KGI Securities (Thailand) PCL (BKK:KGI) Beneish M-Score : -2.41 (As of Apr. 02, 2025)

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What is KGI Securities (Thailand) 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for KGI Securities (Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:KGI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.47 Max: -0.51
Current: -2.41

During the past 13 years, the highest Beneish M-Score of KGI Securities (Thailand) PCL was -0.51. The lowest was -3.30. And the median was -2.47.

KGI Securities (Thailand) PCL Beneish M-Score Historical Data

The historical data trend for KGI Securities (Thailand) 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.

KGI Securities (Thailand) PCL Beneish M-Score Chart

KGI Securities (Thailand) PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.51

-1.90

-2.62

-2.69

-2.41

KGI Securities (Thailand) PCL Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.33	-2.90	-3.07	-2.41

Competitive Comparison of KGI Securities (Thailand) PCL's Beneish M-Score

For the Capital Markets subindustry, KGI Securities (Thailand) 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.

KGI Securities (Thailand) PCL's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, KGI Securities (Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where KGI Securities (Thailand) PCL's Beneish M-Score falls into.

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KGI Securities (Thailand) 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 KGI Securities (Thailand) 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 * 0.7868

0.528 * 0.9745

0.404 * 1.6802

0.892 * 0.955

0.115 * 0.9717

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2248

4.679 * -0.004362

0.327 * 0.6577

-2.41

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ฿6,169 Mil.
Revenue was 900.958 + 905.331 + 663.828 + 908.888 = ฿3,379 Mil.
Gross Profit was 391.641 + 395.125 + 209.143 + 434.392 = ฿1,430 Mil.
Total Current Assets was ฿7,454 Mil.
Total Assets was ฿15,024 Mil.
Property, Plant and Equipment(Net PPE) was ฿967 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿205 Mil.
Selling, General, & Admin. Expense(SGA) was ฿29 Mil.
Total Current Liabilities was ฿5,695 Mil.
Long-Term Debt & Capital Lease Obligation was ฿812 Mil.
Net Income was 279.187 + 206.85 + 112.341 + 266.359 = ฿865 Mil.
Non Operating Income was 1.139 + 2.083 + 2.346 + 1.378 = ฿7 Mil.
Cash Flow from Operations was 25.873 + 112.08 + 864.577 + -79.2 = ฿923 Mil.

Total Receivables was ฿8,209 Mil.
Revenue was 802.596 + 907.068 + 904.037 + 924.353 = ฿3,538 Mil.
Gross Profit was 339.6 + 372.22 + 377.615 + 370.065 = ฿1,460 Mil.
Total Current Assets was ฿16,567 Mil.
Total Assets was ฿23,694 Mil.
Property, Plant and Equipment(Net PPE) was ฿929 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿191 Mil.
Selling, General, & Admin. Expense(SGA) was ฿25 Mil.
Total Current Liabilities was ฿14,862 Mil.
Long-Term Debt & Capital Lease Obligation was ฿741 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)
	=	(6168.511 / 3379.005)	/	(8208.56 / 3538.054)
	=	1.825541	/	2.320078
	=	0.7868

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)
	=	(1459.5 / 3538.054)	/	(1430.301 / 3379.005)
	=	0.412515	/	0.423291
	=	0.9745

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 - (7453.877 + 966.546) / 15023.549)	/	(1 - (16566.645 + 929.184) / 23693.682)
	=	0.439518	/	0.261583
	=	1.6802

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
	=	3379.005	/	3538.054
	=	0.955

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))
	=	(190.667 / (190.667 + 929.184))	/	(205.328 / (205.328 + 966.546))
	=	0.170261	/	0.175213
	=	0.9717

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)
	=	(29.309 / 3379.005)	/	(25.055 / 3538.054)
	=	0.008674	/	0.007082
	=	1.2248

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)
	=	((811.711 + 5694.947) / 15023.549)	/	((740.529 + 14862.192) / 23693.682)
	=	0.433097	/	0.658518
	=	0.6577

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
	=	(864.737 - 6.946	-	923.33)	/	15023.549
	=	-0.004362

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.

KGI Securities (Thailand) PCL has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

KGI Securities (Thailand) PCL Beneish M-Score Related Terms

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KGI Securities (Thailand) PCL Business Description

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KGI-R:Thailand

Address

South Sathorn Road, 8th-11th Floor, 173 Asia Centre Building, Thungmahamek Sub-district, Sathorn District, Bangkok, THA, 10120

Website

https://www.kgieworld.co.th

KGI Securities (Thailand) PCL is a Thailand based company engaged in the securities business. Its business activities include securities brokerage, securities dealing, investment advisory, securities underwriting, securities borrowing and lending, securities registrar, derivatives brokerage, financial advisory, over-the-counter derivative business, and sales agent of mutual fund units. The operating segments of the company are the Securities brokerage segment, Investment banking segment, Security trading segment and Asset management segment, of which key revenue is generated from the Security brokerage segment and Security trading segment.

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