GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Filter Vision PCL (BKK:FVC) » Definitions » Beneish M-Score

Filter Vision PCL (BKK:FVC) Beneish M-Score : -2.70 (As of Dec. 14, 2024)


View and export this data going back to 2013. Start your Free Trial

What is Filter Vision 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:FVC' s Beneish M-Score Range Over the Past 10 Years
Min: -5.93   Med: -2.21   Max: -0.65
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Filter Vision PCL was -0.65. The lowest was -5.93. And the median was -2.21.


Filter Vision PCL Beneish M-Score Historical Data

The historical data trend for Filter Vision 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.

Filter Vision PCL Beneish M-Score Chart

Filter Vision 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 -4.83 -3.92 -1.73 -2.43 -2.04

Filter Vision 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 -2.12 -2.04 -2.23 -2.55 -2.70

Competitive Comparison of Filter Vision PCL's Beneish M-Score

For the Pollution & Treatment Controls subindustry, Filter Vision 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.


Filter Vision PCL's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Filter Vision PCL's Beneish M-Score distribution charts can be found below:

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



Filter Vision 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 Filter Vision 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 * 0.8989+0.528 * 1.0759+0.404 * 1.039+0.892 * 1.1522+0.115 * 0.8217
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9649+4.679 * -0.068045-0.327 * 0.9426
=-2.70

* 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 ฿323 Mil.
Revenue was 264.385 + 256.941 + 252.826 + 237.446 = ฿1,012 Mil.
Gross Profit was 44.719 + 56.584 + 57.789 + 54.888 = ฿214 Mil.
Total Current Assets was ฿665 Mil.
Total Assets was ฿1,242 Mil.
Property, Plant and Equipment(Net PPE) was ฿482 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿53 Mil.
Selling, General, & Admin. Expense(SGA) was ฿179 Mil.
Total Current Liabilities was ฿338 Mil.
Long-Term Debt & Capital Lease Obligation was ฿70 Mil.
Net Income was -2.883 + 8.484 + 8.478 + 77.427 = ฿92 Mil.
Non Operating Income was -1.438 + 0.319 + 0.799 + 56.488 = ฿56 Mil.
Cash Flow from Operations was 28.377 + 31.823 + 30.736 + 28.902 = ฿120 Mil.
Total Receivables was ฿312 Mil.
Revenue was 231.696 + 218.824 + 214.006 + 213.444 = ฿878 Mil.
Gross Profit was 51.175 + 45.466 + 53.273 + 49.896 = ฿200 Mil.
Total Current Assets was ฿684 Mil.
Total Assets was ฿1,154 Mil.
Property, Plant and Equipment(Net PPE) was ฿385 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿34 Mil.
Selling, General, & Admin. Expense(SGA) was ฿161 Mil.
Total Current Liabilities was ฿345 Mil.
Long-Term Debt & Capital Lease Obligation was ฿58 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)
=(322.919 / 1011.598) / (311.791 / 877.97)
=0.319217 / 0.355127
=0.8989

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)
=(199.81 / 877.97) / (213.98 / 1011.598)
=0.227582 / 0.211527
=1.0759

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 - (664.985 + 482.329) / 1241.824) / (1 - (684.435 + 385.118) / 1154.089)
=0.076106 / 0.073249
=1.039

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
=1011.598 / 877.97
=1.1522

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))
=(34.08 / (34.08 + 385.118)) / (52.959 / (52.959 + 482.329))
=0.081298 / 0.098936
=0.8217

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)
=(178.856 / 1011.598) / (160.882 / 877.97)
=0.176805 / 0.183243
=0.9649

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)
=((70.153 + 338.29) / 1241.824) / ((58.156 + 344.553) / 1154.089)
=0.328906 / 0.348941
=0.9426

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
=(91.506 - 56.168 - 119.838) / 1241.824
=-0.068045

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.

Filter Vision PCL has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.


Filter Vision PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Filter Vision PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Filter Vision PCL Business Description

Traded in Other Exchanges
Address
95 Soi Ramintra 117, Ramintra Road, Khwaeng Minburi, Khet Minburi, Bangkok, THA, 10510
Filter Vision PCL is engaged in the pure water treatment business. It operates in Thailand and is involved in the distribution, design, assembly, and installation of the pure water treatment system and service preventive maintenance of the pure water treatment system. The group's reportable segments are Sales and services for pure water treatment system to industrial and original equipment manufacturing water system segment; Sales and services for pure water treatment system to commercial and residential segment; Sales and services of medical beauty treatment services; and Sales and services for medical service segment.

Filter Vision PCL Headlines