Gallant Venture Beneish M-Score Historical Data
The historical data trend for Gallant Venture'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.
Gallant Venture Beneish M-Score Chart
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Gallant Venture Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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6.87 |
-5.82 |
-3.01 |
-2.76 |
-2.61 |
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Gallant Venture Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-3.01 |
- |
-2.76 |
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-2.61 |
Competitive Comparison of Gallant Venture's Beneish M-Score
For the Utilities - Diversified subindustry, Gallant Venture'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.
Gallant Venture's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Gallant Venture's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gallant Venture's Beneish M-Score falls into.
Gallant Venture 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 Gallant Venture 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 * 0.9444 | + | 0.528 * 0.897 | + | 0.404 * 1.0069 | + | 0.892 * 1.0949 | + | 0.115 * 1.1134 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.015 | + | 4.679 * -0.02647 | - | 0.327 * 1.01 |
| = | -2.61 |
* 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 S$46.7 Mil.
Revenue was S$182.7 Mil.
Gross Profit was S$67.5 Mil.
Total Current Assets was S$765.0 Mil.
Total Assets was S$1,399.5 Mil.
Property, Plant and Equipment(Net PPE) was S$167.5 Mil.
Depreciation, Depletion and Amortization(DDA) was S$30.9 Mil.
Selling, General, & Admin. Expense(SGA) was S$24.8 Mil.
Total Current Liabilities was S$216.9 Mil.
Long-Term Debt & Capital Lease Obligation was S$316.2 Mil.
Net Income was S$-14.8 Mil.
Gross Profit was S$0.0 Mil.
Cash Flow from Operations was S$22.2 Mil.
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Total Receivables was S$45.1 Mil.
Revenue was S$166.8 Mil.
Gross Profit was S$55.3 Mil.
Total Current Assets was S$779.2 Mil.
Total Assets was S$1,378.6 Mil.
Property, Plant and Equipment(Net PPE) was S$142.5 Mil.
Depreciation, Depletion and Amortization(DDA) was S$29.9 Mil.
Selling, General, & Admin. Expense(SGA) was S$22.3 Mil.
Total Current Liabilities was S$181.9 Mil.
Long-Term Debt & Capital Lease Obligation was S$338.0 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) |
| = | (46.667 / 182.666) | / | (45.134 / 166.836) |
| = | 0.255477 | / | 0.270529 |
| | = | 0.9444 |
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) |
| = | (55.305 / 166.836) | / | (67.504 / 182.666) |
| = | 0.331493 | / | 0.369549 |
| | = | 0.897 |
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 - (765.02 + 167.473) / 1399.488) | / | (1 - (779.198 + 142.531) / 1378.591) |
| = | 0.33369 | / | 0.331398 |
| | = | 1.0069 |
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 |
| = | 182.666 | / | 166.836 |
| | = | 1.0949 |
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)) |
| = | (29.921 / (29.921 + 142.531)) | / | (30.915 / (30.915 + 167.473)) |
| = | 0.173503 | / | 0.155831 |
| | = | 1.1134 |
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) |
| = | (24.777 / 182.666) | / | (22.295 / 166.836) |
| = | 0.135641 | / | 0.133634 |
| | = | 1.015 |
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) |
| = | ((316.237 + 216.897) / 1399.488) | / | ((338.014 + 181.934) / 1378.591) |
| = | 0.380949 | / | 0.377159 |
| | = | 1.01 |
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 |
| = | (-14.826 - 0 | - | 22.218) | / | 1399.488 |
| | = | -0.02647 |
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.
Gallant Venture has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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