President Automobile Industries PCL (BKK:PACO) Beneish M-Score : -2.56 (As of May. 20, 2024)

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What is President Automobile Industries 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:PACO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -2.22 Max: -1.05
Current: -2.56

During the past 5 years, the highest Beneish M-Score of President Automobile Industries PCL was -1.05. The lowest was -2.56. And the median was -2.22.

President Automobile Industries PCL Beneish M-Score Historical Data

The historical data trend for President Automobile Industries 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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President Automobile Industries PCL Beneish M-Score Chart

President Automobile Industries PCL Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.22

-1.05

-2.56

President Automobile Industries PCL Quarterly Data
	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													-1.69	-1.48	-2.15	-2.56	-

Competitive Comparison of President Automobile Industries PCL's Beneish M-Score

For the Auto Parts subindustry, President Automobile Industries 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.

President Automobile Industries PCL's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, President Automobile Industries PCL's Beneish M-Score distribution charts can be found below:

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

President Automobile Industries 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 President Automobile Industries 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 * 1.2081

0.528 * 0.8306

0.404 * 1.0367

0.892 * 1.1482

0.115 * 0.9543

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7627

4.679 * -0.067862

0.327 * 0.6782

-2.41

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿297 Mil.
Revenue was 259.734 + 261.218 + 278.558 + 268.392 = ฿1,068 Mil.
Gross Profit was 57.018 + 45.966 + 47.127 + 31.429 = ฿182 Mil.
Total Current Assets was ฿911 Mil.
Total Assets was ฿1,394 Mil.
Property, Plant and Equipment(Net PPE) was ฿470 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿50 Mil.
Selling, General, & Admin. Expense(SGA) was ฿69 Mil.
Total Current Liabilities was ฿260 Mil.
Long-Term Debt & Capital Lease Obligation was ฿73 Mil.
Net Income was 46.493 + 14.223 + 31.69 + 23.88 = ฿116 Mil.
Non Operating Income was 18.75 + -16.821 + 7.404 + 13.468 = ฿23 Mil.
Cash Flow from Operations was 73.498 + 14.3 + 99.074 + 1.212 = ฿188 Mil.

Total Receivables was ฿214 Mil.
Revenue was 218.803 + 235.506 + 241.588 + 234.157 = ฿930 Mil.
Gross Profit was 24.903 + 28.117 + 41.447 + 36.863 = ฿131 Mil.
Total Current Assets was ฿939 Mil.
Total Assets was ฿1,460 Mil.
Property, Plant and Equipment(Net PPE) was ฿507 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿51 Mil.
Selling, General, & Admin. Expense(SGA) was ฿79 Mil.
Total Current Liabilities was ฿368 Mil.
Long-Term Debt & Capital Lease Obligation was ฿146 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)
	=	(297.339 / 1067.902)	/	(214.358 / 930.054)
	=	0.278433	/	0.230479
	=	1.2081

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)
	=	(131.33 / 930.054)	/	(181.54 / 1067.902)
	=	0.141207	/	0.169997
	=	0.8306

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 - (910.541 + 469.511) / 1393.987)	/	(1 - (939.095 + 507.139) / 1460.316)
	=	0.009997	/	0.009643
	=	1.0367

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
	=	1067.902	/	930.054
	=	1.1482

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))
	=	(51.44 / (51.44 + 507.139))	/	(50.149 / (50.149 + 469.511))
	=	0.092091	/	0.096503
	=	0.9543

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)
	=	(68.762 / 1067.902)	/	(78.52 / 930.054)
	=	0.06439	/	0.084425
	=	0.7627

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)
	=	((73.012 + 259.751) / 1393.987)	/	((146.384 + 367.645) / 1460.316)
	=	0.238713	/	0.351998
	=	0.6782

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
	=	(116.286 - 22.801	-	188.084)	/	1393.987
	=	-0.067862

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.

President Automobile Industries PCL has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

President Automobile Industries PCL Beneish M-Score Related Terms

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President Automobile Industries PCL (BKK:PACO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » President Automobile Industries PCL (BKK:PACO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Satethakit 1 Road, 88/8, Moo 9, Soi Wor-Por-Or 11 (Piset), Suanluang, Kratumban, Samutsakorn, THA, 74110

Website

https://www.paco.co.th

President Automobile Industries PCL is engaged in two reportable segments the manufacture and distribution of automotive air conditioning components and the trading segment. The products offered by the company are condensers, evaporators, compressors, oil coolers, Air conditioning electrical parts, refrigerants, intercoolers and other accessories. The company has a business presence in Thailand, the Middle East, South East Asia, South Asia, North America, South America, Europe, East Asia and other regions.

President Automobile Industries PCL (BKK:PACO) Headlines

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