ComfortDelGro Beneish M-Score Historical Data
The historical data trend for ComfortDelGro'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.
ComfortDelGro Beneish M-Score Chart
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ComfortDelGro Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.84 |
-2.96 |
-2.98 |
-2.66 |
-2.56 |
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ComfortDelGro Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.98 |
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-2.66 |
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-2.56 |
Competitive Comparison of ComfortDelGro's Beneish M-Score
For the Railroads subindustry, ComfortDelGro'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.
ComfortDelGro's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ComfortDelGro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ComfortDelGro's Beneish M-Score falls into.
ComfortDelGro 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 ComfortDelGro 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 * 1.1809 | + | 0.528 * 0.8442 | + | 0.404 * 1.307 | + | 0.892 * 1.138 | + | 0.115 * 1.0392 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1437 | + | 4.679 * -0.058856 | - | 0.327 * 1.3945 |
| = | -2.57 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $537 Mil.
Revenue was $3,315 Mil.
Gross Profit was $554 Mil.
Total Current Assets was $1,406 Mil.
Total Assets was $4,240 Mil.
Property, Plant and Equipment(Net PPE) was $1,577 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $180 Mil.
Total Current Liabilities was $1,333 Mil.
Long-Term Debt & Capital Lease Obligation was $513 Mil.
Net Income was $156 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $405 Mil.
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Total Receivables was $400 Mil.
Revenue was $2,913 Mil.
Gross Profit was $411 Mil.
Total Current Assets was $1,212 Mil.
Total Assets was $3,521 Mil.
Property, Plant and Equipment(Net PPE) was $1,510 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $138 Mil.
Total Current Liabilities was $819 Mil.
Long-Term Debt & Capital Lease Obligation was $280 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) |
| = | (537.396 / 3314.944) | / | (399.895 / 2912.919) |
| = | 0.162113 | / | 0.137283 |
| | = | 1.1809 |
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) |
| = | (411.155 / 2912.919) | / | (554.28 / 3314.944) |
| = | 0.141149 | / | 0.167206 |
| | = | 0.8442 |
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 - (1406.324 + 1577.014) / 4240.077) | / | (1 - (1211.696 + 1510.472) / 3520.531) |
| = | 0.296395 | / | 0.226773 |
| | = | 1.307 |
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 |
| = | 3314.944 | / | 2912.919 |
| | = | 1.138 |
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)) |
| = | (273.403 / (273.403 + 1510.472)) | / | (272.808 / (272.808 + 1577.014)) |
| = | 0.153264 | / | 0.147478 |
| | = | 1.0392 |
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) |
| = | (180.169 / 3314.944) | / | (138.428 / 2912.919) |
| = | 0.054351 | / | 0.047522 |
| | = | 1.1437 |
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) |
| = | ((513.403 + 1333.457) / 4240.077) | / | ((280.159 + 819.458) / 3520.531) |
| = | 0.435572 | / | 0.312344 |
| | = | 1.3945 |
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 |
| = | (155.88 - 0 | - | 405.435) | / | 4240.077 |
| | = | -0.058856 |
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.
ComfortDelGro has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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