Inter Pharma PCL Beneish M-Score Historical Data
The historical data trend for Inter Pharma 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.
Inter Pharma PCL Beneish M-Score Chart
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Inter Pharma PCL Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
0.11 |
-0.85 |
-1.80 |
-2.36 |
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Inter Pharma PCL Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.02 |
-2.36 |
-2.33 |
-2.47 |
-2.62 |
Competitive Comparison of Inter Pharma PCL's Beneish M-Score
For the Biotechnology subindustry, Inter Pharma 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.
Inter Pharma PCL's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Inter Pharma PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inter Pharma PCL's Beneish M-Score falls into.
Inter Pharma 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 Inter Pharma 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 * 1.0212 | + | 0.528 * 1.0765 | + | 0.404 * 1.1265 | + | 0.892 * 0.9962 | + | 0.115 * 1.2395 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1247 | + | 4.679 * -0.058874 | - | 0.327 * 0.9361 |
| = | -2.62 |
* 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 ฿384 Mil.
Revenue was 436.104 + 444.998 + 484.277 + 425.066 = ฿1,790 Mil.
Gross Profit was 156.715 + 163.829 + 182.401 + 146.774 = ฿650 Mil.
Total Current Assets was ฿982 Mil.
Total Assets was ฿2,986 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,094 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿100 Mil.
Selling, General, & Admin. Expense(SGA) was ฿623 Mil.
Total Current Liabilities was ฿483 Mil.
Long-Term Debt & Capital Lease Obligation was ฿247 Mil.
Net Income was 3.807 + 3.417 + 15.796 + -11.607 = ฿11 Mil.
Non Operating Income was -0.222 + -0.454 + -0.225 + -0.636 = ฿-2 Mil.
Cash Flow from Operations was 48.919 + 38.051 + 57.485 + 44.284 = ฿189 Mil.
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Total Receivables was ฿378 Mil.
Revenue was 438.844 + 444.293 + 473.031 + 441.112 = ฿1,797 Mil.
Gross Profit was 156.422 + 168.517 + 187.727 + 189.445 = ฿702 Mil.
Total Current Assets was ฿1,273 Mil.
Total Assets was ฿2,929 Mil.
Property, Plant and Equipment(Net PPE) was ฿863 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿100 Mil.
Selling, General, & Admin. Expense(SGA) was ฿556 Mil.
Total Current Liabilities was ฿450 Mil.
Long-Term Debt & Capital Lease Obligation was ฿315 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) |
| = | (384.364 / 1790.445) | / | (377.838 / 1797.28) |
| = | 0.214675 | / | 0.210228 |
| | = | 1.0212 |
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) |
| = | (702.111 / 1797.28) | / | (649.719 / 1790.445) |
| = | 0.390652 | / | 0.362881 |
| | = | 1.0765 |
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 - (981.543 + 1093.742) / 2985.832) | / | (1 - (1273.099 + 862.732) / 2928.643) |
| = | 0.304956 | / | 0.27071 |
| | = | 1.1265 |
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 |
| = | 1790.445 | / | 1797.28 |
| | = | 0.9962 |
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)) |
| = | (100.223 / (100.223 + 862.732)) | / | (100.258 / (100.258 + 1093.742)) |
| = | 0.104079 | / | 0.083968 |
| | = | 1.2395 |
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) |
| = | (623.086 / 1790.445) | / | (556.112 / 1797.28) |
| = | 0.348006 | / | 0.309419 |
| | = | 1.1247 |
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) |
| = | ((247.264 + 482.776) / 2985.832) | / | ((315.212 + 449.761) / 2928.643) |
| = | 0.244501 | / | 0.261204 |
| | = | 0.9361 |
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 |
| = | (11.413 - -1.537 | - | 188.739) | / | 2985.832 |
| | = | -0.058874 |
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.
Inter Pharma PCL has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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