N.C. Housing PCL (BKK:NCH-F) Beneish M-Score : 0.23 (As of May. 05, 2024)

View and export this data going back to 2004. Start your Free Trial

What is N.C. Housing 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.

Warning Sign:

Beneish M-Score 0.23 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for N.C. Housing PCL's Beneish M-Score or its related term are showing as below:

BKK:NCH-F' s Beneish M-Score Range Over the Past 10 Years
Min: -3.43 Med: -1.91 Max: 0.78
Current: 0.23

During the past 13 years, the highest Beneish M-Score of N.C. Housing PCL was 0.78. The lowest was -3.43. And the median was -1.91.

N.C. Housing PCL Beneish M-Score Historical Data

The historical data trend for N.C. Housing 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.

N.C. Housing PCL Beneish M-Score Chart

N.C. Housing PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.45

-2.94

-2.03

-1.78

0.23

N.C. Housing PCL Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.78	-1.57	2.93	-0.68	0.23

Competitive Comparison of N.C. Housing PCL's Beneish M-Score

For the Real Estate - Development subindustry, N.C. Housing 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.

N.C. Housing PCL's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, N.C. Housing PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where N.C. Housing PCL's Beneish M-Score falls into.

N.C. Housing 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 N.C. Housing 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 * 3.6835

0.528 * 1.104

0.404 * 0.8713

0.892 * 0.8936

0.115 * 0.9396

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2118

4.679 * 0.089014

0.327 * 1.1354

0.23

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿11 Mil.
Revenue was 532.974 + 492.435 + 676.783 + 664.209 = ฿2,366 Mil.
Gross Profit was 168.888 + 166.839 + 217.55 + 221.03 = ฿774 Mil.
Total Current Assets was ฿4,309 Mil.
Total Assets was ฿5,594 Mil.
Property, Plant and Equipment(Net PPE) was ฿184 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿38 Mil.
Selling, General, & Admin. Expense(SGA) was ฿542 Mil.
Total Current Liabilities was ฿1,613 Mil.
Long-Term Debt & Capital Lease Obligation was ฿691 Mil.
Net Income was 31.478 + 10.439 + 56.819 + 63.345 = ฿162 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 178.451 + -448.881 + 71.128 + -136.581 = ฿-336 Mil.

Total Receivables was ฿3 Mil.
Revenue was 706.474 + 623.738 + 655.882 + 662.054 = ฿2,648 Mil.
Gross Profit was 248.782 + 222.595 + 252.951 + 232.293 = ฿957 Mil.
Total Current Assets was ฿3,782 Mil.
Total Assets was ฿5,109 Mil.
Property, Plant and Equipment(Net PPE) was ฿172 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿33 Mil.
Selling, General, & Admin. Expense(SGA) was ฿500 Mil.
Total Current Liabilities was ฿1,533 Mil.
Long-Term Debt & Capital Lease Obligation was ฿320 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)
	=	(11.044 / 2366.401)	/	(3.355 / 2648.148)
	=	0.004667	/	0.001267
	=	3.6835

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)
	=	(956.621 / 2648.148)	/	(774.307 / 2366.401)
	=	0.361242	/	0.327209
	=	1.104

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 - (4309.028 + 183.549) / 5594.219)	/	(1 - (3782.009 + 172.443) / 5109.182)
	=	0.196925	/	0.226011
	=	0.8713

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
	=	2366.401	/	2648.148
	=	0.8936

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))
	=	(33.115 / (33.115 + 172.443))	/	(37.982 / (37.982 + 183.549))
	=	0.161098	/	0.171452
	=	0.9396

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)
	=	(541.967 / 2366.401)	/	(500.477 / 2648.148)
	=	0.229026	/	0.188991
	=	1.2118

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)
	=	((690.993 + 1612.825) / 5594.219)	/	((320.128 + 1533.102) / 5109.182)
	=	0.411821	/	0.362725
	=	1.1354

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
	=	(162.081 - 0	-	-335.883)	/	5594.219
	=	0.089014

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.

N.C. Housing PCL has a M-score of 0.23 signals that the company is likely to be a manipulator.

N.C. Housing PCL Beneish M-Score Related Terms

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

N.C. Housing PCL (BKK:NCH-F) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » N.C. Housing PCL (BKK:NCH-F) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

NCH:Thailand

Address

Soi Amporn Phaholyothin Road K.M. 26, 1/765 Moo 17, Tambol Kukod, Aumpur Lumlookka, Patumtanee, THA, 12130

Website

https://www.ncgroup.co.th

N.C. Housing PCL is engaged in the development of the real estate properties business. The group operate its business as a real estate developer for trade in various areas such as houses for sale including the land development, providing construction services, condominium for sale, providing rental space in clubhouse and health rehabilitation and senior care center, among others. It operates in the segments of Real Estate, Rental and Services, Contractor, Property Manager Services and Wellness services. The company generates prime revenue from the Real Estate segment, and carries its operations in Thailand.

N.C. Housing PCL (BKK:NCH-F) Headlines

No Headlines