JGSMY (JG Summit Holdings) Beneish M-Score : -2.50 (As of Mar. 23, 2025)

View and export this data going back to 2013. Start your Free Trial

What is JG Summit 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JGSMY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91 Med: -2.51 Max: -1.72
Current: -2.5

During the past 13 years, the highest Beneish M-Score of JG Summit Holdings was -1.72. The lowest was -3.91. And the median was -2.51.

JG Summit Holdings Beneish M-Score Historical Data

The historical data trend for JG Summit 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.

* Premium members only.

JG Summit Holdings Beneish M-Score Chart

JG Summit Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.53

-1.94

-2.28

-2.74

-2.63

JG Summit Holdings Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.09	-2.63	-2.58	-2.47	-2.50

Competitive Comparison of JG Summit Holdings's Beneish M-Score

For the Conglomerates subindustry, JG Summit 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.

JG Summit Holdings's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, JG Summit Holdings's Beneish M-Score distribution charts can be found below:

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

JG Summit 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 JG Summit 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 * 0.8813

0.528 * 0.9437

0.404 * 1.2196

0.892 * 1.101

0.115 * 0.9757

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0942

4.679 * -0.01715

0.327 * 0.8948

-2.50

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $750 Mil.
Revenue was 1554.114 + 1591.465 + 1687.151 + 1619.428 = $6,452 Mil.
Gross Profit was 418.016 + 501.352 + 528.124 + 508.18 = $1,956 Mil.
Total Current Assets was $4,120 Mil.
Total Assets was $17,889 Mil.
Property, Plant and Equipment(Net PPE) was $6,546 Mil.
Depreciation, Depletion and Amortization(DDA) was $567 Mil.
Selling, General, & Admin. Expense(SGA) was $590 Mil.
Total Current Liabilities was $4,134 Mil.
Long-Term Debt & Capital Lease Obligation was $5,039 Mil.
Net Income was 53.271 + 67.476 + 191.059 + 81.435 = $393 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 244.076 + 289.595 + 125.014 + 41.367 = $700 Mil.

Total Receivables was $773 Mil.
Revenue was 1535.143 + 1412.887 + 1434.531 + 1477.585 = $5,860 Mil.
Gross Profit was 478.831 + 450.541 + 419.888 + 327.034 = $1,676 Mil.
Total Current Assets was $6,846 Mil.
Total Assets was $18,802 Mil.
Property, Plant and Equipment(Net PPE) was $5,732 Mil.
Depreciation, Depletion and Amortization(DDA) was $483 Mil.
Selling, General, & Admin. Expense(SGA) was $490 Mil.
Total Current Liabilities was $6,096 Mil.
Long-Term Debt & Capital Lease Obligation was $4,677 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)
	=	(750.071 / 6452.158)	/	(773.012 / 5860.146)
	=	0.116251	/	0.13191
	=	0.8813

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)
	=	(1676.294 / 5860.146)	/	(1955.672 / 6452.158)
	=	0.28605	/	0.303104
	=	0.9437

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 - (4120.28 + 6545.891) / 17889.375)	/	(1 - (6845.679 + 5731.5) / 18802.168)
	=	0.403771	/	0.331078
	=	1.2196

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
	=	6452.158	/	5860.146
	=	1.101

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))
	=	(483.417 / (483.417 + 5731.5))	/	(567.068 / (567.068 + 6545.891))
	=	0.077783	/	0.079723
	=	0.9757

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)
	=	(590.29 / 6452.158)	/	(489.979 / 5860.146)
	=	0.091487	/	0.083612
	=	1.0942

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)
	=	((5038.653 + 4133.808) / 17889.375)	/	((4676.854 + 6096.465) / 18802.168)
	=	0.512732	/	0.572983
	=	0.8948

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
	=	(393.241 - 0	-	700.052)	/	17889.375
	=	-0.01715

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.

JG Summit Holdings has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

JG Summit Holdings Beneish M-Score Related Terms

Thank you for viewing the detailed overview of JG Summit Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

JG Summit Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » JG Summit Holdings Inc (OTCPK:JGSMY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

JGS:Philippines

Address

ADB Avenue Corner, Poveda Road, 43rd Floor, Robinsons-Equitable Tower, Ortigas Center, Metro Manila, Pasig City, RIZ, PHL, 1600

Website

https://www.jgsummit.com.ph

JG Summit Holdings Inc is a diversified Filipino conglomerate, engaged in foods, agro-industrial and commodities, real estate and hotel, air transportation, banking and petrochemicals. The company also has investments in telecommunications and power generation and distribution. It also has a branded consumer foods business in China, ASEAN and an investment in a property development company in Singapore. The Group conducts businesses throughout the Philippines, around Metro Manila and in the regions of Luzon, Visayas and Mindanao.

JG Summit Holdings Headlines

No Headlines