Regional Container Lines PCL (BKK:RCL) Beneish M-Score : -2.94 (As of Mar. 30, 2025)

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What is Regional Container Lines 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Regional Container Lines PCL's Beneish M-Score or its related term are showing as below:

BKK:RCL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.49 Med: -2.78 Max: -0.8
Current: -2.94

During the past 13 years, the highest Beneish M-Score of Regional Container Lines PCL was -0.80. The lowest was -5.49. And the median was -2.78.

Regional Container Lines PCL Beneish M-Score Historical Data

The historical data trend for Regional Container Lines 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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Regional Container Lines PCL Beneish M-Score Chart

Regional Container Lines PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.47

-2.14

-2.56

-0.80

-2.94

Regional Container Lines PCL Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-0.80	-0.56	-0.94	-2.15	-2.94

Competitive Comparison of Regional Container Lines PCL's Beneish M-Score

For the Marine Shipping subindustry, Regional Container Lines 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.

Regional Container Lines PCL's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Regional Container Lines PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Regional Container Lines PCL's Beneish M-Score falls into.

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Regional Container Lines 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 Regional Container Lines 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 * 0.8805

0.528 * 0.464

0.404 * 0.8483

0.892 * 1.3361

0.115 * 1.2163

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9568

4.679 * -0.056433

0.327 * 1.219

-2.94

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ฿4,743 Mil.
Revenue was 9871.557 + 10947.516 + 7491.797 + 6785.051 = ฿35,096 Mil.
Gross Profit was 2917.889 + 4665.047 + 1503.532 + 909.252 = ฿9,996 Mil.
Total Current Assets was ฿18,261 Mil.
Total Assets was ฿70,330 Mil.
Property, Plant and Equipment(Net PPE) was ฿50,447 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿4,149 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,890 Mil.
Total Current Liabilities was ฿9,599 Mil.
Long-Term Debt & Capital Lease Obligation was ฿9,650 Mil.
Net Income was 3318.461 + 4091.182 + 1148.367 + 612.532 = ฿9,171 Mil.
Non Operating Income was 1180.677 + 73.142 + 64.015 + 61.221 = ฿1,379 Mil.
Cash Flow from Operations was 3832.853 + 4238.357 + 2614.785 + 1074.431 = ฿11,760 Mil.

Total Receivables was ฿4,031 Mil.
Revenue was 6515.195 + 6549.275 + 6365.427 + 6837.663 = ฿26,268 Mil.
Gross Profit was 597.573 + 775.49 + 835.658 + 1262.442 = ฿3,471 Mil.
Total Current Assets was ฿18,734 Mil.
Total Assets was ฿56,382 Mil.
Property, Plant and Equipment(Net PPE) was ฿36,116 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,678 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,478 Mil.
Total Current Liabilities was ฿7,281 Mil.
Long-Term Debt & Capital Lease Obligation was ฿5,378 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)
	=	(4742.914 / 35095.921)	/	(4031.476 / 26267.56)
	=	0.135141	/	0.153477
	=	0.8805

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)
	=	(3471.163 / 26267.56)	/	(9995.72 / 35095.921)
	=	0.132146	/	0.284811
	=	0.464

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 - (18261.446 + 50447.105) / 70329.69)	/	(1 - (18734.229 + 36116.008) / 56382.349)
	=	0.023051	/	0.027174
	=	0.8483

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
	=	35095.921	/	26267.56
	=	1.3361

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))
	=	(3677.989 / (3677.989 + 36116.008))	/	(4148.762 / (4148.762 + 50447.105))
	=	0.092426	/	0.07599
	=	1.2163

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)
	=	(1889.918 / 35095.921)	/	(1478.419 / 26267.56)
	=	0.05385	/	0.056283
	=	0.9568

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)
	=	((9649.522 + 9598.738) / 70329.69)	/	((5378.349 + 7280.569) / 56382.349)
	=	0.273686	/	0.224519
	=	1.219

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
	=	(9170.542 - 1379.055	-	11760.426)	/	70329.69
	=	-0.056433

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.

Regional Container Lines PCL has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.

Regional Container Lines PCL Beneish M-Score Related Terms

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Regional Container Lines PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Regional Container Lines PCL (BKK:RCL) » Definitions » Beneish M-Score

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RCL-R:Thailand

Address

127/35 Ratchadapisek Road, Pajathani Tower, Floor 30, Chongnonsi, Yannawa, Bangkok, THA, 10120

Website

https://www.rclgroup.com

Regional Container Lines PCL is a Thailand-based company that engages in the business of international vessel operations. It provides logistics, cargo consolidation and operation, shipping agency, and transportation and cargo handling services. It operates in a single industry segment, the business of feeder and vessel operations. Geographically the firm provides services in Singapore, which is its key revenue-generating market, Thailand, Hong Kong, the People's Republic of China, Taiwan, and other countries around the South China Sea.