Bualuang Securities Beneish M-Score Historical Data
The historical data trend for Bualuang Securities'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.
Bualuang Securities Beneish M-Score Chart
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Bualuang Securities Annual Data
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Trend |
Dec11 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.13 |
-0.16 |
-2.05 |
-2.41 |
-2.61 |
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Bualuang Securities Semi-Annual Data
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Jun11 |
Dec11 |
Jun12 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.05 |
- |
-2.41 |
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-2.61 |
Competitive Comparison of Bualuang Securities's Beneish M-Score
For the Capital Markets subindustry, Bualuang Securities'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.
Bualuang Securities's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Bualuang Securities's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bualuang Securities's Beneish M-Score falls into.
Bualuang Securities 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 Bualuang Securities 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 * 0.7512 | + | 0.528 * 1.1112 | + | 0.404 * 1.0264 | + | 0.892 * 0.9041 | + | 0.115 * 1.0002 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.019003 | - | 0.327 * 0.9257 |
| = | -2.61 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ฿3,124 Mil.
Revenue was ฿2,623 Mil.
Gross Profit was ฿943 Mil.
Total Current Assets was ฿12,049 Mil.
Total Assets was ฿15,174 Mil.
Property, Plant and Equipment(Net PPE) was ฿551 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿162 Mil.
Selling, General, & Admin. Expense(SGA) was ฿0 Mil.
Total Current Liabilities was ฿5,350 Mil.
Long-Term Debt & Capital Lease Obligation was ฿180 Mil.
Net Income was ฿859 Mil.
Gross Profit was ฿-389 Mil.
Cash Flow from Operations was ฿960 Mil.
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Total Receivables was ฿4,600 Mil.
Revenue was ฿2,902 Mil.
Gross Profit was ฿1,159 Mil.
Total Current Assets was ฿13,142 Mil.
Total Assets was ฿16,418 Mil.
Property, Plant and Equipment(Net PPE) was ฿562 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿165 Mil.
Selling, General, & Admin. Expense(SGA) was ฿0 Mil.
Total Current Liabilities was ฿6,254 Mil.
Long-Term Debt & Capital Lease Obligation was ฿209 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) |
| = | (3124.141 / 2623.219) | / | (4599.933 / 2901.515) |
| = | 1.190957 | / | 1.585356 |
| | = | 0.7512 |
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) |
| = | (1158.705 / 2901.515) | / | (942.737 / 2623.219) |
| = | 0.399345 | / | 0.359382 |
| | = | 1.1112 |
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 - (12049.031 + 550.961) / 15174.383) | / | (1 - (13142.131 + 561.951) / 16417.663) |
| = | 0.169654 | / | 0.165284 |
| | = | 1.0264 |
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 |
| = | 2623.219 | / | 2901.515 |
| | = | 0.9041 |
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)) |
| = | (165.09 / (165.09 + 561.951)) | / | (161.816 / (161.816 + 550.961)) |
| = | 0.227071 | / | 0.227022 |
| | = | 1.0002 |
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) |
| = | (0 / 2623.219) | / | (0 / 2901.515) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((180 + 5349.718) / 15174.383) | / | ((209 + 6254.094) / 16417.663) |
| = | 0.364411 | / | 0.393667 |
| | = | 0.9257 |
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 |
| = | (859.216 - -389.06 | - | 959.91) | / | 15174.383 |
| | = | 0.019003 |
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.
Bualuang Securities has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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