DoubleDragon (PHS:DD) Beneish M-Score : -1.83 (As of May. 05, 2024)

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What is DoubleDragon 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 -1.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:DD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3 Med: -1.83 Max: -1.19
Current: -1.83

During the past 12 years, the highest Beneish M-Score of DoubleDragon was -1.19. The lowest was -2.30. And the median was -1.83.

DoubleDragon Beneish M-Score Historical Data

The historical data trend for DoubleDragon'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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DoubleDragon Beneish M-Score Chart

DoubleDragon Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.05

-2.01

-1.85

-1.76

-1.83

DoubleDragon Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.76	-1.57	-1.63	-1.66	-1.83

Competitive Comparison of DoubleDragon's Beneish M-Score

For the Real Estate Services subindustry, DoubleDragon'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.

DoubleDragon's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, DoubleDragon's Beneish M-Score distribution charts can be found below:

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

DoubleDragon 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 DoubleDragon 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 * 1.2474

0.528 * 0.9927

0.404 * 1.0106

0.892 * 0.97

0.115 * 1.9712

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9029

4.679 * 0.067501

0.327 * 0.9944

-1.83

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱14,345 Mil.
Revenue was 628.031 + 1595.867 + 1613.114 + 1258.486 = ₱5,095 Mil.
Gross Profit was 400.707 + 1198.657 + 1332.388 + 998.627 = ₱3,930 Mil.
Total Current Assets was ₱28,034 Mil.
Total Assets was ₱181,240 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,217 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱176 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,141 Mil.
Total Current Liabilities was ₱25,454 Mil.
Long-Term Debt & Capital Lease Obligation was ₱49,198 Mil.
Net Income was 7819.591 + 626.149 + 637.758 + 167.763 = ₱9,251 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 699.156 + -525.34 + -1739.669 + -1416.772 = ₱-2,983 Mil.

Total Receivables was ₱11,855 Mil.
Revenue was 718.063 + 1858.686 + 1331.389 + 1344.822 = ₱5,253 Mil.
Gross Profit was 504.878 + 1428.16 + 965.515 + 1123.811 = ₱4,022 Mil.
Total Current Assets was ₱25,982 Mil.
Total Assets was ₱156,801 Mil.
Property, Plant and Equipment(Net PPE) was ₱709 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱235 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,303 Mil.
Total Current Liabilities was ₱20,392 Mil.
Long-Term Debt & Capital Lease Obligation was ₱44,557 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)
	=	(14344.771 / 5095.498)	/	(11855.103 / 5252.96)
	=	2.815185	/	2.256842
	=	1.2474

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)
	=	(4022.364 / 5252.96)	/	(3930.379 / 5095.498)
	=	0.765733	/	0.771343
	=	0.9927

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 - (28033.91 + 1217.014) / 181239.947)	/	(1 - (25981.591 + 709.213) / 156800.52)
	=	0.838607	/	0.829779
	=	1.0106

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
	=	5095.498	/	5252.96
	=	0.97

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))
	=	(234.552 / (234.552 + 709.213))	/	(175.576 / (175.576 + 1217.014))
	=	0.248528	/	0.126079
	=	1.9712

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)
	=	(1141.465 / 5095.498)	/	(1303.265 / 5252.96)
	=	0.224014	/	0.248101
	=	0.9029

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)
	=	((49197.772 + 25454.206) / 181239.947)	/	((44557.32 + 20392.184) / 156800.52)
	=	0.411896	/	0.414217
	=	0.9944

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
	=	(9251.261 - 0	-	-2982.625)	/	181239.947
	=	0.067501

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.

DoubleDragon has a M-score of -1.83 suggests that the company is unlikely to be a manipulator.

DoubleDragon Beneish M-Score Related Terms

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DoubleDragon (PHS:DD) Business Description

Industry

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Traded in Other Exchanges

DDPR.PFD:Philippines

Address

Macapagal Avenue and EDSA Extension, DD Meridian Park Bay Area Corner, Boulevard Barangay 76 Zone 10, San Rafael, Pasay City, PHL, 1302

Website

https://www.doubledragon.com.ph

DoubleDragon Corp. is a Philippines-based real estate company focused on in the ownership and operation of a portfolio of leasable properties which is has four business segments such as retail leasing, office leasing, hospitality and industrial leasing. The real estate development segment is engaged in the development of real estate assets to be held as trading inventory and for sale. The leasing segment is engaged in the acquisition and/or development of real estate assets in the retail, office and industrial sector that are held for rentals. The hospitality segment is engaged in the acquisition and/or development of hotels which will be managed and operated by the Group. The company generates revenue via its leasing portfolio and hospitality operations.