Wellex Industries Beneish M-Score Historical Data
The historical data trend for Wellex Industries'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.
Wellex Industries Beneish M-Score Chart
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Wellex Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.96 |
-2.51 |
-2.09 |
-1.80 |
-2.92 |
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Wellex Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.80 |
-2.39 |
-2.39 |
-2.48 |
-2.92 |
Competitive Comparison of Wellex Industries's Beneish M-Score
For the Real Estate Services subindustry, Wellex Industries'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.
Wellex Industries's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Wellex Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wellex Industries's Beneish M-Score falls into.
Wellex Industries 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 Wellex Industries 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 * 0.789 | + | 0.528 * 0.6332 | + | 0.404 * 0.9994 | + | 0.892 * 1.2844 | + | 0.115 * 0.8805 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7759 | + | 4.679 * -5.0E-5 | - | 0.327 * 2.0219 |
| = | -2.92 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₱30.15 Mil.
Revenue was 8.169 + 6.843 + 5.463 + 5.273 = ₱25.75 Mil.
Gross Profit was -2.139 + 6.077 + 4.697 + 4.507 = ₱13.14 Mil.
Total Current Assets was ₱56.75 Mil.
Total Assets was ₱1,623.62 Mil.
Property, Plant and Equipment(Net PPE) was ₱0.46 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3.78 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4.28 Mil.
Total Current Liabilities was ₱18.77 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.00 Mil.
Net Income was 7.815 + 0.36 + -1.942 + -2.627 = ₱3.61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0.00 Mil.
Cash Flow from Operations was 2.37 + -0.294 + -1.959 + 3.57 = ₱3.69 Mil.
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Total Receivables was ₱29.75 Mil.
Revenue was 5.241 + 4.866 + 5.078 + 4.862 = ₱20.05 Mil.
Gross Profit was 0.705 + 1.87 + 2.311 + 1.593 = ₱6.48 Mil.
Total Current Assets was ₱55.71 Mil.
Total Assets was ₱1,638.02 Mil.
Property, Plant and Equipment(Net PPE) was ₱1.06 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3.88 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4.29 Mil.
Total Current Liabilities was ₱9.32 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.05 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) |
| = | (30.145 / 25.748) | / | (29.747 / 20.047) |
| = | 1.170771 | / | 1.483863 |
| | = | 0.789 |
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) |
| = | (6.479 / 20.047) | / | (13.142 / 25.748) |
| = | 0.323191 | / | 0.510409 |
| | = | 0.6332 |
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 - (56.753 + 0.462) / 1623.617) | / | (1 - (55.711 + 1.064) / 1638.022) |
| = | 0.964761 | / | 0.965339 |
| | = | 0.9994 |
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 |
| = | 25.748 | / | 20.047 |
| | = | 1.2844 |
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)) |
| = | (3.878 / (3.878 + 1.064)) | / | (3.783 / (3.783 + 0.462)) |
| = | 0.784703 | / | 0.891166 |
| | = | 0.8805 |
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) |
| = | (4.279 / 25.748) | / | (4.294 / 20.047) |
| = | 0.166188 | / | 0.214197 |
| | = | 0.7759 |
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) |
| = | ((0 + 18.767) / 1623.617) | / | ((0.048 + 9.317) / 1638.022) |
| = | 0.011559 | / | 0.005717 |
| | = | 2.0219 |
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 |
| = | (3.606 - 0 | - | 3.687) | / | 1623.617 |
| | = | -5.0E-5 |
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.
Wellex Industries has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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