The Philippine Stock Exchange (PHS:PSE) Beneish M-Score : -2.51 (As of Apr. 04, 2025)

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What is The Philippine Stock Exchange 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:PSE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.37 Max: -0.33
Current: -2.51

During the past 13 years, the highest Beneish M-Score of The Philippine Stock Exchange was -0.33. The lowest was -3.21. And the median was -2.37.

The Philippine Stock Exchange Beneish M-Score Historical Data

The historical data trend for The Philippine Stock Exchange'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.

The Philippine Stock Exchange Beneish M-Score Chart

The Philippine Stock Exchange Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-2.21

-2.45

-2.05

-2.83

The Philippine Stock Exchange 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															-2.23	-2.83	-2.35	-2.39	-2.51

Competitive Comparison of The Philippine Stock Exchange's Beneish M-Score

For the Financial Data & Stock Exchanges subindustry, The Philippine Stock Exchange'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.

The Philippine Stock Exchange's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, The Philippine Stock Exchange's Beneish M-Score distribution charts can be found below:

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

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The Philippine Stock Exchange 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 The Philippine Stock Exchange 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 * 0.9518

0.528 * 1.1183

0.404 * 0.9086

0.892 * 0.9381

0.115 * 0.7732

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.278

4.679 * 0.030783

0.327 * 1.0729

-2.51

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱121 Mil.
Revenue was 320.601 + 369.401 + 353.344 + 300.699 = ₱1,344 Mil.
Gross Profit was 225.32 + 243.466 + 246.622 + 164.935 = ₱880 Mil.
Total Current Assets was ₱4,223 Mil.
Total Assets was ₱7,040 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱191 Mil.
Selling, General, & Admin. Expense(SGA) was ₱283 Mil.
Total Current Liabilities was ₱898 Mil.
Long-Term Debt & Capital Lease Obligation was ₱57 Mil.
Net Income was 242.23 + 155.744 + 242.785 + 197.068 = ₱838 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 155.731 + 31.661 + 390.407 + 43.315 = ₱621 Mil.

Total Receivables was ₱135 Mil.
Revenue was 360.474 + 357.803 + 382.288 + 332.099 = ₱1,433 Mil.
Gross Profit was 266.976 + 250.556 + 267.665 + 264.156 = ₱1,049 Mil.
Total Current Assets was ₱4,034 Mil.
Total Assets was ₱6,978 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,123 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱139 Mil.
Selling, General, & Admin. Expense(SGA) was ₱236 Mil.
Total Current Liabilities was ₱859 Mil.
Long-Term Debt & Capital Lease Obligation was ₱23 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)
	=	(120.504 / 1344.045)	/	(134.952 / 1432.664)
	=	0.089658	/	0.094197
	=	0.9518

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)
	=	(1049.353 / 1432.664)	/	(880.343 / 1344.045)
	=	0.732449	/	0.654995
	=	1.1183

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 - (4222.798 + 1147.154) / 7040.039)	/	(1 - (4033.523 + 1122.543) / 6977.972)
	=	0.237227	/	0.261094
	=	0.9086

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
	=	1344.045	/	1432.664
	=	0.9381

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))
	=	(139.343 / (139.343 + 1122.543))	/	(191.124 / (191.124 + 1147.154))
	=	0.110424	/	0.142813
	=	0.7732

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)
	=	(283.304 / 1344.045)	/	(236.3 / 1432.664)
	=	0.210785	/	0.164937
	=	1.278

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)
	=	((56.812 + 897.912) / 7040.039)	/	((23.477 + 858.527) / 6977.972)
	=	0.135613	/	0.126398
	=	1.0729

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
	=	(837.827 - 0	-	621.114)	/	7040.039
	=	0.030783

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.

The Philippine Stock Exchange has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

The Philippine Stock Exchange Beneish M-Score Related Terms

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The Philippine Stock Exchange Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

28th Street, 5th Avenue corner, 6th to 10th floors, PSE tower, Bonifacio Global City, Taguig, PHL, 1634

Website

https://www.pse.com.ph

The Philippine Stock Exchange Inc is a Philippines-based stock corporation. Its core business is to provide and maintain a convenient and suitable market for the exchange, purchase, and sale of all types of securities and other instruments. The company provides trading, clearing, depository, and information services for the equity market. It also operates activities of clearance and settlement agencies through its wholly-owned subsidiaries. The sources of revenue mainly consist of listing-related fees for initial public offerings, annual listing maintenance membership, transactions, data feeds, and miscellaneous fees. Geographically, the company's key revenue is derived from domestic operations.

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