Steniel Manufacturing (PHS:STN) Beneish M-Score : -2.15 (As of Jun. 09, 2024)

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What is Steniel Manufacturing 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:STN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.23 Med: -1.74 Max: 43.79
Current: -2.15

During the past 13 years, the highest Beneish M-Score of Steniel Manufacturing was 43.79. The lowest was -4.23. And the median was -1.74.

Steniel Manufacturing Beneish M-Score Historical Data

The historical data trend for Steniel Manufacturing'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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Steniel Manufacturing Beneish M-Score Chart

Steniel Manufacturing Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.03

43.79

28.56

-2.08

-1.88

Steniel Manufacturing 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															-2.29	-1.94	-2.49	-1.88	-2.15

Competitive Comparison of Steniel Manufacturing's Beneish M-Score

For the Packaging & Containers subindustry, Steniel Manufacturing'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.

Steniel Manufacturing's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Steniel Manufacturing's Beneish M-Score distribution charts can be found below:

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

Steniel Manufacturing 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 Steniel Manufacturing 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 * 0.8583

0.528 * 1.2583

0.404 * 1.7221

0.892 * 1.3246

0.115 * 0.996

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.8385

4.679 * -0.030009

0.327 * 0.9274

-2.15

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₱930 Mil.
Revenue was 798.954 + 750.97 + 737.189 + 1137.809 = ₱3,425 Mil.
Gross Profit was 137.81 + 67.832 + 121.632 + 113.867 = ₱441 Mil.
Total Current Assets was ₱3,174 Mil.
Total Assets was ₱4,095 Mil.
Property, Plant and Equipment(Net PPE) was ₱776 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱249 Mil.
Selling, General, & Admin. Expense(SGA) was ₱83 Mil.
Total Current Liabilities was ₱2,700 Mil.
Long-Term Debt & Capital Lease Obligation was ₱481 Mil.
Net Income was 56.148 + -87.38 + 166.064 + 30.576 = ₱165 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 400.124 + -71.175 + -130.316 + 89.65 = ₱288 Mil.

Total Receivables was ₱818 Mil.
Revenue was 738.677 + 824.689 + 632.384 + 389.861 = ₱2,586 Mil.
Gross Profit was 104.919 + 164.451 + 138.727 + 10.946 = ₱419 Mil.
Total Current Assets was ₱3,806 Mil.
Total Assets was ₱4,772 Mil.
Property, Plant and Equipment(Net PPE) was ₱869 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱277 Mil.
Selling, General, & Admin. Expense(SGA) was ₱34 Mil.
Total Current Liabilities was ₱3,400 Mil.
Long-Term Debt & Capital Lease Obligation was ₱598 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)
	=	(929.999 / 3424.922)	/	(817.987 / 2585.611)
	=	0.271539	/	0.316361
	=	0.8583

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)
	=	(419.043 / 2585.611)	/	(441.141 / 3424.922)
	=	0.162067	/	0.128803
	=	1.2583

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 - (3174.424 + 776.095) / 4094.593)	/	(1 - (3806.194 + 868.775) / 4772.481)
	=	0.035186	/	0.020432
	=	1.7221

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
	=	3424.922	/	2585.611
	=	1.3246

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))
	=	(277.476 / (277.476 + 868.775))	/	(249.196 / (249.196 + 776.095))
	=	0.242073	/	0.243049
	=	0.996

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)
	=	(82.99 / 3424.922)	/	(34.079 / 2585.611)
	=	0.024231	/	0.01318
	=	1.8385

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)
	=	((481.043 + 2699.752) / 4094.593)	/	((597.571 + 3400.191) / 4772.481)
	=	0.776828	/	0.83767
	=	0.9274

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
	=	(165.408 - 0	-	288.283)	/	4094.593
	=	-0.030009

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.

Steniel Manufacturing has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.

Steniel Manufacturing Beneish M-Score Related Terms

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Steniel Manufacturing (PHS:STN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Steniel Manufacturing Corp (PHS:STN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Gateway Business Park, Barangay. Javalera, General Trias, Cavite, CAV, PHL

Website

http://www.steniel.com.ph

Steniel Manufacturing Corp is engaged in the manufacturing of industrial packaging materials in the Philippines. It also engages in the manufacturing and sale of all kinds of paper products, paperboard and corrugated carton containers, and all other allied products and processes. Its products are mainly used for packaging consumer goods, fresh fruits, canned sardines, furniture, and electronic goods.