Rockwell Land (PHS:ROCK) Beneish M-Score : -2.62 (As of May. 16, 2024)

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What is Rockwell Land 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:ROCK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.28 Max: -1.29
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Rockwell Land was -1.29. The lowest was -3.04. And the median was -2.28.

Rockwell Land Beneish M-Score Historical Data

The historical data trend for Rockwell Land'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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Rockwell Land Beneish M-Score Chart

Rockwell Land Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.94

-1.88

-2.54

-2.46

-2.84

Rockwell Land Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.61	-2.60	-2.71	-2.84	-2.62

Competitive Comparison of Rockwell Land's Beneish M-Score

For the Real Estate - Development subindustry, Rockwell Land'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.

Rockwell Land's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Rockwell Land's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rockwell Land's Beneish M-Score falls into.

Rockwell Land 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 Rockwell Land 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 * 0.7685

0.528 * 0.8808

0.404 * 0.917

0.892 * 1.1036

0.115 * 1.0698

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1078

4.679 * 0.014187

0.327 * 0.948

-2.62

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₱10,967 Mil.
Revenue was 3582 + 4669.934 + 4497 + 4092 = ₱16,841 Mil.
Gross Profit was 1722 + 1551.461 + 1987 + 1957 = ₱7,217 Mil.
Total Current Assets was ₱50,379 Mil.
Total Assets was ₱79,028 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,620 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱856 Mil.
Selling, General, & Admin. Expense(SGA) was ₱2,091 Mil.
Total Current Liabilities was ₱14,121 Mil.
Long-Term Debt & Capital Lease Obligation was ₱25,968 Mil.
Net Income was 734 + 590.226 + 964 + 959 = ₱3,247 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was -1124 + 2114.085 + 735 + 401 = ₱2,126 Mil.

Total Receivables was ₱12,931 Mil.
Revenue was 3195 + 3655.505 + 4321 + 4089 = ₱15,261 Mil.
Gross Profit was 1368 + 1200.249 + 1459 + 1733 = ₱5,760 Mil.
Total Current Assets was ₱44,698 Mil.
Total Assets was ₱73,099 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱768 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,711 Mil.
Total Current Liabilities was ₱13,860 Mil.
Long-Term Debt & Capital Lease Obligation was ₱25,257 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)
	=	(10967 / 16840.934)	/	(12931 / 15260.505)
	=	0.651211	/	0.847351
	=	0.7685

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)
	=	(5760.249 / 15260.505)	/	(7217.461 / 16840.934)
	=	0.377461	/	0.428567
	=	0.8808

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 - (50379 + 2620) / 79028)	/	(1 - (44698 + 2147) / 73099)
	=	0.329364	/	0.359157
	=	0.917

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
	=	16840.934	/	15260.505
	=	1.1036

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))
	=	(767.738 / (767.738 + 2147))	/	(855.789 / (855.789 + 2620))
	=	0.263399	/	0.246214
	=	1.0698

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)
	=	(2091.173 / 16840.934)	/	(1710.591 / 15260.505)
	=	0.124172	/	0.112093
	=	1.1078

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)
	=	((25968 + 14121) / 79028)	/	((25257 + 13860) / 73099)
	=	0.507276	/	0.535124
	=	0.948

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
	=	(3247.226 - 0	-	2126.085)	/	79028
	=	0.014187

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.

Rockwell Land has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Rockwell Land Beneish M-Score Related Terms

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Rockwell Land (PHS:ROCK) Business Description

Industry

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Traded in Other Exchanges

N/A

Address

8 Rockwell, Hidalgo Center, Rockwell Center, 2nd Floor, Metro Manila, Makati, RIZ, PHL, 1200

Website

https://www.e-rockwell.com

Rockwell Land Corp engages in the real estate development of residential and commercial properties. It operates through the following business segments: Residential Development, Commercial Development, and Hotel Operations. The Residential Development segment which earns the majority of revenue involves the development, sale, and property management of all residential units under the Rockwell and Primaries brands. Its Commercial Development segment develops, leases, and manages its retail and office developments. The Hotel Operations segment engages in the lease of serviced apartments and management of hotel and resort operations.