Pruksa Real Estate PCL (BKK:PS-R) Beneish M-Score : -2.07 (As of Jul. 08, 2025)

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What is Pruksa Real Estate 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.

The historical rank and industry rank for Pruksa Real Estate PCL's Beneish M-Score or its related term are showing as below:

BKK:PS-R' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6 Med: -2.2 Max: -0.85
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Pruksa Real Estate PCL was -0.85. The lowest was -2.60. And the median was -2.20.

Pruksa Real Estate PCL Beneish M-Score Historical Data

The historical data trend for Pruksa Real Estate 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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Pruksa Real Estate PCL Beneish M-Score Chart

Pruksa Real Estate PCL Annual Data

Trend

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Beneish M-Score

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-1.35

-2.05

-2.35

-2.45

-2.21

Pruksa Real Estate PCL Quarterly Data
	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18
Beneish M-Score	Get a 7-Day Free Trial															-2.41	-2.30	-1.81	-2.21	-2.07

Competitive Comparison of Pruksa Real Estate PCL's Beneish M-Score

For the Real Estate - Development subindustry, Pruksa Real Estate 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.

Pruksa Real Estate PCL's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Pruksa Real Estate PCL's Beneish M-Score falls into.

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Pruksa Real Estate 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 Pruksa Real Estate 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 * 1

0.528 * 0.9394

0.404 * 1.2919

0.892 * 0.9888

0.115 * 0.9591

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0315

4.679 * 0.082562

0.327 * 1.1174

-2.07

This Year (Mar18) TTM:

Last Year (Mar17) TTM:

Total Receivables was ฿0.00 Mil.
Revenue was 8352.119 + 13321.988 + 10059.287 + 12481.464 = ฿44,214.86 Mil.
Gross Profit was 2978.228 + 4776.469 + 3661.488 + 4508.806 = ฿15,924.99 Mil.
Total Current Assets was ฿70,977.66 Mil.
Total Assets was ฿75,958.01 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,601.17 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿477.70 Mil.
Selling, General, & Admin. Expense(SGA) was ฿8,304.25 Mil.
Total Current Liabilities was ฿25,272.67 Mil.
Long-Term Debt & Capital Lease Obligation was ฿13,200.00 Mil.
Net Income was 896.96 + 1889.246 + 1290.813 + 1804.916 = ฿5,881.94 Mil.
Non Operating Income was -0.091 + -0.096 + -0.109 + -0.025 = ฿-0.32 Mil.
Cash Flow from Operations was -2313.598 + 2321.487 + -657.379 + 260.507 = ฿-388.98 Mil.

Total Receivables was ฿0.00 Mil.
Revenue was 8072.06 + 13948.174 + 9083.531 + 13610.102 = ฿44,713.87 Mil.
Gross Profit was 2766.096 + 4980.967 + 3056.798 + 4324.624 = ฿15,128.49 Mil.
Total Current Assets was ฿64,112.82 Mil.
Total Assets was ฿68,720.59 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,641.92 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿460.87 Mil.
Selling, General, & Admin. Expense(SGA) was ฿8,141.19 Mil.
Total Current Liabilities was ฿16,150.63 Mil.
Long-Term Debt & Capital Lease Obligation was ฿15,000.00 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)
	=	(0.004 / 44214.858)	/	(0 / 44713.867)
	=	0	/	0
	=	1

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)
	=	(15128.485 / 44713.867)	/	(15924.991 / 44214.858)
	=	0.33834	/	0.360173
	=	0.9394

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 - (70977.662 + 3601.17) / 75958.014)	/	(1 - (64112.823 + 3641.922) / 68720.587)
	=	0.018157	/	0.014055
	=	1.2919

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
	=	44214.858	/	44713.867
	=	0.9888

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))
	=	(460.868 / (460.868 + 3641.922))	/	(477.697 / (477.697 + 3601.17))
	=	0.11233	/	0.117115
	=	0.9591

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)
	=	(8304.248 / 44214.858)	/	(8141.187 / 44713.867)
	=	0.187816	/	0.182073
	=	1.0315

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)
	=	((13200 + 25272.673) / 75958.014)	/	((15000 + 16150.634) / 68720.587)
	=	0.506499	/	0.453294
	=	1.1174

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
	=	(5881.935 - -0.321	-	-388.983)	/	75958.014
	=	0.082562

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.

Pruksa Real Estate PCL has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.

Pruksa Real Estate PCL Beneish M-Score Related Terms

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Pruksa Real Estate PCL Business Description

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Address

Website

http://www.pruksa.com

Pruksa Real Estate PCL was founded on April 20, 1993. The Company is engaged in the business of real estate development for residential purposes, including townhouses, single-detached houses, and condominiums. It comprised the following reportable segments; SBU Townhouse which includes Baan Pruksa, Pruksa Ville, The Connect, and SD3; SBU Condominium 1 which includes Condominium I, Condominium II, and Condominium IV; SBU Single house which includes Pruksa Town, Passorn, and Pruksa Village and SBU Condominium 2 which includes Condominium III, Condominium V, and Condominium VI. Its geographical areas of operations include Thailand, India, Maldives and Vietnam.

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