Vistamalls Beneish M-Score Historical Data
The historical data trend for Vistamalls'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.
Vistamalls Beneish M-Score Chart
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Vistamalls Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.00 |
-2.19 |
-2.30 |
-1.68 |
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Vistamalls 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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-2.18 |
-1.91 |
-28.75 |
-1.68 |
-1.17 |
Competitive Comparison of Vistamalls's Beneish M-Score
For the Real Estate Services subindustry, Vistamalls'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.
Vistamalls's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Vistamalls's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vistamalls's Beneish M-Score falls into.
Vistamalls 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 Vistamalls 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 * 1.4507 | + | 0.528 * 1.0694 | + | 0.404 * 1.009 | + | 0.892 * 1.094 | + | 0.115 * 0.9855 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2785 | + | 4.679 * 0.130653 | - | 0.327 * 0.8703 |
| = | -1.17 |
* 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 ₱15,616 Mil.
Revenue was 3404 + 3266.523 + 3373 + 3576 = ₱13,620 Mil.
Gross Profit was 3336 + 3540.106 + 3566 + 3166 = ₱13,608 Mil.
Total Current Assets was ₱19,458 Mil.
Total Assets was ₱102,360 Mil.
Property, Plant and Equipment(Net PPE) was ₱20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,508 Mil.
Selling, General, & Admin. Expense(SGA) was ₱119 Mil.
Total Current Liabilities was ₱37,612 Mil.
Long-Term Debt & Capital Lease Obligation was ₱7,760 Mil.
Net Income was 2252 + 2302.813 + 1748 + 2656 = ₱8,959 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 2493 + -3653.814 + -583 + -2671 = ₱-4,415 Mil.
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Total Receivables was ₱9,839 Mil.
Revenue was 2567 + 4545.866 + 2380 + 2956 = ₱12,449 Mil.
Gross Profit was 2503 + 4651.35 + 3191 + 2956 = ₱13,301 Mil.
Total Current Assets was ₱18,565 Mil.
Total Assets was ₱94,207 Mil.
Property, Plant and Equipment(Net PPE) was ₱42 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱1,489 Mil.
Selling, General, & Admin. Expense(SGA) was ₱389 Mil.
Total Current Liabilities was ₱40,111 Mil.
Long-Term Debt & Capital Lease Obligation was ₱7,873 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) |
| = | (15616 / 13619.523) | / | (9839 / 12448.866) |
| = | 1.146589 | / | 0.790353 |
| | = | 1.4507 |
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) |
| = | (13301.35 / 12448.866) | / | (13608.106 / 13619.523) |
| = | 1.068479 | / | 0.999162 |
| | = | 1.0694 |
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 - (19458 + 20) / 102360) | / | (1 - (18565 + 42) / 94207) |
| = | 0.809711 | / | 0.802488 |
| | = | 1.009 |
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 |
| = | 13619.523 | / | 12448.866 |
| | = | 1.094 |
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)) |
| = | (1489.271 / (1489.271 + 42)) | / | (1508.432 / (1508.432 + 20)) |
| = | 0.972572 | / | 0.986915 |
| | = | 0.9855 |
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) |
| = | (118.653 / 13619.523) | / | (389.476 / 12448.866) |
| = | 0.008712 | / | 0.031286 |
| | = | 0.2785 |
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) |
| = | ((7760 + 37612) / 102360) | / | ((7873 + 40111) / 94207) |
| = | 0.443259 | / | 0.509346 |
| | = | 0.8703 |
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 |
| = | (8958.813 - 0 | - | -4414.814) | / | 102360 |
| | = | 0.130653 |
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.
Vistamalls has a M-score of -1.17 signals that the company is likely to be a manipulator.
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