Muramoto Electron (Thailand) PCL (BKK:METCO-R) Beneish M-Score : -1.96 (As of Jul. 20, 2025)

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What is Muramoto Electron (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 -1.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:METCO-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.81 Max: -1.55
Current: -1.96

During the past 13 years, the highest Beneish M-Score of Muramoto Electron (Thailand) PCL was -1.55. The lowest was -3.51. And the median was -2.81.

Muramoto Electron (Thailand) PCL Beneish M-Score Historical Data

The historical data trend for Muramoto Electron (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.

Muramoto Electron (Thailand) PCL Beneish M-Score Chart

Muramoto Electron (Thailand) PCL Annual Data

Trend

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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-3.00

-2.49

-2.57

-2.63

-2.13

Muramoto Electron (Thailand) PCL Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.70	-2.04	-2.13	-1.55	-1.96

Competitive Comparison of Muramoto Electron (Thailand) PCL's Beneish M-Score

For the Electronic Components subindustry, Muramoto Electron (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.

Muramoto Electron (Thailand) PCL's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Muramoto Electron (Thailand) PCL's Beneish M-Score distribution charts can be found below:

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

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Muramoto Electron (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 Muramoto Electron (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 * 1.4103

0.528 * 0.7217

0.404 * 0.9111

0.892 * 1.0701

0.115 * 0.9538

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9044

4.679 * 0.055996

0.327 * 1.0218

-1.96

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ฿2,710 Mil.
Revenue was 3815.285 + 5183.085 + 4195.76 + 3877.298 = ฿17,071 Mil.
Gross Profit was 414.255 + 555.17 + 278.616 + 361.287 = ฿1,609 Mil.
Total Current Assets was ฿7,095 Mil.
Total Assets was ฿9,404 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,262 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿440 Mil.
Selling, General, & Admin. Expense(SGA) was ฿666 Mil.
Total Current Liabilities was ฿2,167 Mil.
Long-Term Debt & Capital Lease Obligation was ฿125 Mil.
Net Income was 206.899 + 323.517 + -141.471 + 361.433 = ฿750 Mil.
Non Operating Income was 52.928 + 56.29 + -266.588 + 44.757 = ฿-113 Mil.
Cash Flow from Operations was 690.008 + 327.416 + 94.953 + -775.972 = ฿336 Mil.

Total Receivables was ฿1,795 Mil.
Revenue was 3189.43 + 4570.626 + 4407.515 + 3785.698 = ฿15,953 Mil.
Gross Profit was 147.723 + 431.365 + 314.08 + 192.161 = ฿1,085 Mil.
Total Current Assets was ฿6,355 Mil.
Total Assets was ฿8,809 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,406 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿442 Mil.
Selling, General, & Admin. Expense(SGA) was ฿689 Mil.
Total Current Liabilities was ฿1,904 Mil.
Long-Term Debt & Capital Lease Obligation was ฿197 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)
	=	(2709.522 / 17071.428)	/	(1795.411 / 15953.269)
	=	0.158717	/	0.112542
	=	1.4103

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)
	=	(1085.329 / 15953.269)	/	(1609.328 / 17071.428)
	=	0.068032	/	0.09427
	=	0.7217

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 - (7095.126 + 2261.794) / 9403.955)	/	(1 - (6355.239 + 2405.716) / 8809.322)
	=	0.005002	/	0.00549
	=	0.9111

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
	=	17071.428	/	15953.269
	=	1.0701

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))
	=	(442.043 / (442.043 + 2405.716))	/	(439.631 / (439.631 + 2261.794))
	=	0.155225	/	0.16274
	=	0.9538

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)
	=	(666.386 / 17071.428)	/	(688.539 / 15953.269)
	=	0.039035	/	0.04316
	=	0.9044

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)
	=	((125.324 + 2166.656) / 9403.955)	/	((197.293 + 1903.898) / 8809.322)
	=	0.243725	/	0.238519
	=	1.0218

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
	=	(750.378 - -112.613	-	336.405)	/	9403.955
	=	0.055996

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.

Muramoto Electron (Thailand) PCL has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.

Muramoto Electron (Thailand) PCL Beneish M-Score Related Terms

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Muramoto Electron (Thailand) PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Muramoto Electron (Thailand) PCL (BKK:METCO-R) » Definitions » Beneish M-Score

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METCO:Thailand

Address

No. 886 Ramindhra Road, Khwaeng Kannayao, Khet Kannayao, Bangkok, THA, 10230

Website

https://www.metco.co.th

Muramoto Electron (Thailand) PCL is engaged in the manufacturing of metal and plastic parts for audio-visual equipment and electronic equipment for automobiles and office automation appliances. The company operates in various business segments that are Electric Parts for Automotive Business, Electronic Parts for Office Automation Business, and Other Business. Its geographical segments include Thailand, Japan, the United States, and Others. Substantial revenue comes from electronic parts for office automation.

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