Britania PCL Beneish M-Score Historical Data
The historical data trend for Britania 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.
Britania PCL Beneish M-Score Chart
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Britania PCL Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
3.08 |
6.82 |
0.70 |
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Britania PCL Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.51 |
-0.36 |
1.77 |
0.70 |
1.80 |
Competitive Comparison of Britania PCL's Beneish M-Score
For the Real Estate - Development subindustry, Britania 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.
Britania PCL's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Britania PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Britania PCL's Beneish M-Score falls into.
Britania 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 Britania 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 * 4.6156 | + | 0.528 * 0.8514 | + | 0.404 * 0.9531 | + | 0.892 * 0.8983 | + | 0.115 * 1.2802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2747 | + | 4.679 * 0.257745 | - | 0.327 * 1.1391 |
| = | 1.80 |
* 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 ฿3,139 Mil.
Revenue was 1120.41 + 1078.707 + 1624.731 + 1544.268 = ฿5,368 Mil.
Gross Profit was 524.85 + 360.065 + 885.762 + 829.291 = ฿2,600 Mil.
Total Current Assets was ฿18,516 Mil.
Total Assets was ฿20,458 Mil.
Property, Plant and Equipment(Net PPE) was ฿71 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿13 Mil.
Selling, General, & Admin. Expense(SGA) was ฿781 Mil.
Total Current Liabilities was ฿10,822 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3,977 Mil.
Net Income was 296.418 + 100.651 + 417.26 + 348.104 = ฿1,162 Mil.
Non Operating Income was 41.471 + 4.921 + -107.058 + -163.035 = ฿-224 Mil.
Cash Flow from Operations was -143.455 + -1195.928 + -1356.433 + -1190.952 = ฿-3,887 Mil.
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Total Receivables was ฿757 Mil.
Revenue was 1464.392 + 1641.458 + 1313.881 + 1556.203 = ฿5,976 Mil.
Gross Profit was 720.687 + 687.231 + 480.341 + 575.865 = ฿2,464 Mil.
Total Current Assets was ฿12,853 Mil.
Total Assets was ฿14,259 Mil.
Property, Plant and Equipment(Net PPE) was ฿38 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿9 Mil.
Selling, General, & Admin. Expense(SGA) was ฿682 Mil.
Total Current Liabilities was ฿6,479 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,577 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) |
| = | (3139.305 / 5368.116) | / | (757.154 / 5975.934) |
| = | 0.584806 | / | 0.126701 |
| | = | 4.6156 |
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) |
| = | (2464.124 / 5975.934) | / | (2599.968 / 5368.116) |
| = | 0.412341 | / | 0.484335 |
| | = | 0.8514 |
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 - (18516.321 + 70.835) / 20457.787) | / | (1 - (12853.271 + 37.555) / 14258.726) |
| = | 0.091439 | / | 0.095934 |
| | = | 0.9531 |
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 |
| = | 5368.116 | / | 5975.934 |
| | = | 0.8983 |
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)) |
| = | (8.978 / (8.978 + 37.555)) | / | (12.57 / (12.57 + 70.835)) |
| = | 0.192938 | / | 0.15071 |
| | = | 1.2802 |
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) |
| = | (780.672 / 5368.116) | / | (681.796 / 5975.934) |
| = | 0.145428 | / | 0.11409 |
| | = | 1.2747 |
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) |
| = | ((3977.484 + 10822.416) / 20457.787) | / | ((2576.733 + 6479.033) / 14258.726) |
| = | 0.723436 | / | 0.635103 |
| | = | 1.1391 |
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 |
| = | (1162.433 - -223.701 | - | -3886.768) | / | 20457.787 |
| | = | 0.257745 |
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.
Britania PCL has a M-score of 1.80 signals that the company is likely to be a manipulator.
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