Master Style PCL Beneish M-Score Historical Data
The historical data trend for Master Style 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.
Master Style PCL Beneish M-Score Chart
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Master Style PCL Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.40 |
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Master Style PCL Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Sep22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-0.40 |
3.85 |
Competitive Comparison of Master Style PCL's Beneish M-Score
For the Medical Care Facilities subindustry, Master Style 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.
Master Style PCL's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Master Style PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Master Style PCL's Beneish M-Score falls into.
Master Style 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 Master Style 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 * 0.5032 | + | 0.528 * 0.9819 | + | 0.404 * 16.8712 | + | 0.892 * 1.4968 | + | 0.115 * 0.6407 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0181 | + | 4.679 * -0.002953 | - | 0.327 * 1.0076 |
| = | 3.85 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ฿8 Mil.
Revenue was 468.068 + 542.56 + 479.25 + 459.155 = ฿1,949 Mil.
Gross Profit was 273.903 + 344.902 + 278.808 + 254.724 = ฿1,152 Mil.
Total Current Assets was ฿1,651 Mil.
Total Assets was ฿3,746 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,487 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿80 Mil.
Selling, General, & Admin. Expense(SGA) was ฿632 Mil.
Total Current Liabilities was ฿350 Mil.
Long-Term Debt & Capital Lease Obligation was ฿293 Mil.
Net Income was 106.239 + 163.452 + 99.802 + 81.486 = ฿451 Mil.
Non Operating Income was 10.054 + 0 + 0 + 0 = ฿10 Mil.
Cash Flow from Operations was 66.848 + 221.144 + 115.051 + 48.945 = ฿452 Mil.
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Total Receivables was ฿11 Mil.
Revenue was 435.791 + 401.203 + 237.773 + 227.375 = ฿1,302 Mil.
Gross Profit was 253.456 + 234.293 + 136.137 + 132.042 = ฿756 Mil.
Total Current Assets was ฿2,503 Mil.
Total Assets was ฿3,285 Mil.
Property, Plant and Equipment(Net PPE) was ฿750 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿26 Mil.
Selling, General, & Admin. Expense(SGA) was ฿415 Mil.
Total Current Liabilities was ฿269 Mil.
Long-Term Debt & Capital Lease Obligation was ฿291 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) |
| = | (8.073 / 1949.033) | / | (10.719 / 1302.142) |
| = | 0.004142 | / | 0.008232 |
| | = | 0.5032 |
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) |
| = | (755.928 / 1302.142) | / | (1152.337 / 1949.033) |
| = | 0.580527 | / | 0.591235 |
| | = | 0.9819 |
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 - (1651.094 + 1486.711) / 3745.97) | / | (1 - (2502.885 + 750.096) / 3284.588) |
| = | 0.162352 | / | 0.009623 |
| | = | 16.8712 |
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 |
| = | 1949.033 | / | 1302.142 |
| | = | 1.4968 |
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)) |
| = | (25.512 / (25.512 + 750.096)) | / | (80.464 / (80.464 + 1486.711)) |
| = | 0.032893 | / | 0.051343 |
| | = | 0.6407 |
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) |
| = | (631.976 / 1949.033) | / | (414.724 / 1302.142) |
| = | 0.324251 | / | 0.318494 |
| | = | 1.0181 |
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) |
| = | ((293.427 + 349.996) / 3745.97) | / | ((291.281 + 268.633) / 3284.588) |
| = | 0.171764 | / | 0.170467 |
| | = | 1.0076 |
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 |
| = | (450.979 - 10.054 | - | 451.988) | / | 3745.97 |
| | = | -0.002953 |
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.
Master Style PCL has a M-score of 3.85 signals that the company is likely to be a manipulator.
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