Synergy Grid & Development Philippines (PHS:SGP) Beneish M-Score : -3.04 (As of May. 11, 2024)

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What is Synergy Grid & Development 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Synergy Grid & Development Philippines's Beneish M-Score or its related term are showing as below:

PHS:SGP' s Beneish M-Score Range Over the Past 10 Years
Min: -16 Med: -2.32 Max: 1604.1
Current: -3.04

During the past 13 years, the highest Beneish M-Score of Synergy Grid & Development Philippines was 1604.10. The lowest was -16.00. And the median was -2.32.

Synergy Grid & Development Philippines Beneish M-Score Historical Data

The historical data trend for Synergy Grid & Development 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.

* Premium members only.

Synergy Grid & Development Philippines Beneish M-Score Chart

Synergy Grid & Development Philippines Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-2.18

-3.04

Synergy Grid & Development 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															-2.18	-2.51	-2.66	-2.86	-3.04

Competitive Comparison of Synergy Grid & Development Philippines's Beneish M-Score

For the Conglomerates subindustry, Synergy Grid & Development 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.

Synergy Grid & Development Philippines's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Synergy Grid & Development Philippines's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Synergy Grid & Development Philippines's Beneish M-Score falls into.

Synergy Grid & Development 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 Synergy Grid & Development 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 * 0.5248

0.528 * 1.2473

0.404 * 1.0278

0.892 * 1.0693

0.115 * 0.9117

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1196

4.679 * -0.06059

0.327 * 1.0308

-3.04

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₱8,379 Mil.
Revenue was 26774.752 + 23952.167 + 31401.174 + 27735.325 = ₱109,863 Mil.
Gross Profit was 13178.156 + 13326.25 + 13126.392 + 13368.983 = ₱53,000 Mil.
Total Current Assets was ₱49,845 Mil.
Total Assets was ₱466,175 Mil.
Property, Plant and Equipment(Net PPE) was ₱7,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱11,069 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,608 Mil.
Total Current Liabilities was ₱86,436 Mil.
Long-Term Debt & Capital Lease Obligation was ₱169,941 Mil.
Net Income was 2117.599 + 2716.683 + 2703.296 + 3107.794 = ₱10,645 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 10495.977 + 7399.909 + 12522.669 + 8472.485 = ₱38,891 Mil.

Total Receivables was ₱14,930 Mil.
Revenue was 25445.796 + 24586.994 + 33314.57 + 19395.419 = ₱102,743 Mil.
Gross Profit was 13150.696 + 13156.696 + 23331.263 + 12182.713 = ₱61,821 Mil.
Total Current Assets was ₱53,101 Mil.
Total Assets was ₱417,492 Mil.
Property, Plant and Equipment(Net PPE) was ₱8,580 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱9,673 Mil.
Selling, General, & Admin. Expense(SGA) was ₱1,343 Mil.
Total Current Liabilities was ₱78,034 Mil.
Long-Term Debt & Capital Lease Obligation was ₱144,717 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)
	=	(8379.194 / 109863.418)	/	(14930.165 / 102742.779)
	=	0.076269	/	0.145316
	=	0.5248

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)
	=	(61821.368 / 102742.779)	/	(52999.781 / 109863.418)
	=	0.60171	/	0.482415
	=	1.2473

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 - (49845.375 + 7972.433) / 466175.496)	/	(1 - (53101.151 + 8579.729) / 417491.811)
	=	0.875974	/	0.852258
	=	1.0278

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
	=	109863.418	/	102742.779
	=	1.0693

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))
	=	(9673.092 / (9673.092 + 8579.729))	/	(11068.746 / (11068.746 + 7972.433))
	=	0.529951	/	0.581306
	=	0.9117

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)
	=	(1607.912 / 109863.418)	/	(1343.052 / 102742.779)
	=	0.014636	/	0.013072
	=	1.1196

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)
	=	((169940.799 + 86436.253) / 466175.496)	/	((144717.029 + 78034.429) / 417491.811)
	=	0.549958	/	0.533547
	=	1.0308

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
	=	(10645.372 - 0	-	38891.04)	/	466175.496
	=	-0.06059

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.

Synergy Grid & Development Philippines has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

Synergy Grid & Development Philippines Beneish M-Score Related Terms

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Synergy Grid & Development Philippines (PHS:SGP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Synergy Grid & Development Philippines Inc (PHS:SGP) » Definitions » Beneish M-Score

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Address

Condominium Pearl Drive, 1607, 16th Floor, Tycoon Center Building, Metro Manila, Pasig, PHL, 1605

Website

https://www.synergygrid.ph

Synergy Grid & Development Philippines Inc is engaged in providing management consulting and financial advisory services. It also derives its income from Interest income from cash deposits with the bank and short-term money placements and Dividend income from the National Grid Corporation of the Philippines. The Group has only one operating segment which is the transmission business.

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