Pico (Thailand) PCL Beneish M-Score Historical Data
The historical data trend for Pico (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.
Pico (Thailand) PCL Beneish M-Score Chart
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Pico (Thailand) PCL Annual Data
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Trend |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
Oct24 |
Oct25 |
| Beneish M-Score |
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-2.15 |
-1.49 |
-3.25 |
-2.85 |
-2.93 |
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Pico (Thailand) PCL Quarterly Data
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Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
Apr25 |
Jul25 |
Oct25 |
Jan26 |
| Beneish M-Score |
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-2.02 |
-2.33 |
-2.71 |
-2.93 |
-3.32 |
BKK:PICO vs APP, OMC, TTD: Beneish M-Score Comparison
For the Advertising Agencies subindustry, Pico (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.
Pico (Thailand) PCL Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Pico (Thailand) PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pico (Thailand) PCL's Beneish M-Score falls into.
Pico (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 Pico (Thailand) 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 * 0.7578 | + | 0.528 * 0.9728 | + | 0.404 * 1.1126 | + | 0.892 * 0.8944 | + | 0.115 * 1.0765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0833 | + | 4.679 * -0.126838 | - | 0.327 * 0.8527 |
| = | -3.32 |
* 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 (Jan26) TTM: | Last Year (Jan25) TTM: |
Total Receivables was ฿203 Mil.
Revenue was 194.326 + 455.044 + 298.602 + 235.003 = ฿1,183 Mil.
Gross Profit was 37.816 + 99.204 + 64.575 + 52.941 = ฿255 Mil.
Total Current Assets was ฿502 Mil.
Total Assets was ฿673 Mil.
Property, Plant and Equipment(Net PPE) was ฿123 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿14 Mil.
Selling, General, & Admin. Expense(SGA) was ฿236 Mil.
Total Current Liabilities was ฿190 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3 Mil.
Net Income was -13.289 + 29.495 + 11.967 + -29.802 = ฿-2 Mil.
Non Operating Income was 0.205 + 1.675 + 4.439 + 0.827 = ฿7 Mil.
Cash Flow from Operations was -28.746 + 67.838 + 45.112 + -7.657 = ฿77 Mil.
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Total Receivables was ฿300 Mil.
Revenue was 294.433 + 322.835 + 445.456 + 259.863 = ฿1,323 Mil.
Gross Profit was 65.411 + 79.653 + 78.301 + 53.461 = ฿277 Mil.
Total Current Assets was ฿563 Mil.
Total Assets was ฿733 Mil.
Property, Plant and Equipment(Net PPE) was ฿122 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿15 Mil.
Selling, General, & Admin. Expense(SGA) was ฿243 Mil.
Total Current Liabilities was ฿243 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3 Mil.
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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) |
| = | (203.332 / 1182.975) | / | (300.002 / 1322.587) |
| = | 0.171882 | / | 0.22683 |
| | = | 0.7578 |
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) |
| = | (276.826 / 1322.587) | / | (254.536 / 1182.975) |
| = | 0.209306 | / | 0.215166 |
| | = | 0.9728 |
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 - (501.754 + 122.843) / 672.684) | / | (1 - (563.433 + 122.183) / 732.69) |
| = | 0.071485 | / | 0.064248 |
| | = | 1.1126 |
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 |
| = | 1182.975 | / | 1322.587 |
| | = | 0.8944 |
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)) |
| = | (14.736 / (14.736 + 122.183)) | / | (13.646 / (13.646 + 122.843)) |
| = | 0.107626 | / | 0.099979 |
| | = | 1.0765 |
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) |
| = | (235.885 / 1182.975) | / | (243.45 / 1322.587) |
| = | 0.1994 | / | 0.184071 |
| | = | 1.0833 |
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) |
| = | ((2.937 + 189.916) / 672.684) | / | ((2.878 + 243.474) / 732.69) |
| = | 0.286692 | / | 0.33623 |
| | = | 0.8527 |
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 |
| = | (-1.629 - 7.146 | - | 76.547) | / | 672.684 |
| | = | -0.126838 |
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.
Pico (Thailand) PCL has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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