Filinvest REIT Beneish M-Score Historical Data
The historical data trend for Filinvest REIT'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.
Filinvest REIT Beneish M-Score Chart
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Filinvest REIT Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.11 |
-2.65 |
-2.70 |
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Filinvest REIT Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.30 |
-3.39 |
-3.43 |
-2.70 |
-3.02 |
Competitive Comparison of Filinvest REIT's Beneish M-Score
For the REIT - Office subindustry, Filinvest REIT'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.
Filinvest REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Filinvest REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Filinvest REIT's Beneish M-Score falls into.
Filinvest REIT 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 Filinvest REIT 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 * 0.2459 | + | 0.528 * 1.0123 | + | 0.404 * 1.2088 | + | 0.892 * 0.9333 | + | 0.115 * 0.8721 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.652 | + | 4.679 * 0.002996 | - | 0.327 * 0.2881 |
| = | -3.02 |
* 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 ₱167 Mil.
Revenue was 724.648 + 767.474 + 640.351 + 780.858 = ₱2,913 Mil.
Gross Profit was 592.107 + 648.111 + 516.141 + 633.755 = ₱2,390 Mil.
Total Current Assets was ₱1,637 Mil.
Total Assets was ₱49,819 Mil.
Property, Plant and Equipment(Net PPE) was ₱0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱204 Mil.
Selling, General, & Admin. Expense(SGA) was ₱19 Mil.
Total Current Liabilities was ₱7,889 Mil.
Long-Term Debt & Capital Lease Obligation was ₱27 Mil.
Net Income was 303.661 + 1023.409 + 160.132 + 257.172 = ₱1,744 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 131.349 + 762.223 + 351.448 + 350.083 = ₱1,595 Mil.
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Total Receivables was ₱727 Mil.
Revenue was 805.267 + 776.319 + 722.19 + 817.654 = ₱3,121 Mil.
Gross Profit was 670.477 + 612.997 + 604.96 + 703.86 = ₱2,592 Mil.
Total Current Assets was ₱2,737 Mil.
Total Assets was ₱13,999 Mil.
Property, Plant and Equipment(Net PPE) was ₱62 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱420 Mil.
Selling, General, & Admin. Expense(SGA) was ₱12 Mil.
Total Current Liabilities was ₱1,695 Mil.
Long-Term Debt & Capital Lease Obligation was ₱6,026 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) |
| = | (166.932 / 2913.331) | / | (727.342 / 3121.43) |
| = | 0.057299 | / | 0.233016 |
| | = | 0.2459 |
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) |
| = | (2592.294 / 3121.43) | / | (2390.114 / 2913.331) |
| = | 0.830483 | / | 0.820406 |
| | = | 1.0123 |
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 - (1637.482 + 0) / 49818.645) | / | (1 - (2737.265 + 61.618) / 13998.962) |
| = | 0.967131 | / | 0.800065 |
| | = | 1.2088 |
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 |
| = | 2913.331 | / | 3121.43 |
| | = | 0.9333 |
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)) |
| = | (419.995 / (419.995 + 61.618)) | / | (204.144 / (204.144 + 0)) |
| = | 0.872059 | / | 1 |
| | = | 0.8721 |
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) |
| = | (19.097 / 2913.331) | / | (12.386 / 3121.43) |
| = | 0.006555 | / | 0.003968 |
| | = | 1.652 |
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) |
| = | ((26.742 + 7889.055) / 49818.645) | / | ((6026.413 + 1694.937) / 13998.962) |
| = | 0.158892 | / | 0.551566 |
| | = | 0.2881 |
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 |
| = | (1744.374 - 0 | - | 1595.103) | / | 49818.645 |
| | = | 0.002996 |
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.
Filinvest REIT has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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