King Gen PCL (BKK:KGEN) Beneish M-Score : -0.15 (As of May. 24, 2024)

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What is King Gen 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.

Warning Sign:

Beneish M-Score -0.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BKK:KGEN' s Beneish M-Score Range Over the Past 10 Years
Min: -10.8 Med: -3.12 Max: 13.08
Current: -0.15

During the past 13 years, the highest Beneish M-Score of King Gen PCL was 13.08. The lowest was -10.80. And the median was -3.12.

King Gen PCL Beneish M-Score Historical Data

The historical data trend for King Gen 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.

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King Gen PCL Beneish M-Score Chart

King Gen PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.43

-3.18

2.25

-5.87

-1.33

King Gen PCL Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-5.87	-2.66	-1.76	-1.33	-0.15

Competitive Comparison of King Gen PCL's Beneish M-Score

For the Railroads subindustry, King Gen 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.

King Gen PCL's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, King Gen PCL's Beneish M-Score distribution charts can be found below:

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

King Gen 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 King Gen PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0054

0.528 * -4.304

0.404 * 1.2588

0.892 * 6.2683

0.115 * 5.769

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2343

4.679 * -0.048521

0.327 * 1.4093

-0.15

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿96.2 Mil.
Revenue was 164.193 + 150.107 + 105.203 + 168.252 = ฿587.8 Mil.
Gross Profit was 17.538 + -62.629 + 12.077 + 9.923 = ฿-23.1 Mil.
Total Current Assets was ฿201.1 Mil.
Total Assets was ฿1,668.4 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,229.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿191.3 Mil.
Selling, General, & Admin. Expense(SGA) was ฿146.7 Mil.
Total Current Liabilities was ฿222.8 Mil.
Long-Term Debt & Capital Lease Obligation was ฿644.6 Mil.
Net Income was -21.463 + -67.476 + -6.182 + 49.293 = ฿-45.8 Mil.
Non Operating Income was 0 + -0.001 + 11.509 + 84.363 = ฿95.9 Mil.
Cash Flow from Operations was -42.195 + -16.083 + 0 + -2.468 = ฿-60.7 Mil.

Total Receivables was ฿15.3 Mil.
Revenue was 0 + 0 + 56.711 + 37.055 = ฿93.8 Mil.
Gross Profit was 0 + 0 + 8.199 + 7.656 = ฿15.9 Mil.
Total Current Assets was ฿875.3 Mil.
Total Assets was ฿999.7 Mil.
Property, Plant and Equipment(Net PPE) was ฿11.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿39.3 Mil.
Selling, General, & Admin. Expense(SGA) was ฿99.9 Mil.
Total Current Liabilities was ฿364.1 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4.7 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)
	=	(96.228 / 587.755)	/	(15.269 / 93.766)
	=	0.163721	/	0.162842
	=	1.0054

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)
	=	(15.855 / 93.766)	/	(-23.091 / 587.755)
	=	0.169091	/	-0.039287
	=	-4.304

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 - (201.116 + 1229.634) / 1668.407)	/	(1 - (875.3 + 11.314) / 999.743)
	=	0.142445	/	0.113158
	=	1.2588

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
	=	587.755	/	93.766
	=	6.2683

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))
	=	(39.323 / (39.323 + 11.314))	/	(191.267 / (191.267 + 1229.634))
	=	0.776567	/	0.13461
	=	5.769

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)
	=	(146.674 / 587.755)	/	(99.862 / 93.766)
	=	0.24955	/	1.065013
	=	0.2343

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)
	=	((644.642 + 222.827) / 1668.407)	/	((4.71 + 364.135) / 999.743)
	=	0.519938	/	0.36894
	=	1.4093

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
	=	(-45.828 - 95.871	-	-60.746)	/	1668.407
	=	-0.048521

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.

King Gen PCL has a M-score of -0.15 signals that the company is likely to be a manipulator.

King Gen PCL Beneish M-Score Related Terms

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King Gen PCL (BKK:KGEN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » King Gen PCL (BKK:KGEN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Debaratana Road, No. 589/23, Central City Tower, Room No. OF2301, Floor 23, Bangna Nuea Subdistrict, Bangna District, Bangkok, THA, 10260

Website

https://www.kinggen.co.th/

King Gen PCL is engaged in a media service business. The principal activities of the company are a production of TV and radio programs and providing advertisements through TV media, radio media and new media forms. It operates its business through three segments: TV Advertising Media, New Media Advertising and sell products. The company generates maximum revenue from the TV Advertising Media segment. Geographically, it managed and operates its business principally in Thailand.

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