Pal Holdings Beneish M-Score Historical Data
The historical data trend for Pal 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.
Pal Holdings Beneish M-Score Chart
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Pal Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.80 |
-4.22 |
-6.62 |
-2.38 |
-3.39 |
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Pal Holdings Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.89 |
-3.41 |
-3.39 |
-3.39 |
-3.27 |
Competitive Comparison of Pal Holdings's Beneish M-Score
For the Airlines subindustry, Pal 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.
Pal Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Pal Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pal Holdings's Beneish M-Score falls into.
Pal 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 Pal 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 * 0.6903 | + | 0.528 * 1.2527 | + | 0.404 * 0.7817 | + | 0.892 * 1.0784 | + | 0.115 * 0.9943 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.185 | + | 4.679 * -0.134769 | - | 0.327 * 0.8826 |
| = | -3.27 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₱26,717 Mil.
Revenue was 45120.404 + 45801.644 + 44545.723 + 47128.648 = ₱182,596 Mil.
Gross Profit was 5749.033 + 8435.735 + 6147.783 + 9569.882 = ₱29,902 Mil.
Total Current Assets was ₱84,274 Mil.
Total Assets was ₱231,578 Mil.
Property, Plant and Equipment(Net PPE) was ₱129,064 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱16,077 Mil.
Selling, General, & Admin. Expense(SGA) was ₱8,790 Mil.
Total Current Liabilities was ₱98,732 Mil.
Long-Term Debt & Capital Lease Obligation was ₱64,452 Mil.
Net Income was 2366.237 + 3601.458 + 1648.928 + 4278.277 = ₱11,895 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 9542.804 + 13710.35 + 1339.046 + 18512.286 = ₱43,104 Mil.
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Total Receivables was ₱35,890 Mil.
Revenue was 45238.311 + 42208.179 + 41469.728 + 40402.974 = ₱169,319 Mil.
Gross Profit was 11747.034 + 9171.668 + 7298.412 + 6516.893 = ₱34,734 Mil.
Total Current Assets was ₱91,688 Mil.
Total Assets was ₱226,871 Mil.
Property, Plant and Equipment(Net PPE) was ₱112,325 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱13,902 Mil.
Selling, General, & Admin. Expense(SGA) was ₱6,878 Mil.
Total Current Liabilities was ₱98,377 Mil.
Long-Term Debt & Capital Lease Obligation was ₱82,758 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) |
| = | (26717.208 / 182596.419) | / | (35889.902 / 169319.192) |
| = | 0.146318 | / | 0.211966 |
| | = | 0.6903 |
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) |
| = | (34734.007 / 169319.192) | / | (29902.433 / 182596.419) |
| = | 0.205139 | / | 0.163762 |
| | = | 1.2527 |
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 - (84273.9 + 129064.303) / 231577.997) | / | (1 - (91687.913 + 112324.703) / 226871.439) |
| = | 0.078763 | / | 0.100757 |
| | = | 0.7817 |
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 |
| = | 182596.419 | / | 169319.192 |
| | = | 1.0784 |
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)) |
| = | (13902.197 / (13902.197 + 112324.703)) | / | (16077.411 / (16077.411 + 129064.303)) |
| = | 0.110137 | / | 0.11077 |
| | = | 0.9943 |
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) |
| = | (8790.174 / 182596.419) | / | (6878.343 / 169319.192) |
| = | 0.04814 | / | 0.040624 |
| | = | 1.185 |
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) |
| = | ((64452.232 + 98731.648) / 231577.997) | / | ((82758.227 + 98377.295) / 226871.439) |
| = | 0.704661 | / | 0.798406 |
| | = | 0.8826 |
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 |
| = | (11894.9 - 0 | - | 43104.486) | / | 231577.997 |
| | = | -0.134769 |
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.
Pal Holdings has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
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