GURUFOCUS.COM » STOCK LIST » Financial Services » Insurance » Muang Thai Insurance PCL (BKK:MTI-R) » Definitions » Beneish M-Score

Muang Thai Insurance PCL (BKK:MTI-R) Beneish M-Score : -2.47 (As of Jul. 10, 2025)


View and export this data going back to 2008. Start your Free Trial

What is Muang Thai Insurance PCL Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Muang Thai Insurance PCL's Beneish M-Score or its related term are showing as below:

BKK:MTI-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23   Med: -2.41   Max: -2.12
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Muang Thai Insurance PCL was -2.12. The lowest was -3.23. And the median was -2.41.


Muang Thai Insurance 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 Muang Thai Insurance 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 * 0.8152+0.528 * 1+0.404 * 1.0017+0.892 * 1.0985+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0347+4.679 * 0.009128-0.327 * 0.8374
=-2.47

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was ฿2,533 Mil.
Revenue was ฿13,791 Mil.
Gross Profit was ฿13,791 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿32,373 Mil.
Property, Plant and Equipment(Net PPE) was ฿901 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿917 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿93 Mil.
Net Income was ฿754 Mil.
Gross Profit was ฿62 Mil.
Cash Flow from Operations was ฿397 Mil.
Total Receivables was ฿2,829 Mil.
Revenue was ฿12,554 Mil.
Gross Profit was ฿12,554 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿31,380 Mil.
Property, Plant and Equipment(Net PPE) was ฿927 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿807 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿107 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)
=(2532.995 / 13790.533) / (2828.693 / 12554.126)
=0.183676 / 0.22532
=0.8152

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)
=(12554.126 / 12554.126) / (13790.533 / 13790.533)
=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 + 901.053) / 32372.978) / (1 - (0 + 926.519) / 31380.363)
=0.972167 / 0.970475
=1.0017

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
=13790.533 / 12554.126
=1.0985

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))
=(0 / (0 + 926.519)) / (0 / (0 + 901.053))
=0 / 0
=1

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)
=(916.993 / 13790.533) / (806.819 / 12554.126)
=0.066494 / 0.064267
=1.0347

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)
=((92.526 + 0) / 32372.978) / ((107.114 + 0) / 31380.363)
=0.002858 / 0.003413
=0.8374

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
=(754.36 - 61.986 - 396.887) / 32372.978
=0.009128

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.

Muang Thai Insurance PCL has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.


Muang Thai Insurance PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Muang Thai Insurance PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Muang Thai Insurance PCL Business Description

Traded in Other Exchanges
Address
252, Rajadapisek Road, Building 1, Huaykwang Sub-district, Huaykwang District, Bangkok, THA, 10310
Muang Thai Insurance PCL is an insurance company whose core business is non-life insurance. As such, the company provides services including motor, property, marine, transportation, engineering, personal accident, health, special products, liability, and miscellaneous insurance. The company organizes its operations into two segments: Motor and Non-Motor Products. It generates its revenue from the premium income both direct premiums and reinsurance premiums, including the fees and commissions received.