Kang Yong Electric PCL (BKK:KYE) Beneish M-Score : -2.79 (As of Jun. 06, 2024)

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What is Kang Yong Electric 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:KYE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.58 Max: -0.59
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Kang Yong Electric PCL was -0.59. The lowest was -2.91. And the median was -2.58.

Kang Yong Electric PCL Beneish M-Score Historical Data

The historical data trend for Kang Yong Electric 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.

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Kang Yong Electric PCL Beneish M-Score Chart

Kang Yong Electric PCL Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.91

-0.59

-1.60

-2.44

-2.79

Kang Yong Electric PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.44	-2.58	-2.88	-2.83	-2.79

Competitive Comparison of Kang Yong Electric PCL's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Kang Yong Electric 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.

Kang Yong Electric PCL's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Kang Yong Electric PCL's Beneish M-Score distribution charts can be found below:

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

Kang Yong Electric 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 Kang Yong Electric 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 * 1.0597

0.528 * 0.7233

0.404 * 1.2595

0.892 * 0.8429

0.115 * 1.0549

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8803

4.679 * -0.068336

0.327 * 0.6687

-2.79

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿1,089 Mil.
Revenue was 1904.982 + 1297.256 + 1780.432 + 2096.607 = ฿7,079 Mil.
Gross Profit was 121.839 + 141.546 + 229.261 + 326.459 = ฿819 Mil.
Total Current Assets was ฿6,453 Mil.
Total Assets was ฿11,115 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,380 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿317 Mil.
Selling, General, & Admin. Expense(SGA) was ฿545 Mil.
Total Current Liabilities was ฿843 Mil.
Long-Term Debt & Capital Lease Obligation was ฿7 Mil.
Net Income was 57.545 + 250.209 + 298.619 + 131.243 = ฿738 Mil.
Non Operating Income was -17.462 + 274.057 + 272.577 + 31.881 = ฿561 Mil.
Cash Flow from Operations was 211.771 + -28.588 + 383 + 369.922 = ฿936 Mil.

Total Receivables was ฿1,219 Mil.
Revenue was 1969.51 + 1914.779 + 2264.332 + 2250.022 = ฿8,399 Mil.
Gross Profit was 91.473 + 194.464 + 216.205 + 200.7 = ฿703 Mil.
Total Current Assets was ฿5,959 Mil.
Total Assets was ฿9,645 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,426 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿349 Mil.
Selling, General, & Admin. Expense(SGA) was ฿735 Mil.
Total Current Liabilities was ฿1,091 Mil.
Long-Term Debt & Capital Lease Obligation was ฿13 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)
	=	(1088.888 / 7079.277)	/	(1218.986 / 8398.643)
	=	0.153813	/	0.145141
	=	1.0597

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)
	=	(702.842 / 8398.643)	/	(819.105 / 7079.277)
	=	0.083685	/	0.115705
	=	0.7233

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 - (6453.057 + 1380.49) / 11114.756)	/	(1 - (5958.589 + 1426.177) / 9645.454)
	=	0.295212	/	0.234379
	=	1.2595

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
	=	7079.277	/	8398.643
	=	0.8429

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))
	=	(349.331 / (349.331 + 1426.177))	/	(316.518 / (316.518 + 1380.49))
	=	0.19675	/	0.186515
	=	1.0549

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)
	=	(545.495 / 7079.277)	/	(735.145 / 8398.643)
	=	0.077055	/	0.087531
	=	0.8803

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)
	=	((7.3 + 843.263) / 11114.756)	/	((13.007 + 1090.817) / 9645.454)
	=	0.076526	/	0.11444
	=	0.6687

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
	=	(737.616 - 561.053	-	936.105)	/	11114.756
	=	-0.068336

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.

Kang Yong Electric PCL has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Kang Yong Electric PCL Beneish M-Score Related Terms

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Kang Yong Electric PCL (BKK:KYE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Kang Yong Electric PCL (BKK:KYE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

67 Moo 11, Debaratna Road, K.M.20, Samutprakarn, Bangplee, Bangchalong, THA, 10540

Website

https://www.mitsubishi-kye.com

Kang Yong Electric PCL manufactures and distributes household electrical appliances under the tradename Mitsubishi. The company operates in three segments: Sale of goods and rendering of services in Thailand, Sale of goods in Japan, and Sale of goods in other countries. Its products include refrigerators, electric fans, ventilating fans, water pumps, and hand dryers.