Chewathai PCL Beneish M-Score Historical Data
The historical data trend for Chewathai 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.
Chewathai PCL Beneish M-Score Chart
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Chewathai PCL Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.88 |
-2.41 |
-2.35 |
-2.43 |
-3.09 |
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Chewathai PCL Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-1.17 |
-0.58 |
-0.94 |
-3.09 |
Competitive Comparison of Chewathai PCL's Beneish M-Score
For the Real Estate - Development subindustry, Chewathai 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.
Chewathai PCL's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Chewathai PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chewathai PCL's Beneish M-Score falls into.
Chewathai 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 Chewathai 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 * 0.9412 | + | 0.528 * 1.0477 | + | 0.404 * 1.3994 | + | 0.892 * 0.8825 | + | 0.115 * 0.8237 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4005 | + | 4.679 * -0.11933 | - | 0.327 * 0.9743 |
| = | -3.09 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ฿83 Mil.
Revenue was 590.432 + 519.627 + 372.38 + 371.674 = ฿1,854 Mil.
Gross Profit was 160.151 + 160.09 + 95.477 + 106.954 = ฿523 Mil.
Total Current Assets was ฿5,215 Mil.
Total Assets was ฿5,906 Mil.
Property, Plant and Equipment(Net PPE) was ฿18 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿13 Mil.
Selling, General, & Admin. Expense(SGA) was ฿534 Mil.
Total Current Liabilities was ฿2,688 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,215 Mil.
Net Income was -52.571 + 14.018 + -37.677 + 7.117 = ฿-69 Mil.
Non Operating Income was -2.874 + -0.402 + -1.051 + -1.731 = ฿-6 Mil.
Cash Flow from Operations was 369.307 + 256.676 + 101.443 + -85.669 = ฿642 Mil.
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Total Receivables was ฿100 Mil.
Revenue was 446.355 + 475.888 + 880.164 + 298.674 = ฿2,101 Mil.
Gross Profit was 165.196 + 119.589 + 245.082 + 90.664 = ฿621 Mil.
Total Current Assets was ฿5,774 Mil.
Total Assets was ฿6,312 Mil.
Property, Plant and Equipment(Net PPE) was ฿25 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿13 Mil.
Selling, General, & Admin. Expense(SGA) was ฿432 Mil.
Total Current Liabilities was ฿3,047 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,234 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) |
| = | (83.351 / 1854.113) | / | (100.351 / 2101.081) |
| = | 0.044955 | / | 0.047762 |
| | = | 0.9412 |
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) |
| = | (620.531 / 2101.081) | / | (522.672 / 1854.113) |
| = | 0.295339 | / | 0.281899 |
| | = | 1.0477 |
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 - (5215.409 + 18.154) / 5906.429) | / | (1 - (5773.709 + 24.82) / 6312.416) |
| = | 0.113921 | / | 0.081409 |
| | = | 1.3994 |
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 |
| = | 1854.113 | / | 2101.081 |
| | = | 0.8825 |
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)) |
| = | (13.347 / (13.347 + 24.82)) | / | (13.393 / (13.393 + 18.154)) |
| = | 0.3497 | / | 0.424541 |
| | = | 0.8237 |
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) |
| = | (534.495 / 1854.113) | / | (432.482 / 2101.081) |
| = | 0.288275 | / | 0.205838 |
| | = | 1.4005 |
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) |
| = | ((1215.042 + 2687.615) / 5906.429) | / | ((1233.521 + 3047.205) / 6312.416) |
| = | 0.660747 | / | 0.678144 |
| | = | 0.9743 |
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 |
| = | (-69.113 - -6.058 | - | 641.757) | / | 5906.429 |
| | = | -0.11933 |
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.
Chewathai PCL has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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