BBGI PCL (BKK:BBGI-F) Beneish M-Score : -2.55 (As of May. 12, 2024)

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What is BBGI PCL 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BBGI-F' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.54 Max: -2.01
Current: -2.55

During the past 7 years, the highest Beneish M-Score of BBGI PCL was -2.01. The lowest was -2.82. And the median was -2.54.

BBGI PCL Beneish M-Score Historical Data

The historical data trend for BBGI 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.

* Premium members only.

BBGI PCL Beneish M-Score Chart

BBGI PCL Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.82

-2.52

-2.01

-2.55

BBGI PCL Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.01	-0.81	-1.88	-2.42	-2.55

Competitive Comparison of BBGI PCL's Beneish M-Score

For the Utilities - Renewable subindustry, BBGI 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.

BBGI PCL's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, BBGI PCL's Beneish M-Score distribution charts can be found below:

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

BBGI 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 BBGI PCL 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 * 1.1505

0.528 * 1.0826

0.404 * 1.0665

0.892 * 1.0287

0.115 * 0.8564

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0973

4.679 * -0.058303

0.327 * 1.0073

-2.55

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿1,475 Mil.
Revenue was 4240.088 + 3526.44 + 3049.075 + 2941.646 = ฿13,757 Mil.
Gross Profit was 192.767 + 116.04 + 57.482 + 74.843 = ฿441 Mil.
Total Current Assets was ฿4,940 Mil.
Total Assets was ฿13,635 Mil.
Property, Plant and Equipment(Net PPE) was ฿5,852 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿469 Mil.
Selling, General, & Admin. Expense(SGA) was ฿349 Mil.
Total Current Liabilities was ฿2,866 Mil.
Long-Term Debt & Capital Lease Obligation was ฿696 Mil.
Net Income was 79.099 + 1.619 + -40.162 + -30.692 = ฿10 Mil.
Non Operating Income was -21.164 + -2.585 + 16.796 + -3.988 = ฿-11 Mil.
Cash Flow from Operations was 312.266 + 597.458 + 548.201 + -642.152 = ฿816 Mil.

Total Receivables was ฿1,246 Mil.
Revenue was 3269.918 + 2950.77 + 3413.275 + 3739.814 = ฿13,374 Mil.
Gross Profit was 111.794 + -4.425 + 36.994 + 319.88 = ฿464 Mil.
Total Current Assets was ฿5,138 Mil.
Total Assets was ฿14,106 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,211 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿422 Mil.
Selling, General, & Admin. Expense(SGA) was ฿310 Mil.
Total Current Liabilities was ฿1,467 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,191 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)
	=	(1474.62 / 13757.249)	/	(1246.001 / 13373.777)
	=	0.107189	/	0.093167
	=	1.1505

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)
	=	(464.243 / 13373.777)	/	(441.132 / 13757.249)
	=	0.034713	/	0.032065
	=	1.0826

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 - (4940.268 + 5852.17) / 13635.128)	/	(1 - (5137.612 + 6211.09) / 14106.122)
	=	0.208483	/	0.195477
	=	1.0665

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
	=	13757.249	/	13373.777
	=	1.0287

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))
	=	(421.641 / (421.641 + 6211.09))	/	(469.238 / (469.238 + 5852.17))
	=	0.06357	/	0.07423
	=	0.8564

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)
	=	(349.41 / 13757.249)	/	(309.555 / 13373.777)
	=	0.025398	/	0.023146
	=	1.0973

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)
	=	((695.733 + 2866.02) / 13635.128)	/	((2190.905 + 1467.047) / 14106.122)
	=	0.261219	/	0.259317
	=	1.0073

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
	=	(9.864 - -10.941	-	815.773)	/	13635.128
	=	-0.058303

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.

BBGI PCL has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

BBGI PCL Beneish M-Score Related Terms

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BBGI PCL (BKK:BBGI-F) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » BBGI PCL (BKK:BBGI-F) » Definitions » Beneish M-Score

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BBGI:Thailand

Address

Sukhumvit Road, 2098 M Tower Building, 5th Floor, Phrakanong, Phrakanong Tai, Bangkok, THA, 10260

Website

https://www.bbgigroup.com

BBGI PCL operates in the bio-based products business. The main businesses include biofuels, the production and distribution of ethanol, biodiesel, and byproducts, as well as any other business related to these activities. The principal business of the Company is investing in the companies whose business is manufacturing and distribution of biofuel product and relating products. Group's reportable segments are: Biodiesel: manufacturing and distribution of biodiesel product and relating products, Ethanol: production and distribution of ethanol and Others. The Group is managed and operates principally in Thailand. Majority of revenue is generated from Biodiesel: manufacturing and distribution of biodiesel product and relating products.

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