SIIC Environment Holdings Beneish M-Score Historical Data
The historical data trend for SIIC Environment 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.
SIIC Environment Holdings Beneish M-Score Chart
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SIIC Environment Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.25 |
-2.13 |
-2.05 |
-2.63 |
-2.30 |
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SIIC Environment Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.56 |
-2.37 |
-2.27 |
-2.30 |
Competitive Comparison of SIIC Environment Holdings's Beneish M-Score
For the Utilities - Regulated Water subindustry, SIIC Environment 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.
SIIC Environment Holdings's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, SIIC Environment Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SIIC Environment Holdings's Beneish M-Score falls into.
SIIC Environment 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 SIIC Environment Holdings 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 * 1.2438 | + | 0.528 * 1.036 | + | 0.404 * 0.9719 | + | 0.892 * 0.9825 | + | 0.115 * 0.8691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1224 | + | 4.679 * 0.000892 | - | 0.327 * 1.007 |
| = | -2.30 |
* 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 S$1,366 Mil.
Revenue was 430.871 + 356.902 + 315.889 + 303.105 = S$1,407 Mil.
Gross Profit was 116.669 + 130.268 + 124.127 + 113.785 = S$485 Mil.
Total Current Assets was S$1,999 Mil.
Total Assets was S$8,338 Mil.
Property, Plant and Equipment(Net PPE) was S$98 Mil.
Depreciation, Depletion and Amortization(DDA) was S$113 Mil.
Selling, General, & Admin. Expense(SGA) was S$137 Mil.
Total Current Liabilities was S$1,718 Mil.
Long-Term Debt & Capital Lease Obligation was S$3,165 Mil.
Net Income was 19.57 + 32.627 + 36.361 + 23.512 = S$112 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0 Mil.
Cash Flow from Operations was 109.722 + 6.898 + 2.214 + -14.205 = S$105 Mil.
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Total Receivables was S$1,118 Mil.
Revenue was 228.341 + 435.409 + 394.78 + 373.255 = S$1,432 Mil.
Gross Profit was 91.417 + 145.126 + 143.195 + 131.494 = S$511 Mil.
Total Current Assets was S$1,730 Mil.
Total Assets was S$7,949 Mil.
Property, Plant and Equipment(Net PPE) was S$97 Mil.
Depreciation, Depletion and Amortization(DDA) was S$85 Mil.
Selling, General, & Admin. Expense(SGA) was S$124 Mil.
Total Current Liabilities was S$1,914 Mil.
Long-Term Debt & Capital Lease Obligation was S$2,710 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) |
| = | (1366.449 / 1406.767) | / | (1118.174 / 1431.785) |
| = | 0.97134 | / | 0.780965 |
| | = | 1.2438 |
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) |
| = | (511.232 / 1431.785) | / | (484.849 / 1406.767) |
| = | 0.357059 | / | 0.344655 |
| | = | 1.036 |
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 - (1999.097 + 97.591) / 8338.382) | / | (1 - (1729.627 + 97.229) / 7949.082) |
| = | 0.74855 | / | 0.77018 |
| | = | 0.9719 |
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 |
| = | 1406.767 | / | 1431.785 |
| | = | 0.9825 |
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)) |
| = | (84.898 / (84.898 + 97.229)) | / | (112.887 / (112.887 + 97.591)) |
| = | 0.466147 | / | 0.536336 |
| | = | 0.8691 |
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) |
| = | (136.626 / 1406.767) | / | (123.889 / 1431.785) |
| = | 0.097121 | / | 0.086528 |
| | = | 1.1224 |
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) |
| = | ((3165.499 + 1718.294) / 8338.382) | / | ((2709.63 + 1913.832) / 7949.082) |
| = | 0.5857 | / | 0.581635 |
| | = | 1.007 |
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 |
| = | (112.07 - 0 | - | 104.629) | / | 8338.382 |
| | = | 0.000892 |
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.
SIIC Environment Holdings has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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