Muangthai Capital 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 Muangthai Capital 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 * 0.8111 | + | 0.528 * 1 | + | 0.404 * 1.0051 | + | 0.892 * 1.1235 | + | 0.115 * 0.9965 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0021 | + | 4.679 * 0.077516 | - | 0.327 * 0.9591 |
| = | -2.17 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ฿5,757 Mil.
Revenue was 5527.289 + 5289.154 + 5224.388 + 5181.383 = ฿21,222 Mil.
Gross Profit was 5527.289 + 5289.154 + 5224.388 + 5181.383 = ฿21,222 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿171,006 Mil.
Property, Plant and Equipment(Net PPE) was ฿7,311 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,502 Mil.
Selling, General, & Admin. Expense(SGA) was ฿8,312 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿105,913 Mil.
Net Income was 1491.064 + 1444.235 + 1389.375 + 1351.154 = ฿5,676 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was -1069.403 + -4180.892 + -1084.753 + -1244.793 = ฿-7,580 Mil.
|
Total Receivables was ฿6,318 Mil.
Revenue was 4961.11 + 4949.142 + 4670.99 + 4307.589 = ฿18,889 Mil.
Gross Profit was 4961.11 + 4949.142 + 4670.99 + 4307.589 = ฿18,889 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿145,506 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,925 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,417 Mil.
Selling, General, & Admin. Expense(SGA) was ฿7,383 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿93,961 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) |
| = | (5757.383 / 21222.214) | / | (6317.711 / 18888.831) |
| = | 0.27129 | / | 0.334468 |
| | = | 0.8111 |
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) |
| = | (18888.831 / 18888.831) | / | (21222.214 / 21222.214) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 7311.136) / 171006.463) | / | (1 - (0 + 6924.804) / 145506.023) |
| = | 0.957246 | / | 0.952409 |
| | = | 1.0051 |
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 |
| = | 21222.214 | / | 18888.831 |
| | = | 1.1235 |
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)) |
| = | (1416.831 / (1416.831 + 6924.804)) | / | (1502.207 / (1502.207 + 7311.136)) |
| = | 0.169851 | / | 0.170447 |
| | = | 0.9965 |
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) |
| = | (8312.233 / 21222.214) | / | (7382.717 / 18888.831) |
| = | 0.391676 | / | 0.390851 |
| | = | 1.0021 |
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) |
| = | ((105913.46 + 0) / 171006.463) | / | ((93960.987 + 0) / 145506.023) |
| = | 0.619354 | / | 0.645753 |
| | = | 0.9591 |
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 |
| = | (5675.828 - 0 | - | -7579.841) | / | 171006.463 |
| | = | 0.077516 |
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.
Muangthai Capital PCL has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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