ABS-CBN (PHS:ABS) Beneish M-Score : -3.70 (As of Apr. 05, 2025)

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What is ABS-CBN 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 -3.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:ABS' s Beneish M-Score Range Over the Past 10 Years
Min: -8.06 Med: -2.86 Max: 0.45
Current: -3.7

During the past 13 years, the highest Beneish M-Score of ABS-CBN was 0.45. The lowest was -8.06. And the median was -2.86.

ABS-CBN Beneish M-Score Historical Data

The historical data trend for ABS-CBN'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.

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ABS-CBN Beneish M-Score Chart

ABS-CBN Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-1.87

-3.25

-2.87

-3.58

ABS-CBN 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															-2.78	-3.58	-3.75	-3.83	-3.70

Competitive Comparison of ABS-CBN's Beneish M-Score

For the Entertainment subindustry, ABS-CBN'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.

ABS-CBN's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, ABS-CBN's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ABS-CBN's Beneish M-Score falls into.

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ABS-CBN 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 ABS-CBN 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 * 1.1191

0.528 * 0.8231

0.404 * 0.5127

0.892 * 0.9634

0.115 * 1.3363

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1518

4.679 * -0.221232

0.327 * 0.9537

-3.70

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱5,317 Mil.
Revenue was 4331.82 + 3707.518 + 4079.569 + 4990.717 = ₱17,110 Mil.
Gross Profit was 1100.884 + 295.804 + 657.161 + 1080.247 = ₱3,134 Mil.
Total Current Assets was ₱13,677 Mil.
Total Assets was ₱51,250 Mil.
Property, Plant and Equipment(Net PPE) was ₱30,720 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3,559 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4,659 Mil.
Total Current Liabilities was ₱33,034 Mil.
Long-Term Debt & Capital Lease Obligation was ₱506 Mil.
Net Income was -389.868 + -1175.714 + -841.542 + -6611.822 = ₱-9,019 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 620.352 + 656.363 + 932.639 + 109.781 = ₱2,319 Mil.

Total Receivables was ₱4,931 Mil.
Revenue was 4725.033 + 4533.396 + 4261.638 + 4239.096 = ₱17,759 Mil.
Gross Profit was 910.945 + 939.286 + 725.307 + 102.079 = ₱2,678 Mil.
Total Current Assets was ₱13,117 Mil.
Total Assets was ₱48,734 Mil.
Property, Plant and Equipment(Net PPE) was ₱22,910 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3,691 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4,199 Mil.
Total Current Liabilities was ₱16,622 Mil.
Long-Term Debt & Capital Lease Obligation was ₱16,819 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)
	=	(5316.674 / 17109.624)	/	(4931.029 / 17759.163)
	=	0.310742	/	0.277661
	=	1.1191

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)
	=	(2677.617 / 17759.163)	/	(3134.096 / 17109.624)
	=	0.150774	/	0.183177
	=	0.8231

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 - (13677.48 + 30720.379) / 51249.734)	/	(1 - (13116.568 + 22910.074) / 48734.366)
	=	0.133696	/	0.260755
	=	0.5127

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
	=	17109.624	/	17759.163
	=	0.9634

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))
	=	(3690.658 / (3690.658 + 22910.074))	/	(3559.182 / (3559.182 + 30720.379))
	=	0.138743	/	0.103828
	=	1.3363

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)
	=	(4659.497 / 17109.624)	/	(4198.871 / 17759.163)
	=	0.272332	/	0.236434
	=	1.1518

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)
	=	((505.506 + 33033.958) / 51249.734)	/	((16819.124 + 16621.542) / 48734.366)
	=	0.654432	/	0.686182
	=	0.9537

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
	=	(-9018.946 - 0	-	2319.135)	/	51249.734
	=	-0.221232

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.

ABS-CBN has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.

ABS-CBN Beneish M-Score Related Terms

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ABS-CBN Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » ABS-CBN Corp (PHS:ABS) » Definitions » Beneish M-Score

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Address

Mother Ignacia Street, Sgt. Esguerra Avenue Corner, ABS-CBN Broadcasting Center, Diliman, Quezon, QUE, PHL, 1100

Website

http://www.abs-cbn.com

ABS-CBN Corp is one of the media companies in the Philippines. It operates national television networks, radio channels, and international television channels. The company's operating segment includes Content Creation, Production, and Distribution; Cable, satellite, and broadband. It generates maximum revenue from the Content Production and Distribution segment. Geographically, it derives a majority of revenue from the Philippines.

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