Pico (Thailand) PCL (BKK:PICO) Beneish M-Score : -2.50 (As of Apr. 06, 2025)

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What is Pico (Thailand) 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:PICO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.09 Med: -2.43 Max: -1.41
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Pico (Thailand) PCL was -1.41. The lowest was -4.09. And the median was -2.43.

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.

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Pico (Thailand) PCL Beneish M-Score Chart

Pico (Thailand) PCL Annual Data

Trend

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Beneish M-Score

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-3.72

-2.15

-1.49

-3.25

-2.43

Pico (Thailand) PCL Quarterly Data
	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Jul24	Oct24	Jan25
Beneish M-Score	Get a 7-Day Free Trial															-3.25	-3.35	-3.24	-2.43	-2.50

Competitive Comparison of Pico (Thailand) PCL's Beneish M-Score

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's Beneish M-Score Distribution in the 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.

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6461

0.528 * 1.2039

0.404 * 0.886

0.892 * 1.2964

0.115 * 1.7903

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7852

4.679 * -0.03909

0.327 * 0.8933

-2.50

This Year (Jan25) TTM:

Last Year (Oct23) TTM:

Total Receivables was ฿300 Mil.
Revenue was 294.433 + 322.835 + 445.456 + 279.749 = ฿1,342 Mil.
Gross Profit was 65.411 + 79.653 + 78.301 + 63.422 = ฿287 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 ฿11 Mil.
Selling, General, & Admin. Expense(SGA) was ฿249 Mil.
Total Current Liabilities was ฿243 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3 Mil.
Net Income was 8.04 + 12.006 + 13.253 + 3.436 = ฿37 Mil.
Non Operating Income was 3.257 + 1.412 + 4.439 + 1.361 = ฿10 Mil.
Cash Flow from Operations was -24.962 + -3.931 + 0 + 83.8 = ฿55 Mil.

Total Receivables was ฿358 Mil.
Revenue was 317.021 + 173.94 + 309.914 + 234.652 = ฿1,036 Mil.
Gross Profit was 84.657 + 48.071 + 83.934 + 49.658 = ฿266 Mil.
Total Current Assets was ฿565 Mil.
Total Assets was ฿730 Mil.
Property, Plant and Equipment(Net PPE) was ฿113 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿20 Mil.
Selling, General, & Admin. Expense(SGA) was ฿245 Mil.
Total Current Liabilities was ฿271 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4 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)
	=	(300.002 / 1342.473)	/	(358.148 / 1035.527)
	=	0.22347	/	0.345861
	=	0.6461

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)
	=	(266.32 / 1035.527)	/	(286.787 / 1342.473)
	=	0.257183	/	0.213626
	=	1.2039

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 - (563.433 + 122.183) / 732.69)	/	(1 - (564.514 + 112.629) / 730.083)
	=	0.064248	/	0.072512
	=	0.886

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
	=	1342.473	/	1035.527
	=	1.2964

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))
	=	(19.672 / (19.672 + 112.629))	/	(11.067 / (11.067 + 122.183))
	=	0.148691	/	0.083054
	=	1.7903

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)
	=	(249.214 / 1342.473)	/	(244.808 / 1035.527)
	=	0.185638	/	0.236409
	=	0.7852

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)
	=	((2.878 + 243.474) / 732.69)	/	((3.531 + 271.267) / 730.083)
	=	0.33623	/	0.376393
	=	0.8933

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
	=	(36.735 - 10.469	-	54.907)	/	732.69
	=	-0.03909

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 -2.50 suggests that the company is unlikely to be a manipulator.

Pico (Thailand) PCL Beneish M-Score Related Terms

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Pico (Thailand) PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Pico (Thailand) PCL (BKK:PICO) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Sukhumvit Road, 10 Soi Lasalle 56, Bangna Tai, Bang Na District, Bangkok, THA, 10260

Website

https://www.picothai.com

Pico (Thailand) PCL offers experiential marketing services. The company along with its subsidiaries operates in five segments including, the exhibition business, event marketing business, learning center and museum business, knowledge communication business, and other businesses. The company derives maximum revenue from the Event Marketing segment. These operations are mainly carried out in Thailand.

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