Top Frontier Investment Holdings (PHS:TFHI) Beneish M-Score : -2.72 (As of Apr. 06, 2025)

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What is Top Frontier Investment Holdings 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Top Frontier Investment Holdings's Beneish M-Score or its related term are showing as below:

PHS:TFHI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.58 Max: -1.58
Current: -2.72

During the past 11 years, the highest Beneish M-Score of Top Frontier Investment Holdings was -1.58. The lowest was -3.12. And the median was -2.58.

Top Frontier Investment Holdings Beneish M-Score Historical Data

The historical data trend for Top Frontier Investment Holdings'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.

Top Frontier Investment Holdings Beneish M-Score Chart

Top Frontier Investment Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.57

-2.61

-2.30

-1.69

-2.59

Top Frontier Investment Holdings Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.59	-2.62	-2.65	-2.72

Competitive Comparison of Top Frontier Investment Holdings's Beneish M-Score

For the Conglomerates subindustry, Top Frontier Investment Holdings'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.

Top Frontier Investment Holdings's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Top Frontier Investment Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Top Frontier Investment Holdings's Beneish M-Score falls into.

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Top Frontier Investment Holdings 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 Top Frontier Investment Holdings 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 * 0.8586

0.528 * 0.9412

0.404 * 1.0096

0.892 * 1.0769

0.115 * 1.0692

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9314

4.679 * -0.038165

0.327 * 0.9878

-2.72

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱242,854 Mil.
Revenue was 392048 + 396549 + 392707 + 385602 = ₱1,566,906 Mil.
Gross Profit was 63124 + 69515 + 64159 + 61224 = ₱258,022 Mil.
Total Current Assets was ₱870,736 Mil.
Total Assets was ₱2,750,236 Mil.
Property, Plant and Equipment(Net PPE) was ₱964,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱54,939 Mil.
Selling, General, & Admin. Expense(SGA) was ₱39,335 Mil.
Total Current Liabilities was ₱711,858 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,129,287 Mil.
Net Income was 8411 + -7773 + -2025 + -686 = ₱-2,073 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 21056 + 26932 + 47463 + 7438 = ₱102,889 Mil.

Total Receivables was ₱262,660 Mil.
Revenue was 375831 + 338494 + 346716 + 394032 = ₱1,455,073 Mil.
Gross Profit was 62607 + 57205 + 56278 + 49431 = ₱225,521 Mil.
Total Current Assets was ₱839,493 Mil.
Total Assets was ₱2,587,852 Mil.
Property, Plant and Equipment(Net PPE) was ₱896,021 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱54,757 Mil.
Selling, General, & Admin. Expense(SGA) was ₱39,217 Mil.
Total Current Liabilities was ₱758,504 Mil.
Long-Term Debt & Capital Lease Obligation was ₱995,300 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)
	=	(242854 / 1566906)	/	(262660 / 1455073)
	=	0.15499	/	0.180513
	=	0.8586

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)
	=	(225521 / 1455073)	/	(258022 / 1566906)
	=	0.154989	/	0.16467
	=	0.9412

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 - (870736 + 964972) / 2750236)	/	(1 - (839493 + 896021) / 2587852)
	=	0.332527	/	0.329361
	=	1.0096

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
	=	1566906	/	1455073
	=	1.0769

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))
	=	(54757 / (54757 + 896021))	/	(54939 / (54939 + 964972))
	=	0.057592	/	0.053866
	=	1.0692

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)
	=	(39335 / 1566906)	/	(39217 / 1455073)
	=	0.025104	/	0.026952
	=	0.9314

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)
	=	((1129287 + 711858) / 2750236)	/	((995300 + 758504) / 2587852)
	=	0.66945	/	0.677706
	=	0.9878

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
	=	(-2073 - 0	-	102889)	/	2750236
	=	-0.038165

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.

Top Frontier Investment Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.

Top Frontier Investment Holdings Beneish M-Score Related Terms

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Top Frontier Investment Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Top Frontier Investment Holdings Inc (PHS:TFHI) » Definitions » Beneish M-Score

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TPHIF:USA

Address

No. 399 Sen. Gil. Puyat Avenue, 5th Floor, ENZO Building, Makati, PHL, 1200

Website

https://topfrontier.com.ph

Top Frontier Investment Holdings Inc is an investment holding company engaged in the processing and marketing of branded refrigerated processed meats and canned meat products. The operating business segments are food and beverage, packaging, energy, fuel and oil, infrastructure and Cement, Real Estate, Mining and Others. The company derives maximum revenue from fuel and oil segment. The fuel and oil segment is engaged in refining crude oil and marketing and distribution of refined petroleum products.

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