Solid Group Beneish M-Score Historical Data
The historical data trend for Solid Group'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.
Solid Group Beneish M-Score Chart
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Solid Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.49 |
-1.75 |
-1.87 |
-2.69 |
-2.22 |
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Solid Group Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.98 |
-2.22 |
-2.66 |
-3.20 |
-3.46 |
Competitive Comparison of Solid Group's Beneish M-Score
For the Consumer Electronics subindustry, Solid Group'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.
Solid Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Solid Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Solid Group's Beneish M-Score falls into.
Solid Group 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 Solid Group 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 * 0.7889 | + | 0.528 * 1.0041 | + | 0.404 * 1.0083 | + | 0.892 * 1.1276 | + | 0.115 * 1.0009 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9565 | + | 4.679 * -0.134255 | - | 0.327 * 1.8554 |
| = | -3.46 |
* 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 ₱243 Mil.
Revenue was 643.991 + 650.853 + 561.627 + 714.91 = ₱2,571 Mil.
Gross Profit was 222.861 + 231.144 + 158.82 + 238.86 = ₱852 Mil.
Total Current Assets was ₱4,882 Mil.
Total Assets was ₱14,750 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱85 Mil.
Selling, General, & Admin. Expense(SGA) was ₱618 Mil.
Total Current Liabilities was ₱529 Mil.
Long-Term Debt & Capital Lease Obligation was ₱500 Mil.
Net Income was 94.869 + 138.366 + 35.696 + 291.231 = ₱560 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 8.196 + 145.246 + 422.984 + 1963.948 = ₱2,540 Mil.
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Total Receivables was ₱273 Mil.
Revenue was 575.595 + 619.653 + 556.668 + 528.428 = ₱2,280 Mil.
Gross Profit was 193.771 + 216.483 + 178.535 + 169.595 = ₱758 Mil.
Total Current Assets was ₱4,556 Mil.
Total Assets was ₱13,788 Mil.
Property, Plant and Equipment(Net PPE) was ₱1,568 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱83 Mil.
Selling, General, & Admin. Expense(SGA) was ₱573 Mil.
Total Current Liabilities was ₱517 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1 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) |
| = | (242.929 / 2571.381) | / | (273.071 / 2280.344) |
| = | 0.094474 | / | 0.11975 |
| | = | 0.7889 |
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) |
| = | (758.384 / 2280.344) | / | (851.685 / 2571.381) |
| = | 0.332574 | / | 0.331217 |
| | = | 1.0041 |
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 - (4881.997 + 1601.653) / 14749.631) | / | (1 - (4556.491 + 1567.99) / 13788.462) |
| = | 0.56042 | / | 0.555826 |
| | = | 1.0083 |
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 |
| = | 2571.381 | / | 2280.344 |
| | = | 1.1276 |
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)) |
| = | (83.292 / (83.292 + 1567.99)) | / | (84.999 / (84.999 + 1601.653)) |
| = | 0.050441 | / | 0.050395 |
| | = | 1.0009 |
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) |
| = | (617.92 / 2571.381) | / | (572.927 / 2280.344) |
| = | 0.240307 | / | 0.251246 |
| | = | 0.9565 |
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) |
| = | ((500 + 528.559) / 14749.631) | / | ((0.749 + 517.488) / 13788.462) |
| = | 0.069735 | / | 0.037585 |
| | = | 1.8554 |
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 |
| = | (560.162 - 0 | - | 2540.374) | / | 14749.631 |
| | = | -0.134255 |
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.
Solid Group has a M-score of -3.46 suggests that the company is unlikely to be a manipulator.
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