Guoco Group Beneish M-Score Historical Data
The historical data trend for Guoco Group'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.
Guoco Group Beneish M-Score Chart
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Guoco Group Annual Data
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Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.17 |
-2.43 |
-0.87 |
-2.80 |
-2.71 |
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Guoco Group Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.80 |
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-2.71 |
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Competitive Comparison of Guoco Group's Beneish M-Score
For the Conglomerates subindustry, Guoco Group'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.
Guoco Group's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Guoco Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guoco Group's Beneish M-Score falls into.
Guoco Group 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 Guoco Group 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 * 0.4881 | + | 0.528 * 1.0807 | + | 0.404 * 1.0074 | + | 0.892 * 1.3116 | + | 0.115 * 1.2626 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9054 | + | 4.679 * -0.027087 | - | 0.327 * 0.9955 |
| = | -2.71 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $235 Mil.
Revenue was $2,491 Mil.
Gross Profit was $910 Mil.
Total Current Assets was $6,094 Mil.
Total Assets was $16,938 Mil.
Property, Plant and Equipment(Net PPE) was $2,239 Mil.
Depreciation, Depletion and Amortization(DDA) was $139 Mil.
Selling, General, & Admin. Expense(SGA) was $697 Mil.
Total Current Liabilities was $1,994 Mil.
Long-Term Debt & Capital Lease Obligation was $4,716 Mil.
Net Income was $434 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $893 Mil.
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Total Receivables was $368 Mil.
Revenue was $1,899 Mil.
Gross Profit was $750 Mil.
Total Current Assets was $6,067 Mil.
Total Assets was $16,599 Mil.
Property, Plant and Equipment(Net PPE) was $2,160 Mil.
Depreciation, Depletion and Amortization(DDA) was $172 Mil.
Selling, General, & Admin. Expense(SGA) was $587 Mil.
Total Current Liabilities was $2,370 Mil.
Long-Term Debt & Capital Lease Obligation was $4,235 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) |
| = | (235.32 / 2491.441) | / | (367.59 / 1899.482) |
| = | 0.094451 | / | 0.193521 |
| | = | 0.4881 |
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) |
| = | (749.844 / 1899.482) | / | (910.041 / 2491.441) |
| = | 0.394762 | / | 0.365267 |
| | = | 1.0807 |
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 - (6093.699 + 2238.671) / 16937.697) | / | (1 - (6066.793 + 2160.287) / 16598.561) |
| = | 0.508058 | / | 0.50435 |
| | = | 1.0074 |
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 |
| = | 2491.441 | / | 1899.482 |
| | = | 1.3116 |
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)) |
| = | (171.786 / (171.786 + 2160.287)) | / | (138.696 / (138.696 + 2238.671)) |
| = | 0.073662 | / | 0.05834 |
| | = | 1.2626 |
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) |
| = | (696.93 / 2491.441) | / | (586.88 / 1899.482) |
| = | 0.27973 | / | 0.308968 |
| | = | 0.9054 |
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) |
| = | ((4715.76 + 1994.114) / 16937.697) | / | ((4234.533 + 2370.46) / 16598.561) |
| = | 0.39615 | / | 0.397926 |
| | = | 0.9955 |
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 |
| = | (434.257 - 0 | - | 893.056) | / | 16937.697 |
| | = | -0.027087 |
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.
Guoco Group has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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