Phoenix Tours International (TPE:5706) Beneish M-Score : -2.78 (As of Mar. 27, 2025)

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What is Phoenix Tours International Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Phoenix Tours International's Beneish M-Score or its related term are showing as below:

TPE:5706' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78 Med: -2.37 Max: 5.73
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Phoenix Tours International was 5.73. The lowest was -3.78. And the median was -2.37.

Phoenix Tours International Beneish M-Score Historical Data

The historical data trend for Phoenix Tours International'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.

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Phoenix Tours International Beneish M-Score Chart

Phoenix Tours International Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.78

0.08

-0.88

5.73

-2.78

Phoenix Tours International Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															5.73	0.12	-1.63	-2.51	-2.78

Competitive Comparison of Phoenix Tours International's Beneish M-Score

For the Travel Services subindustry, Phoenix Tours International'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.

Phoenix Tours International's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Phoenix Tours International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phoenix Tours International's Beneish M-Score falls into.

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Phoenix Tours International 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 Phoenix Tours International for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5325

0.528 * 1.1447

0.404 * 0.1171

0.892 * 1.4276

0.115 * 1.6189

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8418

4.679 * -0.023697

0.327 * 0.8663

-2.78

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$88 Mil.
Revenue was 857.954 + 841.151 + 848.785 + 596.63 = NT$3,145 Mil.
Gross Profit was 120.197 + 134.057 + 106.684 + 98.946 = NT$460 Mil.
Total Current Assets was NT$2,257 Mil.
Total Assets was NT$3,464 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,149 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$22 Mil.
Selling, General, & Admin. Expense(SGA) was NT$230 Mil.
Total Current Liabilities was NT$1,506 Mil.
Long-Term Debt & Capital Lease Obligation was NT$93 Mil.
Net Income was 56.289 + 107.94 + 61.302 + 76.193 = NT$302 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -39.624 + 179.228 + -15.086 + 259.294 = NT$384 Mil.

Total Receivables was NT$115 Mil.
Revenue was 578.072 + 762.631 + 513.096 + 348.851 = NT$2,203 Mil.
Gross Profit was 113.222 + 100.999 + 82.801 + 71.734 = NT$369 Mil.
Total Current Assets was NT$2,060 Mil.
Total Assets was NT$3,151 Mil.
Property, Plant and Equipment(Net PPE) was NT$642 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$192 Mil.
Total Current Liabilities was NT$1,538 Mil.
Long-Term Debt & Capital Lease Obligation was NT$140 Mil.

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)
	=	(87.794 / 3144.52)	/	(115.485 / 2202.65)
	=	0.02792	/	0.05243
	=	0.5325

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)
	=	(368.756 / 2202.65)	/	(459.884 / 3144.52)
	=	0.167415	/	0.146249
	=	1.1447

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 - (2257.453 + 1148.772) / 3464.049)	/	(1 - (2059.816 + 642.259) / 3151.19)
	=	0.016693	/	0.142522
	=	0.1171

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
	=	3144.52	/	2202.65
	=	1.4276

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))
	=	(19.797 / (19.797 + 642.259))	/	(21.617 / (21.617 + 1148.772))
	=	0.029902	/	0.01847
	=	1.6189

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)
	=	(230.259 / 3144.52)	/	(191.6 / 2202.65)
	=	0.073225	/	0.086986
	=	0.8418

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)
	=	((92.509 + 1506.056) / 3464.049)	/	((140.162 + 1538.48) / 3151.19)
	=	0.461473	/	0.532701
	=	0.8663

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
	=	(301.724 - 0	-	383.812)	/	3464.049
	=	-0.023697

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.

Phoenix Tours International has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Phoenix Tours International Beneish M-Score Related Terms

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Phoenix Tours International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Phoenix Tours International Inc (TPE:5706) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Chang-An East Road, 4th Floor, No. 25, Section 1, Zhongshan District, Taipei, TWN, 104

Website

https://www.travel.com.tw

Phoenix Tours International Inc is a Taiwan-based company engaged in the tourism business. Its services include tour packages, independent travel groups, domestic and overseas sightseeing tours, meals and accommodation, and related services, providing tour guides to travelers both at home and abroad. The company also sells domestic and overseas transportation tickets as a commissioned agent, purchases domestic and overseas tickets on behalf of customers, check-in luggage, and processes entry-exit visa procedures on behalf of customers. The group has four reportable segments: Group Travel Department, Domestic Transportation Department, Air Passenger and Freight Forwarding Department, and Ticketing and other departments.

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