Millennium Group (ASIA) PCL (BKK:MGC) Beneish M-Score : -3.18 (As of Apr. 05, 2025)

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What is Millennium Group (ASIA) 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:MGC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -3.19 Max: -3.18
Current: -3.18

During the past 6 years, the highest Beneish M-Score of Millennium Group (ASIA) PCL was -3.18. The lowest was -3.20. And the median was -3.19.

Millennium Group (ASIA) PCL Beneish M-Score Historical Data

The historical data trend for Millennium Group (ASIA) 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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Millennium Group (ASIA) PCL Beneish M-Score Chart

Millennium Group (ASIA) PCL Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.20

-3.18

Millennium Group (ASIA) PCL Quarterly Data
	Dec20	Mar21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial										-3.15	-3.20	-2.78	-3.11	-3.18

Competitive Comparison of Millennium Group (ASIA) PCL's Beneish M-Score

For the Auto & Truck Dealerships subindustry, Millennium Group (ASIA) 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.

Millennium Group (ASIA) PCL's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Millennium Group (ASIA) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Millennium Group (ASIA) PCL's Beneish M-Score falls into.

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Millennium Group (ASIA) 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 Millennium Group (ASIA) 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 * 1.0375

0.528 * 1.0926

0.404 * 1.1414

0.892 * 0.9039

0.115 * 1.1267

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0521

4.679 * -0.16092

0.327 * 1.0137

-3.18

This Year (Dec24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ฿1,410 Mil.
Revenue was 5941.916 + 4503.667 + 5273.971 + 6664.146 = ฿22,384 Mil.
Gross Profit was 458.714 + 494.739 + 523.986 + 569.483 = ฿2,047 Mil.
Total Current Assets was ฿6,289 Mil.
Total Assets was ฿15,189 Mil.
Property, Plant and Equipment(Net PPE) was ฿7,103 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿755 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,589 Mil.
Total Current Liabilities was ฿7,422 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3,811 Mil.
Net Income was 95.236 + 9.677 + 50.296 + 40.951 = ฿196 Mil.
Non Operating Income was 131.865 + 12.282 + 34.584 + 22.726 = ฿201 Mil.
Cash Flow from Operations was 1311.181 + 494.903 + 0 + 632.76 = ฿2,439 Mil.

Total Receivables was ฿1,504 Mil.
Revenue was 6151.949 + 6854.752 + 5363.48 + 6392.157 = ฿24,762 Mil.
Gross Profit was 517.238 + 614.294 + 588.284 + 754.424 = ฿2,474 Mil.
Total Current Assets was ฿6,090 Mil.
Total Assets was ฿14,228 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,663 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿809 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,671 Mil.
Total Current Liabilities was ฿6,809 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3,571 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)
	=	(1410.049 / 22383.7)	/	(1503.568 / 24762.338)
	=	0.062994	/	0.06072
	=	1.0375

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)
	=	(2474.24 / 24762.338)	/	(2046.922 / 22383.7)
	=	0.099919	/	0.091447
	=	1.0926

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 - (6289.205 + 7102.818) / 15188.567)	/	(1 - (6090.423 + 6663.447) / 14228.391)
	=	0.118283	/	0.103632
	=	1.1414

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
	=	22383.7	/	24762.338
	=	0.9039

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))
	=	(808.591 / (808.591 + 6663.447))	/	(754.719 / (754.719 + 7102.818))
	=	0.108216	/	0.09605
	=	1.1267

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)
	=	(1588.965 / 22383.7)	/	(1670.741 / 24762.338)
	=	0.070988	/	0.067471
	=	1.0521

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)
	=	((3810.934 + 7421.655) / 15188.567)	/	((3570.987 + 6808.931) / 14228.391)
	=	0.739542	/	0.729522
	=	1.0137

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
	=	(196.16 - 201.457	-	2438.844)	/	15188.567
	=	-0.16092

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.

Millennium Group (ASIA) PCL has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.

Millennium Group (ASIA) PCL Beneish M-Score Related Terms

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Millennium Group (ASIA) PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Millennium Group Corp (ASIA) PCL (BKK:MGC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 2222/9 Ladprao Road, Phlapphla Subdistrict, Wang Thonglang District, Bangkok, THA, 10310

Website

https://www.mgc-asia.com

Millennium Group Corp (ASIA) PCL is a holding company that operates a full range of businesses in the automotive industry. The group operates in four business segments; the Automotive sales business segment, the After-sales service business group and independent car maintenance services segment, The Car and driver rental business segment, and Others. The majority of revenue is derived from the Automotive sales business segment.