Concepcion Industrial Beneish M-Score Historical Data
The historical data trend for Concepcion Industrial'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.
Concepcion Industrial Beneish M-Score Chart
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Concepcion Industrial Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.12 |
-3.29 |
-2.64 |
-2.39 |
-2.89 |
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Concepcion Industrial Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.49 |
-2.39 |
-2.97 |
-2.89 |
-2.62 |
Competitive Comparison of Concepcion Industrial's Beneish M-Score
For the Consumer Electronics subindustry, Concepcion Industrial'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.
Concepcion Industrial's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Concepcion Industrial's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Concepcion Industrial's Beneish M-Score falls into.
Concepcion Industrial 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 Concepcion Industrial 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 * 1.0717 | + | 0.528 * 0.9864 | + | 0.404 * 0.948 | + | 0.892 * 1.2036 | + | 0.115 * 1.0453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0687 | + | 4.679 * -0.071166 | - | 0.327 * 1.0702 |
| = | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₱5,247 Mil.
Revenue was 3831.739 + 3802.367 + 3625.779 + 4351.552 = ₱15,611 Mil.
Gross Profit was 1313.502 + 1250.256 + 1130.045 + 1272.361 = ₱4,966 Mil.
Total Current Assets was ₱11,142 Mil.
Total Assets was ₱13,743 Mil.
Property, Plant and Equipment(Net PPE) was ₱771 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱381 Mil.
Selling, General, & Admin. Expense(SGA) was ₱613 Mil.
Total Current Liabilities was ₱6,382 Mil.
Long-Term Debt & Capital Lease Obligation was ₱203 Mil.
Net Income was 104.028 + 94.855 + 71.951 + 162.796 = ₱434 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 37.117 + 181.513 + 1154.516 + 38.505 = ₱1,412 Mil.
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Total Receivables was ₱4,068 Mil.
Revenue was 2881.719 + 3477.019 + 2972.54 + 3638.966 = ₱12,970 Mil.
Gross Profit was 1002.522 + 934.48 + 939.488 + 1193.183 = ₱4,070 Mil.
Total Current Assets was ₱10,122 Mil.
Total Assets was ₱12,607 Mil.
Property, Plant and Equipment(Net PPE) was ₱714 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱377 Mil.
Selling, General, & Admin. Expense(SGA) was ₱477 Mil.
Total Current Liabilities was ₱5,455 Mil.
Long-Term Debt & Capital Lease Obligation was ₱190 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) |
| = | (5247.1 / 15611.437) | / | (4067.866 / 12970.244) |
| = | 0.336106 | / | 0.313631 |
| | = | 1.0717 |
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) |
| = | (4069.673 / 12970.244) | / | (4966.164 / 15611.437) |
| = | 0.31377 | / | 0.318111 |
| | = | 0.9864 |
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 - (11141.622 + 771.386) / 13742.815) | / | (1 - (10122.421 + 713.707) / 12606.781) |
| = | 0.133146 | / | 0.140452 |
| | = | 0.948 |
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 |
| = | 15611.437 | / | 12970.244 |
| | = | 1.2036 |
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)) |
| = | (376.675 / (376.675 + 713.707)) | / | (380.762 / (380.762 + 771.386)) |
| = | 0.345452 | / | 0.33048 |
| | = | 1.0453 |
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) |
| = | (613.456 / 15611.437) | / | (476.902 / 12970.244) |
| = | 0.039295 | / | 0.036769 |
| | = | 1.0687 |
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) |
| = | ((203.053 + 6381.994) / 13742.815) | / | ((189.705 + 5454.673) / 12606.781) |
| = | 0.479163 | / | 0.447726 |
| | = | 1.0702 |
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 |
| = | (433.63 - 0 | - | 1411.651) | / | 13742.815 |
| | = | -0.071166 |
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.
Concepcion Industrial has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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