Wisynco Group (XJAM:WISYNCO) Beneish M-Score : -2.11 (As of Sep. 23, 2024)

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What is Wisynco Group 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:WISYNCO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7 Med: -2.25 Max: -0.69
Current: -2.11

During the past 8 years, the highest Beneish M-Score of Wisynco Group was -0.69. The lowest was -2.70. And the median was -2.25.

Wisynco Group Beneish M-Score Historical Data

The historical data trend for Wisynco Group'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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Wisynco Group Beneish M-Score Chart

Wisynco Group Annual Data

Trend

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-2.70

-2.66

-1.94

-2.39

-2.11

Wisynco Group Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.44	-2.39	-2.19	-2.11

Competitive Comparison of Wisynco Group's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Wisynco Group'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.

Wisynco Group's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Wisynco Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Wisynco Group's Beneish M-Score falls into.

Wisynco Group 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 Wisynco Group 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 * 1.0799

0.528 * 1.0216

0.404 * 2.0624

0.892 * 1.1142

0.115 * 1.8066

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.047

4.679 * -0.076699

0.327 * 0.9188

-2.11

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was JMD4,477 Mil.
Revenue was 14185.315 + 13100.34 + 13251.987 + 13732.204 = JMD54,270 Mil.
Gross Profit was 4775.135 + 4394.004 + 4409.116 + 4806.116 = JMD18,384 Mil.
Total Current Assets was JMD16,714 Mil.
Total Assets was JMD36,811 Mil.
Property, Plant and Equipment(Net PPE) was JMD15,422 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1,159 Mil.
Selling, General, & Admin. Expense(SGA) was JMD12,774 Mil.
Total Current Liabilities was JMD9,453 Mil.
Long-Term Debt & Capital Lease Obligation was JMD2,267 Mil.
Net Income was 1239.515 + 1177.408 + 1216.074 + 1554.37 = JMD5,187 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JMD0 Mil.
Cash Flow from Operations was 3474.594 + 1659.836 + 488.394 + 2387.874 = JMD8,011 Mil.

Total Receivables was JMD3,721 Mil.
Revenue was 12658.867 + 11972.35 + 12126.809 + 11947.427 = JMD48,705 Mil.
Gross Profit was 4171.688 + 4147.096 + 4210.852 + 4325.398 = JMD16,855 Mil.
Total Current Assets was JMD22,838 Mil.
Total Assets was JMD32,393 Mil.
Property, Plant and Equipment(Net PPE) was JMD7,560 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD1,093 Mil.
Selling, General, & Admin. Expense(SGA) was JMD10,950 Mil.
Total Current Liabilities was JMD8,258 Mil.
Long-Term Debt & Capital Lease Obligation was JMD2,966 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)
	=	(4477.254 / 54269.846)	/	(3720.85 / 48705.453)
	=	0.0825	/	0.076395
	=	1.0799

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)
	=	(16855.034 / 48705.453)	/	(18384.371 / 54269.846)
	=	0.346061	/	0.338758
	=	1.0216

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 - (16713.709 + 15421.682) / 36810.529)	/	(1 - (22837.667 + 7560.385) / 32392.807)
	=	0.127005	/	0.06158
	=	2.0624

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
	=	54269.846	/	48705.453
	=	1.1142

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))
	=	(1093.173 / (1093.173 + 7560.385))	/	(1159.398 / (1159.398 + 15421.682))
	=	0.126326	/	0.069923
	=	1.8066

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)
	=	(12774.435 / 54269.846)	/	(10950.434 / 48705.453)
	=	0.235387	/	0.22483
	=	1.047

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)
	=	((2266.676 + 9452.927) / 36810.529)	/	((2966.453 + 8258.355) / 32392.807)
	=	0.318376	/	0.346522
	=	0.9188

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
	=	(5187.367 - 0	-	8010.698)	/	36810.529
	=	-0.076699

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.

Wisynco Group has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

Wisynco Group Beneish M-Score Related Terms

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Wisynco Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Wisynco Group Ltd (XJAM:WISYNCO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lakespen, St. Catherine, JAM

Website

https://www.wisynco.com

Wisynco Group Ltd is a manufacturer and distributor. The major activities of the company involve the bottling and distribution of purified water and beverages, the distribution and retailing of food items and the provision of insurance services. The company also manufactures plastic, foam packing, and disposable products mainly used in the retail, food service, and tourism industries. The Brands associated with the firm are WATA, Bigga, Boom, Sweet, Squeezz, and others. It imports grocery items from Nestle, Kellogg's, and General Mills.

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