Bangkok Chain Hospital (BKK:BCH) Beneish M-Score : -3.47 (As of Apr. 30, 2024)

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What is Bangkok Chain Hospital 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 -3.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BCH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.71 Max: -1.24
Current: -3.47

During the past 13 years, the highest Beneish M-Score of Bangkok Chain Hospital was -1.24. The lowest was -3.47. And the median was -2.71.

Bangkok Chain Hospital Beneish M-Score Historical Data

The historical data trend for Bangkok Chain Hospital'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.

Bangkok Chain Hospital Beneish M-Score Chart

Bangkok Chain Hospital Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.61

-2.52

-1.40

-2.88

-3.47

Bangkok Chain Hospital 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															-2.88	-3.41	-4.15	-4.34	-3.47

Competitive Comparison of Bangkok Chain Hospital's Beneish M-Score

For the Medical Care Facilities subindustry, Bangkok Chain Hospital'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.

Bangkok Chain Hospital's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Bangkok Chain Hospital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bangkok Chain Hospital's Beneish M-Score falls into.

Bangkok Chain Hospital 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 Bangkok Chain Hospital 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 * 0.9856

0.528 * 1.0371

0.404 * 1.1175

0.892 * 0.6247

0.115 * 0.9995

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4436

4.679 * -0.156666

0.327 * 0.7

-3.47

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿2,349 Mil.
Revenue was 3053.116 + 3193.586 + 2865.923 + 2691.337 = ฿11,804 Mil.
Gross Profit was 959.555 + 1095.863 + 877.42 + 755.58 = ฿3,688 Mil.
Total Current Assets was ฿4,843 Mil.
Total Assets was ฿17,731 Mil.
Property, Plant and Equipment(Net PPE) was ฿11,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿944 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,755 Mil.
Total Current Liabilities was ฿3,505 Mil.
Long-Term Debt & Capital Lease Obligation was ฿334 Mil.
Net Income was 427.47 + 440.696 + 284.324 + 253.868 = ฿1,406 Mil.
Non Operating Income was -0.303 + 0.261 + 2.32 + -1.222 = ฿1 Mil.
Cash Flow from Operations was 989.68 + 1144.982 + 784.011 + 1264.43 = ฿4,183 Mil.

Total Receivables was ฿3,814 Mil.
Revenue was 2805.659 + 3447.492 + 5539.395 + 7102.135 = ฿18,895 Mil.
Gross Profit was 929.501 + -71.418 + 2052.776 + 3212.27 = ฿6,123 Mil.
Total Current Assets was ฿6,835 Mil.
Total Assets was ฿19,796 Mil.
Property, Plant and Equipment(Net PPE) was ฿11,677 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿950 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,946 Mil.
Total Current Liabilities was ฿3,510 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,613 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)
	=	(2348.521 / 11803.962)	/	(3814.017 / 18894.681)
	=	0.19896	/	0.201857
	=	0.9856

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)
	=	(6123.129 / 18894.681)	/	(3688.418 / 11803.962)
	=	0.324066	/	0.312473
	=	1.0371

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 - (4842.751 + 11602.32) / 17730.69)	/	(1 - (6834.707 + 11677.21) / 19796.459)
	=	0.072508	/	0.064887
	=	1.1175

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
	=	11803.962	/	18894.681
	=	0.6247

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))
	=	(949.558 / (949.558 + 11677.21))	/	(943.944 / (943.944 + 11602.32))
	=	0.075202	/	0.075237
	=	0.9995

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)
	=	(1754.874 / 11803.962)	/	(1945.879 / 18894.681)
	=	0.148668	/	0.102986
	=	1.4436

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)
	=	((333.967 + 3505.251) / 17730.69)	/	((2613.419 + 3510.193) / 19796.459)
	=	0.21653	/	0.309329
	=	0.7

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
	=	(1406.358 - 1.056	-	4183.103)	/	17730.69
	=	-0.156666

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.

Bangkok Chain Hospital has a M-score of -3.47 suggests that the company is unlikely to be a manipulator.

Bangkok Chain Hospital Beneish M-Score Related Terms

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Bangkok Chain Hospital (BKK:BCH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Bangkok Chain Hospital PLC (BKK:BCH) » Definitions » Beneish M-Score

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BCH-F:Thailand

Address

44 Moo 4, Chaengwattana Road, Pakkred, Nonthaburi, THA, 11120

Website

https://www.bangkokchainhospital.com

Bangkok Chain Hospital PLC is engaged in operating private hospitals, nursing businesses to provide medical treatment to patients with a total of 15 chained hospitals in Bangkok vicinity, Chiang Rai, Saraburi, Nonthaburi, Pathumthani, Ayudhaya, Chachoengsao, Prachinburi, Sa Kaeo Province, and Lao People's Democratic Republic as well as selling healthy drinks, providing medical analysis and research services in operation rooms, and providing assets management services relevant to the hospital and property for rent. Its geographical segments are the Kingdom of Thailand and the Lao People's Democratic Republic.