Singapore Telecommunications Beneish M-Score Historical Data
The historical data trend for Singapore Telecommunications'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.
Singapore Telecommunications Beneish M-Score Chart
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Singapore Telecommunications Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.68 |
-3.04 |
-2.88 |
-2.86 |
-2.80 |
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Singapore Telecommunications Semi-Annual Data
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Mar14 |
Sep14 |
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Sep18 |
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Mar23 |
Sep23 |
| Beneish M-Score |
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-2.86 |
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-2.80 |
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Competitive Comparison of Singapore Telecommunications's Beneish M-Score
For the Telecom Services subindustry, Singapore Telecommunications'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.
Singapore Telecommunications's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Singapore Telecommunications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Singapore Telecommunications's Beneish M-Score falls into.
Singapore Telecommunications 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 Singapore Telecommunications 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 * 1.012 | + | 0.528 * 0.9677 | + | 0.404 * 0.9695 | + | 0.892 * 0.9662 | + | 0.115 * 0.9945 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0363 | + | 4.679 * -0.054818 | - | 0.327 * 0.9958 |
| = | -2.79 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $3,313 Mil.
Revenue was $10,910 Mil.
Gross Profit was $7,699 Mil.
Total Current Assets was $6,403 Mil.
Total Assets was $34,711 Mil.
Property, Plant and Equipment(Net PPE) was $9,985 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,920 Mil.
Selling, General, & Admin. Expense(SGA) was $1,431 Mil.
Total Current Liabilities was $6,191 Mil.
Long-Term Debt & Capital Lease Obligation was $7,393 Mil.
Net Income was $1,660 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,563 Mil.
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Total Receivables was $3,388 Mil.
Revenue was $11,291 Mil.
Gross Profit was $7,711 Mil.
Total Current Assets was $5,985 Mil.
Total Assets was $36,166 Mil.
Property, Plant and Equipment(Net PPE) was $10,490 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,004 Mil.
Selling, General, & Admin. Expense(SGA) was $1,429 Mil.
Total Current Liabilities was $6,666 Mil.
Long-Term Debt & Capital Lease Obligation was $7,548 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) |
| = | (3313.018 / 10909.661) | / | (3388.149 / 11291.204) |
| = | 0.303677 | / | 0.30007 |
| | = | 1.012 |
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) |
| = | (7710.784 / 11291.204) | / | (7698.62 / 10909.661) |
| = | 0.682902 | / | 0.70567 |
| | = | 0.9677 |
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 - (6402.686 + 9984.856) / 34710.929) | / | (1 - (5984.836 + 10489.805) / 36165.624) |
| = | 0.527885 | / | 0.544467 |
| | = | 0.9695 |
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 |
| = | 10909.661 | / | 11291.204 |
| | = | 0.9662 |
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)) |
| = | (2004.049 / (2004.049 + 10489.805)) | / | (1920.254 / (1920.254 + 9984.856)) |
| = | 0.160403 | / | 0.161297 |
| | = | 0.9945 |
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) |
| = | (1430.66 / 10909.661) | / | (1428.855 / 11291.204) |
| = | 0.131137 | / | 0.126546 |
| | = | 1.0363 |
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) |
| = | ((7393.211 + 6191.048) / 34710.929) | / | ((7548.325 + 6665.513) / 36165.624) |
| = | 0.391354 | / | 0.393021 |
| | = | 0.9958 |
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 |
| = | (1659.903 - 0 | - | 3562.7) | / | 34710.929 |
| | = | -0.054818 |
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.
Singapore Telecommunications has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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