TRG Pakistan Beneish M-Score Historical Data
The historical data trend for TRG Pakistan'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.
TRG Pakistan Beneish M-Score Chart
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TRG Pakistan Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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- |
- |
-8.14 |
-4.79 |
-6.19 |
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TRG Pakistan Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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3.28 |
-4.04 |
-6.19 |
-5.00 |
-4.63 |
Competitive Comparison of TRG Pakistan's Beneish M-Score
For the Specialty Business Services subindustry, TRG Pakistan'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.
TRG Pakistan's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, TRG Pakistan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TRG Pakistan's Beneish M-Score falls into.
TRG Pakistan 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 TRG Pakistan 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 * 0.987 | + | 0.528 * 1 | + | 0.404 * 0.9996 | + | 0.892 * 1.4222 | + | 0.115 * 0.4899 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4176 | + | 4.679 * -0.346585 | - | 0.327 * 3.3324 |
| = | -4.63 |
* 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 ₨0.30 Mil.
Revenue was 0.629 + 0.507 + 0.722 + 0.52 = ₨2.38 Mil.
Gross Profit was 0.629 + 0.507 + 0.722 + 0.52 = ₨2.38 Mil.
Total Current Assets was ₨39.16 Mil.
Total Assets was ₨46,004.06 Mil.
Property, Plant and Equipment(Net PPE) was ₨0.95 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0.69 Mil.
Selling, General, & Admin. Expense(SGA) was ₨487.76 Mil.
Total Current Liabilities was ₨837.05 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 Mil.
Net Income was 1906.957 + 2407.454 + -14120.17 + -6129.318 = ₨-15,935.08 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0.00 Mil.
Cash Flow from Operations was 1.464 + -0.92 + 7.906 + 0.792 = ₨9.24 Mil.
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Total Receivables was ₨0.21 Mil.
Revenue was 0.731 + 0.589 + 0.272 + 0.08 = ₨1.67 Mil.
Gross Profit was 0.731 + 0.589 + 0.272 + 0.08 = ₨1.67 Mil.
Total Current Assets was ₨30.95 Mil.
Total Assets was ₨64,748.54 Mil.
Property, Plant and Equipment(Net PPE) was ₨1.64 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0.43 Mil.
Selling, General, & Admin. Expense(SGA) was ₨241.92 Mil.
Total Current Liabilities was ₨353.52 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 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) |
| = | (0.299 / 2.378) | / | (0.213 / 1.672) |
| = | 0.125736 | / | 0.127392 |
| | = | 0.987 |
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) |
| = | (1.672 / 1.672) | / | (2.378 / 2.378) |
| = | 1 | / | 1 |
| | = | 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 - (39.156 + 0.947) / 46004.056) | / | (1 - (30.953 + 1.637) / 64748.543) |
| = | 0.999128 | / | 0.999497 |
| | = | 0.9996 |
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 |
| = | 2.378 | / | 1.672 |
| | = | 1.4222 |
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)) |
| = | (0.426 / (0.426 + 1.637)) | / | (0.69 / (0.69 + 0.947)) |
| = | 0.206495 | / | 0.421503 |
| | = | 0.4899 |
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) |
| = | (487.763 / 2.378) | / | (241.922 / 1.672) |
| = | 205.114802 | / | 144.690191 |
| | = | 1.4176 |
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) |
| = | ((0 + 837.051) / 46004.056) | / | ((0 + 353.524) / 64748.543) |
| = | 0.018195 | / | 0.00546 |
| | = | 3.3324 |
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 |
| = | (-15935.077 - 0 | - | 9.242) | / | 46004.056 |
| | = | -0.346585 |
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.
TRG Pakistan has a M-score of -4.63 suggests that the company is unlikely to be a manipulator.
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