Phoenix Asia Holdings Limited
PHOE Industrials Engineering & Construction
Phoenix Asia Holdings Limited’s revenue for fiscal 2026 (year ended March 2026) was $7.2 million, down 2.24% from fiscal 2025.
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Phoenix Asia Holdings Limited (PHOE) Beneish M-score
Phoenix Asia Holdings Limited's Beneish M-score for fiscal 2026 is 5.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | 5.88 | 8.99 |
| FY2025 | −3.11 | (2.56) |
| FY2024 | −0.55 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.90 | — | 2.66 | |
| Gross margin index | 6.45 | — | 3.41 | |
| Asset quality index | 3.05 | — | 1.23 | |
| Sales growth index | 0.98 | — | 0.87 | |
| Depreciation index | 0.73 | — | 0.08 | |
| SG&A index | 1.79 | — | −0.31 | |
| Total accruals to total assets | 0.62 | — | 2.89 | |
| Leverage index | 0.37 | — | −0.12 | |
| Beneish M-score | Flagged by the model | 5.88 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | −2.9× |
| MTRX Matrix Service Company compare | −2.6× |
| WLDN Willdan Group, Inc. compare | −2.6× |
| BWMN Bowman Consulting Group Ltd. compare | −2.6× |
| ORN Orion Group Holdings, Inc. compare | −2.4× |
| AMRC Ameresco, Inc. compare | −2.3× |
| MAGH Magnitude International Ltd compare | −1.4× |
| CDNL Cardinal Infrastructure Group Inc. compare | −1.4× |
| PHOE Phoenix Asia Holdings Limited | 5.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI