AMR Asia PCL Beneish M-Score Historical Data
The historical data trend for AMR Asia PCL'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.
AMR Asia PCL Beneish M-Score Chart
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AMR Asia PCL Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.97 |
-3.83 |
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AMR Asia PCL Quarterly Data
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Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.56 |
5.77 |
-3.72 |
-3.83 |
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Competitive Comparison of AMR Asia PCL's Beneish M-Score
For the Engineering & Construction subindustry, AMR Asia PCL'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.
AMR Asia PCL's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, AMR Asia PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMR Asia PCL's Beneish M-Score falls into.
AMR Asia PCL 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 AMR Asia PCL 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 * 0.7537 | + | 0.528 * -0.8829 | + | 0.404 * 1.9452 | + | 0.892 * 1.0773 | + | 0.115 * 1.4608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4183 | + | 4.679 * -0.161798 | - | 0.327 * 1.0614 |
| = | -4.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ฿768 Mil.
Revenue was 210.893 + 113.981 + 642.229 + 250.507 = ฿1,218 Mil.
Gross Profit was 14.176 + -47.55 + -59.843 + -30.112 = ฿-123 Mil.
Total Current Assets was ฿1,137 Mil.
Total Assets was ฿1,678 Mil.
Property, Plant and Equipment(Net PPE) was ฿153 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿21 Mil.
Selling, General, & Admin. Expense(SGA) was ฿378 Mil.
Total Current Liabilities was ฿616 Mil.
Long-Term Debt & Capital Lease Obligation was ฿27 Mil.
Net Income was -21.728 + -92.852 + -249.268 + -75.213 = ฿-439 Mil.
Non Operating Income was 1.29 + 6.407 + 8.774 + 2.366 = ฿19 Mil.
Cash Flow from Operations was 22.095 + 82.95 + -45.123 + -246.357 = ฿-186 Mil.
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Total Receivables was ฿946 Mil.
Revenue was 235.439 + 301.157 + 272.66 + 320.955 = ฿1,130 Mil.
Gross Profit was -1.744 + -21.172 + 71.177 + 52.815 = ฿101 Mil.
Total Current Assets was ฿1,782 Mil.
Total Assets was ฿2,134 Mil.
Property, Plant and Equipment(Net PPE) was ฿98 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿20 Mil.
Selling, General, & Admin. Expense(SGA) was ฿247 Mil.
Total Current Liabilities was ฿765 Mil.
Long-Term Debt & Capital Lease Obligation was ฿5 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) |
| = | (768.485 / 1217.61) | / | (946.488 / 1130.211) |
| = | 0.631142 | / | 0.837444 |
| | = | 0.7537 |
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) |
| = | (101.076 / 1130.211) | / | (-123.329 / 1217.61) |
| = | 0.089431 | / | -0.101288 |
| | = | -0.8829 |
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 - (1136.758 + 153.017) / 1677.786) | / | (1 - (1782.396 + 97.705) / 2133.792) |
| = | 0.231264 | / | 0.118892 |
| | = | 1.9452 |
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 |
| = | 1217.61 | / | 1130.211 |
| | = | 1.0773 |
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)) |
| = | (20.489 / (20.489 + 97.705)) | / | (20.604 / (20.604 + 153.017)) |
| = | 0.173351 | / | 0.118672 |
| | = | 1.4608 |
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) |
| = | (378.125 / 1217.61) | / | (247.464 / 1130.211) |
| = | 0.310547 | / | 0.218954 |
| | = | 1.4183 |
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) |
| = | ((26.972 + 616.125) / 1677.786) | / | ((5.141 + 765.395) / 2133.792) |
| = | 0.383301 | / | 0.361111 |
| | = | 1.0614 |
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 |
| = | (-439.061 - 18.837 | - | -186.435) | / | 1677.786 |
| | = | -0.161798 |
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.
AMR Asia PCL has a M-score of -4.05 suggests that the company is unlikely to be a manipulator.
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