
Total Current Assets was A$54.1 Mil.
Total Assets was A$520.8 Mil.
Property, Plant and Equipment(Net PPE) was A$305.9 Mil.
Depreciation, Depletion and Amortization(DDA) was A$50.1 Mil.
Selling, General, & Admin. Expense(SGA) was A$19.2 Mil.
Total Current Liabilities was A$29.0 Mil.
Long-Term Debt & Capital Lease Obligation was A$1.6 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)
	=	(5.154 / 130.411)	/	(3.383 / 95.771)
	=	0.039521	/	0.035324
	=	1.1188

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)
	=	(63.269 / 95.771)	/	(90.584 / 130.411)
	=	0.660628	/	0.694604
	=	0.9511

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 - (110.091 + 314.26) / 570.063)	/	(1 - (54.101 + 305.866) / 520.816)
	=	0.255607	/	0.30884
	=	0.8276

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
	=	130.411	/	95.771
	=	1.3617

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))
	=	(50.057 / (50.057 + 305.866))	/	(59.309 / (59.309 + 314.26))
	=	0.14064	/	0.158763
	=	0.8858

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)
	=	(23.938 / 130.411)	/	(19.196 / 95.771)
	=	0.183558	/	0.200436
	=	0.9158

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)
	=	((1.006 + 41.941) / 570.063)	/	((1.612 + 28.966) / 520.816)
	=	0.075337	/	0.058712
	=	1.2832

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
	=	(-4.87 - -0.157	-	66.833)	/	570.063
	=	-0.125505

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.

Tuas has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Tuas Beneish M-Score Related Terms

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Tuas Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Tuas Ltd (ASX:TUA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

68 Waterloo Road, c/- Level 4. , Macquarie Park, Macquarie Park, NSW, AUS, 2113

Website

https://www.tuas.com.au

Tuas Ltd owns and operates a mobile network and providing telecommunications services in Singapore. The company generates revenue from network infrastructure to provide mobile telecommunication services.