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Electricity Generating PCL (BKK:EGCO) Beneish M-Score : -2.89 (As of Dec. 12, 2024)


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What is Electricity Generating 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:EGCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.64   Max: -1.23
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Electricity Generating PCL was -1.23. The lowest was -3.16. And the median was -2.64.


Electricity Generating PCL Beneish M-Score Historical Data

The historical data trend for Electricity Generating 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.

* Premium members only.

Electricity Generating PCL Beneish M-Score Chart

Electricity Generating PCL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 -2.72 -2.31 -1.86 -3.07

Electricity Generating PCL Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.96 -3.07 -2.66 -2.95 -2.89

Competitive Comparison of Electricity Generating PCL's Beneish M-Score

For the Utilities - Independent Power Producers subindustry, Electricity Generating 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.


Electricity Generating PCL's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Electricity Generating PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Electricity Generating PCL's Beneish M-Score falls into.



Electricity Generating 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 Electricity Generating 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 * 1.192+0.528 * 0.7735+0.404 * 0.937+0.892 * 0.7407+0.115 * 0.9839
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3634+4.679 * -0.023155-0.327 * 1.1047
=-2.89

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ฿9,026 Mil.
Revenue was 10928.33 + 9942.967 + 9852.053 + 10680.015 = ฿41,403 Mil.
Gross Profit was 2543.541 + 2231.238 + 1407.96 + 2276.296 = ฿8,459 Mil.
Total Current Assets was ฿64,845 Mil.
Total Assets was ฿245,242 Mil.
Property, Plant and Equipment(Net PPE) was ฿44,716 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,033 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,545 Mil.
Total Current Liabilities was ฿33,804 Mil.
Long-Term Debt & Capital Lease Obligation was ฿101,155 Mil.
Net Income was 2462.081 + 1393.139 + 1662.402 + -14238.727 = ฿-8,721 Mil.
Non Operating Income was 2303.336 + 2110.197 + 2990.463 + -17639.363 = ฿-10,235 Mil.
Cash Flow from Operations was 833.592 + 1237.862 + 3082.142 + 2039.19 = ฿7,193 Mil.
Total Receivables was ฿10,222 Mil.
Revenue was 12048.455 + 13657.159 + 13241.88 + 16947.056 = ฿55,895 Mil.
Gross Profit was 2180.385 + 2353.326 + 1900.807 + 2398.507 = ฿8,833 Mil.
Total Current Assets was ฿61,980 Mil.
Total Assets was ฿270,417 Mil.
Property, Plant and Equipment(Net PPE) was ฿48,776 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,252 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,510 Mil.
Total Current Liabilities was ฿21,137 Mil.
Long-Term Debt & Capital Lease Obligation was ฿113,572 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)
=(9025.739 / 41403.365) / (10222.174 / 55894.55)
=0.217995 / 0.182883
=1.192

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)
=(8833.025 / 55894.55) / (8459.035 / 41403.365)
=0.15803 / 0.204308
=0.7735

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 - (64845.186 + 44715.764) / 245241.576) / (1 - (61979.788 + 48776.351) / 270416.643)
=0.553253 / 0.590424
=0.937

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
=41403.365 / 55894.55
=0.7407

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))
=(3251.542 / (3251.542 + 48776.351)) / (3032.882 / (3032.882 + 44715.764))
=0.062496 / 0.063518
=0.9839

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)
=(3544.564 / 41403.365) / (3509.813 / 55894.55)
=0.085611 / 0.062793
=1.3634

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)
=((101155.27 + 33804.028) / 245241.576) / ((113571.661 + 21137.124) / 270416.643)
=0.550312 / 0.498153
=1.1047

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
=(-8721.105 - -10235.367 - 7192.786) / 245241.576
=-0.023155

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.

Electricity Generating PCL has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.


Electricity Generating PCL Beneish M-Score Related Terms

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Electricity Generating PCL Business Description

Traded in Other Exchanges
Address
Vibhavadi Rangsit Road, 222, EGCO Tower, 14th and 15th Floor, Tungsonghong, Laksi, Bangkok, THA, 10210
Electricity Generating PCL, or Egco, is the first independent power producer in Thailand. The company's primary function is the generation of electricity for sale to the government sector and industrial users. As a holding company, majority of the company's revenue comes from its numerous subsidiaries and joint ventures located throughout Thailand and other regions. The company has two segments report which is comprised of electricity generation and other businesses. The majority of revenue is derived from the electricity generation segment. Geographically, key revenue for the company is derived from Thailand and rest from Philippines and Australia.

Electricity Generating PCL Headlines

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