Sembcorp Industries Beneish M-Score Historical Data
The historical data trend for Sembcorp 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.
Sembcorp Industries Beneish M-Score Chart
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Sembcorp Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.60 |
-2.52 |
-2.84 |
-2.44 |
-2.56 |
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Sembcorp Industries Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.84 |
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-2.44 |
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-2.56 |
Competitive Comparison of Sembcorp Industries's Beneish M-Score
For the Conglomerates subindustry, Sembcorp 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.
Sembcorp Industries's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Sembcorp Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sembcorp Industries's Beneish M-Score falls into.
Sembcorp 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 Sembcorp 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 * 1.2014 | + | 0.528 * 0.9524 | + | 0.404 * 0.8776 | + | 0.892 * 0.8989 | + | 0.115 * 1.2765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2092 | + | 4.679 * -0.02206 | - | 0.327 * 1.0163 |
| = | -2.57 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $1,369 Mil.
Revenue was $4,752 Mil.
Gross Profit was $1,114 Mil.
Total Current Assets was $2,490 Mil.
Total Assets was $13,461 Mil.
Property, Plant and Equipment(Net PPE) was $6,149 Mil.
Depreciation, Depletion and Amortization(DDA) was $333 Mil.
Selling, General, & Admin. Expense(SGA) was $352 Mil.
Total Current Liabilities was $2,156 Mil.
Long-Term Debt & Capital Lease Obligation was $6,444 Mil.
Net Income was $749 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,046 Mil.
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Total Receivables was $1,268 Mil.
Revenue was $5,286 Mil.
Gross Profit was $1,181 Mil.
Total Current Assets was $2,031 Mil.
Total Assets was $11,634 Mil.
Property, Plant and Equipment(Net PPE) was $4,853 Mil.
Depreciation, Depletion and Amortization(DDA) was $341 Mil.
Selling, General, & Admin. Expense(SGA) was $324 Mil.
Total Current Liabilities was $2,609 Mil.
Long-Term Debt & Capital Lease Obligation was $4,703 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) |
| = | (1369.224 / 4751.925) | / | (1267.923 / 5286.39) |
| = | 0.288141 | / | 0.239847 |
| | = | 1.2014 |
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) |
| = | (1180.842 / 5286.39) | / | (1114.485 / 4751.925) |
| = | 0.223374 | / | 0.234533 |
| | = | 0.9524 |
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 - (2489.633 + 6149.289) / 13461.197) | / | (1 - (2031.379 + 4853.239) / 11633.511) |
| = | 0.358235 | / | 0.408208 |
| | = | 0.8776 |
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 |
| = | 4751.925 | / | 5286.39 |
| | = | 0.8989 |
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)) |
| = | (340.815 / (340.815 + 4853.239)) | / | (333.235 / (333.235 + 6149.289)) |
| = | 0.065616 | / | 0.051405 |
| | = | 1.2765 |
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) |
| = | (352.488 / 4751.925) | / | (324.3 / 5286.39) |
| = | 0.074178 | / | 0.061346 |
| | = | 1.2092 |
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) |
| = | ((6444.017 + 2155.658) / 13461.197) | / | ((4703.1 + 2609.414) / 11633.511) |
| = | 0.638849 | / | 0.628573 |
| | = | 1.0163 |
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 |
| = | (748.667 - 0 | - | 1045.616) | / | 13461.197 |
| | = | -0.02206 |
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.
Sembcorp Industries has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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