SPC Power Beneish M-Score Historical Data
The historical data trend for SPC Power'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.
SPC Power Beneish M-Score Chart
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SPC Power Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.09 |
-2.28 |
-1.50 |
-1.62 |
-2.51 |
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SPC Power Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.89 |
-2.10 |
-2.28 |
-2.51 |
-2.31 |
Competitive Comparison of SPC Power's Beneish M-Score
For the Utilities - Regulated Electric subindustry, SPC Power'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.
SPC Power's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, SPC Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SPC Power's Beneish M-Score falls into.
SPC Power 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 SPC Power 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 * 0.9279 | + | 0.528 * 1.0151 | + | 0.404 * 0.9742 | + | 0.892 * 1.0899 | + | 0.115 * 0.8919 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9787 | + | 4.679 * 0.036098 | - | 0.327 * 0.9976 |
| = | -2.31 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₱666 Mil.
Revenue was 820.42 + 989.717 + 1326.37 + 1321.6 = ₱4,458 Mil.
Gross Profit was 25.631 + 79.984 + 297.751 + 282.564 = ₱686 Mil.
Total Current Assets was ₱5,513 Mil.
Total Assets was ₱11,651 Mil.
Property, Plant and Equipment(Net PPE) was ₱724 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱95 Mil.
Selling, General, & Admin. Expense(SGA) was ₱151 Mil.
Total Current Liabilities was ₱778 Mil.
Long-Term Debt & Capital Lease Obligation was ₱7 Mil.
Net Income was 106.799 + -27.718 + 380.013 + 553.632 = ₱1,013 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 4.029 + 186.323 + 86.508 + 315.281 = ₱592 Mil.
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Total Receivables was ₱658 Mil.
Revenue was 914.75 + 1310.018 + 948.677 + 916.91 = ₱4,090 Mil.
Gross Profit was 200.925 + 305.111 + 87.47 + 45.366 = ₱639 Mil.
Total Current Assets was ₱5,464 Mil.
Total Assets was ₱11,853 Mil.
Property, Plant and Equipment(Net PPE) was ₱735 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱85 Mil.
Selling, General, & Admin. Expense(SGA) was ₱142 Mil.
Total Current Liabilities was ₱791 Mil.
Long-Term Debt & Capital Lease Obligation was ₱9 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) |
| = | (665.661 / 4458.107) | / | (658.226 / 4090.355) |
| = | 0.149315 | / | 0.160921 |
| | = | 0.9279 |
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) |
| = | (638.872 / 4090.355) | / | (685.93 / 4458.107) |
| = | 0.15619 | / | 0.153861 |
| | = | 1.0151 |
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 - (5512.751 + 724.03) / 11651.238) | / | (1 - (5463.69 + 735.419) / 11853.051) |
| = | 0.464711 | / | 0.477003 |
| | = | 0.9742 |
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 |
| = | 4458.107 | / | 4090.355 |
| | = | 1.0899 |
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)) |
| = | (85.064 / (85.064 + 735.419)) | / | (95.228 / (95.228 + 724.03)) |
| = | 0.103676 | / | 0.116237 |
| | = | 0.8919 |
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) |
| = | (150.946 / 4458.107) | / | (141.509 / 4090.355) |
| = | 0.033859 | / | 0.034596 |
| | = | 0.9787 |
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) |
| = | ((6.854 + 777.597) / 11651.238) | / | ((9.14 + 790.863) / 11853.051) |
| = | 0.067328 | / | 0.067493 |
| | = | 0.9976 |
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 |
| = | (1012.726 - 0 | - | 592.141) | / | 11651.238 |
| | = | 0.036098 |
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.
SPC Power has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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