Kulthorn Kirby PCL Beneish M-Score Historical Data
The historical data trend for Kulthorn Kirby 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.
Kulthorn Kirby PCL Beneish M-Score Chart
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Kulthorn Kirby PCL Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
Dec25 |
| Beneish M-Score |
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-2.46 |
-4.26 |
-6.64 |
-5.69 |
-4.79 |
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Kulthorn Kirby PCL Semi-Annual Data
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Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
Jun25 |
Dec25 |
| Beneish M-Score |
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-6.64 |
-4.75 |
-5.69 |
-3.45 |
-4.79 |
BKK:KKC vs GE, ETN, ITW: Beneish M-Score Comparison
For the Specialty Industrial Machinery subindustry, Kulthorn Kirby 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.
Kulthorn Kirby PCL Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kulthorn Kirby PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kulthorn Kirby PCL's Beneish M-Score falls into.
Kulthorn Kirby 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 Kulthorn Kirby 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 * 0.9997 | + | 0.528 * -0.464 | + | 0.404 * 0.8424 | + | 0.892 * 0.8009 | + | 0.115 * 1.1696 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9048 | + | 4.679 * -0.267854 | - | 0.327 * 1.2483 |
| = | -4.79 |
* 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 (Dec25) TTM: | Last Year (Dec24) TTM: |
Total Receivables was ฿251 Mil.
Revenue was ฿2,103 Mil.
Gross Profit was ฿-204 Mil.
Total Current Assets was ฿938 Mil.
Total Assets was ฿4,300 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,334 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿399 Mil.
Selling, General, & Admin. Expense(SGA) was ฿305 Mil.
Total Current Liabilities was ฿6,480 Mil.
Long-Term Debt & Capital Lease Obligation was ฿9 Mil.
Net Income was ฿-1,173 Mil.
Gross Profit was ฿22 Mil.
Cash Flow from Operations was ฿-43 Mil.
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Total Receivables was ฿314 Mil.
Revenue was ฿2,626 Mil.
Gross Profit was ฿118 Mil.
Total Current Assets was ฿1,043 Mil.
Total Assets was ฿4,755 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,675 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿525 Mil.
Selling, General, & Admin. Expense(SGA) was ฿421 Mil.
Total Current Liabilities was ฿5,712 Mil.
Long-Term Debt & Capital Lease Obligation was ฿36 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) |
| = | (251.45 / 2103.233) | / | (314.062 / 2626.227) |
| = | 0.119554 | / | 0.119587 |
| | = | 0.9997 |
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) |
| = | (118.291 / 2626.227) | / | (-204.169 / 2103.233) |
| = | 0.045042 | / | -0.097074 |
| | = | -0.464 |
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 - (937.723 + 3334.279) / 4299.633) | / | (1 - (1043.385 + 3675.179) / 4754.836) |
| = | 0.006426 | / | 0.007628 |
| | = | 0.8424 |
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 |
| = | 2103.233 | / | 2626.227 |
| | = | 0.8009 |
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)) |
| = | (524.916 / (524.916 + 3675.179)) | / | (398.893 / (398.893 + 3334.279)) |
| = | 0.124977 | / | 0.106851 |
| | = | 1.1696 |
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) |
| = | (304.794 / 2103.233) | / | (420.619 / 2626.227) |
| = | 0.144917 | / | 0.160161 |
| | = | 0.9048 |
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) |
| = | ((9.372 + 6479.567) / 4299.633) | / | ((36.484 + 5712.259) / 4754.836) |
| = | 1.509184 | / | 1.209031 |
| | = | 1.2483 |
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 |
| = | (-1173.109 - 21.946 | - | -43.381) | / | 4299.633 |
| | = | -0.267854 |
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.
Kulthorn Kirby PCL has a M-score of -4.79 suggests that the company is unlikely to be a manipulator.
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