Panasonic Manufacturing Philippines (PHS:PMPC) Beneish M-Score : -3.34 (As of May. 21, 2024)

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What is Panasonic Manufacturing Philippines 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 -3.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:PMPC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.35 Max: -1.23
Current: -3.34

During the past 13 years, the highest Beneish M-Score of Panasonic Manufacturing Philippines was -1.23. The lowest was -3.34. And the median was -2.35.

Panasonic Manufacturing Philippines Beneish M-Score Historical Data

The historical data trend for Panasonic Manufacturing Philippines'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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Panasonic Manufacturing Philippines Beneish M-Score Chart

Panasonic Manufacturing Philippines Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.06

-2.70

-3.08

-2.14

-1.97

Panasonic Manufacturing Philippines 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															-1.23	-1.97	-2.37	-2.76	-3.34

Competitive Comparison of Panasonic Manufacturing Philippines's Beneish M-Score

For the Consumer Electronics subindustry, Panasonic Manufacturing Philippines'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.

Panasonic Manufacturing Philippines's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Panasonic Manufacturing Philippines's Beneish M-Score distribution charts can be found below:

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

Panasonic Manufacturing Philippines 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 Panasonic Manufacturing Philippines 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 * 1.0602

0.528 * 0.6332

0.404 * 1.3461

0.892 * 1.0382

0.115 * 0.8329

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6966

4.679 * -0.157035

0.327 * 1.0545

-3.34

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱1,898 Mil.
Revenue was 3099.454 + 3373.224 + 3584.266 + 4350.478 = ₱14,407 Mil.
Gross Profit was 440.236 + 496.667 + 554.666 + 1217.016 = ₱2,709 Mil.
Total Current Assets was ₱7,641 Mil.
Total Assets was ₱8,578 Mil.
Property, Plant and Equipment(Net PPE) was ₱723 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱219 Mil.
Selling, General, & Admin. Expense(SGA) was ₱2,290 Mil.
Total Current Liabilities was ₱3,404 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 Mil.
Net Income was -21.593 + 4.82 + 58.452 + 201.289 = ₱243 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was -42.281 + 641.332 + 553.719 + 437.256 = ₱1,590 Mil.

Total Receivables was ₱1,725 Mil.
Revenue was 3387.592 + 3694.777 + 3745.476 + 3050.095 = ₱13,878 Mil.
Gross Profit was 371.653 + 462.978 + 466.843 + 350.59 = ₱1,652 Mil.
Total Current Assets was ₱7,373 Mil.
Total Assets was ₱8,411 Mil.
Property, Plant and Equipment(Net PPE) was ₱882 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱212 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,300 Mil.
Total Current Liabilities was ₱3,166 Mil.
Long-Term Debt & Capital Lease Obligation was ₱-1 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)
	=	(1898.141 / 14407.422)	/	(1724.591 / 13877.94)
	=	0.131747	/	0.124269
	=	1.0602

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)
	=	(1652.064 / 13877.94)	/	(2708.585 / 14407.422)
	=	0.119042	/	0.187999
	=	0.6332

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 - (7640.991 + 723.4) / 8578.097)	/	(1 - (7373.224 + 882.285) / 8411.184)
	=	0.024913	/	0.018508
	=	1.3461

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
	=	14407.422	/	13877.94
	=	1.0382

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))
	=	(211.994 / (211.994 + 882.285))	/	(219.269 / (219.269 + 723.4))
	=	0.193729	/	0.232604
	=	0.8329

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)
	=	(2290.335 / 14407.422)	/	(1300.359 / 13877.94)
	=	0.158969	/	0.0937
	=	1.6966

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)
	=	((0 + 3404.1) / 8578.097)	/	((-1.007 + 3166.444) / 8411.184)
	=	0.396836	/	0.376337
	=	1.0545

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
	=	(242.968 - 0	-	1590.026)	/	8578.097
	=	-0.157035

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.

Panasonic Manufacturing Philippines has a M-score of -3.34 suggests that the company is unlikely to be a manipulator.

Panasonic Manufacturing Philippines Beneish M-Score Related Terms

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Panasonic Manufacturing Philippines (PHS:PMPC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Panasonic Manufacturing Philippines Corp (PHS:PMPC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Ortigas Avenue Extension, Barrio Mapandan, Barangay San Isidro, Rizal, Taytay, RIZ, PHL, 1920

Website

https://www.panasonic.com/ph

Panasonic Manufacturing Philippines Corp company is a manufacturer, importer, and distributor of electronic, electrical, mechanical, and electro-mechanical appliances, and other types of machinery, parts, components, and batteries. The business of the company operates in segments that include Consumer, which sells products for the media and entertainment industry; System Solutions Group, which sells security systems and projectors; Life Solutions includes lamps, ventilation fans, Panasonic Nanoe Generator (PNG), and other lighting accessories and others, which sells supermarket refrigeration products. The Consumer segment generates maximum revenue for the company. It sells all its products under the brand name Panasonic. Its geographical segments are the Philippines, Hongkong, and Taiwan.

Panasonic Manufacturing Philippines (PHS:PMPC) Headlines

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