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First Philippine Holdings (PHS:FPH) Beneish M-Score : -2.71 (As of Dec. 16, 2024)


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What is First Philippine Holdings 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:FPH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13   Med: -2.77   Max: -2.19
Current: -2.71

During the past 13 years, the highest Beneish M-Score of First Philippine Holdings was -2.19. The lowest was -3.13. And the median was -2.77.


First Philippine Holdings Beneish M-Score Historical Data

The historical data trend for First Philippine Holdings'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.

* Premium members only.

First Philippine Holdings Beneish M-Score Chart

First Philippine Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.78 -2.86 -2.67 -2.47 -3.05

First Philippine Holdings 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.79 -3.05 -2.47 -2.46 -2.71

Competitive Comparison of First Philippine Holdings's Beneish M-Score

For the Utilities - Regulated Electric subindustry, First Philippine Holdings'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.


First Philippine Holdings's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, First Philippine Holdings's Beneish M-Score distribution charts can be found below:

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



First Philippine Holdings 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 First Philippine Holdings 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 * 0.9577+0.528 * 1.0962+0.404 * 1.1394+0.892 * 0.9748+0.115 * 0.9993
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0003+4.679 * -0.058252-0.327 * 1.0177
=-2.71

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ₱39,637 Mil.
Revenue was 39823 + 45684 + 39125 + 40663 = ₱165,295 Mil.
Gross Profit was 12362 + 14887 + 14022 + 9195 = ₱50,466 Mil.
Total Current Assets was ₱160,532 Mil.
Total Assets was ₱513,375 Mil.
Property, Plant and Equipment(Net PPE) was ₱183,403 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱17,256 Mil.
Selling, General, & Admin. Expense(SGA) was ₱10,944 Mil.
Total Current Liabilities was ₱87,282 Mil.
Long-Term Debt & Capital Lease Obligation was ₱127,342 Mil.
Net Income was 3207 + 3993 + 4136 + 2409 = ₱13,745 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 11667 + 12338 + 2588 + 17057 = ₱43,650 Mil.
Total Receivables was ₱42,460 Mil.
Revenue was 40187 + 41611 + 42491 + 45283 = ₱169,572 Mil.
Gross Profit was 13883 + 14534 + 14782 + 13553 = ₱56,752 Mil.
Total Current Assets was ₱168,906 Mil.
Total Assets was ₱451,865 Mil.
Property, Plant and Equipment(Net PPE) was ₱152,067 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱14,296 Mil.
Selling, General, & Admin. Expense(SGA) was ₱11,224 Mil.
Total Current Liabilities was ₱82,349 Mil.
Long-Term Debt & Capital Lease Obligation was ₱103,275 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)
=(39637 / 165295) / (42460 / 169572)
=0.239796 / 0.250395
=0.9577

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)
=(56752 / 169572) / (50466 / 165295)
=0.334678 / 0.305309
=1.0962

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 - (160532 + 183403) / 513375) / (1 - (168906 + 152067) / 451865)
=0.330051 / 0.289671
=1.1394

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
=165295 / 169572
=0.9748

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))
=(14296 / (14296 + 152067)) / (17256 / (17256 + 183403))
=0.085933 / 0.085997
=0.9993

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)
=(10944 / 165295) / (11224 / 169572)
=0.066209 / 0.06619
=1.0003

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)
=((127342 + 87282) / 513375) / ((103275 + 82349) / 451865)
=0.418065 / 0.410795
=1.0177

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
=(13745 - 0 - 43650) / 513375
=-0.058252

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.

First Philippine Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.


First Philippine Holdings Beneish M-Score Related Terms

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First Philippine Holdings Business Description

Traded in Other Exchanges
Address
Ortigas Avenue, Rockwell Business Center, 6th Floor, Tower 3, Pasig City, PHL, 1604
First Philippine Holdings Corporation, or FPH, is a Filipino holding company involved in the purchasing and acquiring of shares in energy, real estate, manufacturing, construction, and engineering companies. FPH segments its activities into Power Generation, Real Estate Development, Energy Solutions, Construction, and other business units. The company's Power Generation division which derives key revenue, generates and distributes electricity. With its primary energy subsidiaries, First Gen Corporation and Energy Development Corporation, FPH operates a portfolio of natural gas-fired, hydroelectric, geothermal, wind, and solar power plants. The company derives the vast majority of its revenue from the sale of electricity. Principally all of FPH's operations take place in the Philippines.

First Philippine Holdings Headlines