DHY (Credit Suisse High Yield Bond Fund) Beneish M-Score : 0.00 (As of Dec. 14, 2024)

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What is Credit Suisse High Yield Bond Fund Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Credit Suisse High Yield Bond Fund's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Credit Suisse High Yield Bond Fund was 8.51. The lowest was -1.88. And the median was 1.72.

Credit Suisse High Yield Bond Fund 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 Credit Suisse High Yield Bond Fund 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* 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 (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was $5.26 Mil.
Revenue was $22.78 Mil.
Gross Profit was $22.78 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $307.52 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.60 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $80.00 Mil.
Net Income was $22.59 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $31.40 Mil.

Total Receivables was $6.00 Mil.
Revenue was $-37.17 Mil.
Gross Profit was $-37.17 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $313.62 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.65 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $91.50 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)
	=	(5.259 / 22.783)	/	(6.004 / -37.168)
	=	0.23083	/
	=

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)
	=	(-37.168 / -37.168)	/	(22.783 / 22.783)
	=		/	1
	=

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 - (0 + 0) / 307.522)	/	(1 - (0 + 0) / 313.617)
	=	1	/	1
	=

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
	=	22.783	/	-37.168
	=

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

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)
	=	(0.597 / 22.783)	/	(0.654 / -37.168)
	=	0.026204	/
	=

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)
	=	((80 + 0) / 307.522)	/	((91.5 + 0) / 313.617)
	=	0.260144	/	0.291757
	=

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
	=	(22.586 - 0	-	31.404)	/	307.522
	=	-0.028674

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.

Credit Suisse High Yield Bond Fund Beneish M-Score Related Terms

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Credit Suisse High Yield Bond Fund Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Credit Suisse High Yield Bond Fund (AMEX:DHY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Eleven Madison Avenue, New York, NY, USA, 10010

Website

https://www.credit-suisse.com

Credit Suisse High Yield Bond Fund is a non-diversified, closed-end management investment company with the objective to seek high current income and capital appreciation as a secondary objective.

Executives

Laura A Defelice	other: Trustee	ONE MADISON AVENUE, NEW YORK NY 10010
Thomas J. Flannery	officer: Chief Investment Officer	ELEVEN MADISON AVENUE, NEW YORK NY 10010
Brandi Sinkovich	officer: Chief Compliance Officer	ELEVEN MADISON AVENUE, NEW YORK NY 10010
Samantha Kappagoda	other: Trustee	C/O CREDIT SUISSE ASSET MANAGEMENT, LLC, ELEVEN MADISON AVENUE, NEW YORK NY 10010
Rachael Inez Hoffman	officer: Chief Compliance Officer	11 MADISON AVENUE, NEW YORK NY 10010
Antonio Muinos	officer: Chief Compliance Officer	ELEVEN MADISON AVENUE, 9TH AVENUE, NEW YORK NY 10010
Jason Patrick Gossett	officer: Chief Compliance Officer	RALEIGH LT BUILDING, MORRISVILLE NC 27560
Omar Tariq	officer: CFO & Treasurer	ELEVEN MADISON AVENUE, NEW YORK NY 10010
Jeffrey E Garten	other: Trustee	AETNA INC., 151 FARMINGTON AVENUE, HARTFORD CT 06156
Mahendra R Gupta	officer: Chairman of Audit Committee, other: and Trustee	WASHINGTON UNIVERSITY CAMPUS BOX 1133, ONE BROOKINGS DRIVE, ST. LOUIS MO 63130-4899
Csam Americas Holding Corp.	other: Affiliate of InvestmentAdviser	ONE MADISON AVENUE, NEW YORK NY 10010
Terry Fires Bovarnick	director	C/O CREDIT SUISSE ASSET MANAGMENT, LLC, ELEVEN MADISON AVENUE, NEW YORK CITY NY 10010
Lawrence Joseph Fox	officer: Audit Committee Chairman &, other: Trustee	C/O ABERDEEN ASSET MANAGEMENT INC., 1735 MARKET STREET - 32ND FLOOR, PHILADELPHIA PA 19103
James Cattano	director	C/O ABERDEEN ASSET MANAGEMENT INC., 1735 MARKET STREET - 32ND FLOOR, PHILADELPHIA PA 19103
Steven N Rappaport	director	C/O ABERDEEN ASSET MANAGEMENT INC., 1735 MARKET STREET - 32ND FLOOR, PHILADELPHIA PA 19103