Right Tunnelling PCL Beneish M-Score Historical Data
The historical data trend for Right Tunnelling 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.
Right Tunnelling PCL Beneish M-Score Chart
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Right Tunnelling PCL Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-1.87 |
-4.68 |
-2.49 |
-2.41 |
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Right Tunnelling PCL Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.49 |
-2.67 |
-2.50 |
-2.52 |
-2.41 |
Competitive Comparison of Right Tunnelling PCL's Beneish M-Score
For the Engineering & Construction subindustry, Right Tunnelling 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.
Right Tunnelling PCL's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Right Tunnelling PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Right Tunnelling PCL's Beneish M-Score falls into.
Right Tunnelling 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 Right Tunnelling 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 * 0.9781 | + | 0.528 * 0.9639 | + | 0.404 * 0.7679 | + | 0.892 * 1.1511 | + | 0.115 * 0.9556 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9589 | + | 4.679 * 0.0113 | - | 0.327 * 0.9527 |
| = | -2.41 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ฿3,800 Mil.
Revenue was 964.248 + 804.342 + 870.835 + 970.686 = ฿3,610 Mil.
Gross Profit was 128.802 + 101.04 + 113.67 + 159.02 = ฿503 Mil.
Total Current Assets was ฿4,510 Mil.
Total Assets was ฿6,173 Mil.
Property, Plant and Equipment(Net PPE) was ฿948 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿185 Mil.
Selling, General, & Admin. Expense(SGA) was ฿259 Mil.
Total Current Liabilities was ฿3,695 Mil.
Long-Term Debt & Capital Lease Obligation was ฿989 Mil.
Net Income was 12.162 + 5.115 + 10.143 + 43.728 = ฿71 Mil.
Non Operating Income was -0.484 + 3.878 + -0.004 + 1.909 = ฿5 Mil.
Cash Flow from Operations was 135.808 + -60.7 + -154.841 + 75.821 = ฿-4 Mil.
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Total Receivables was ฿3,375 Mil.
Revenue was 816.579 + 867.053 + 828.002 + 624.638 = ฿3,136 Mil.
Gross Profit was 97.632 + 150.332 + 114.243 + 58.602 = ฿421 Mil.
Total Current Assets was ฿3,837 Mil.
Total Assets was ฿5,711 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,013 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿188 Mil.
Selling, General, & Admin. Expense(SGA) was ฿235 Mil.
Total Current Liabilities was ฿3,038 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,510 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) |
| = | (3800.219 / 3610.111) | / | (3375.196 / 3136.272) |
| = | 1.05266 | / | 1.076181 |
| | = | 0.9781 |
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) |
| = | (420.809 / 3136.272) | / | (502.532 / 3610.111) |
| = | 0.134175 | / | 0.139201 |
| | = | 0.9639 |
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 - (4510.017 + 948.044) / 6173.408) | / | (1 - (3836.631 + 1012.923) / 5711.357) |
| = | 0.115876 | / | 0.150893 |
| | = | 0.7679 |
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 |
| = | 3610.111 | / | 3136.272 |
| | = | 1.1511 |
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)) |
| = | (187.539 / (187.539 + 1012.923)) | / | (185.286 / (185.286 + 948.044)) |
| = | 0.156222 | / | 0.163488 |
| | = | 0.9556 |
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) |
| = | (258.972 / 3610.111) | / | (234.619 / 3136.272) |
| = | 0.071735 | / | 0.074808 |
| | = | 0.9589 |
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) |
| = | ((988.693 + 3694.706) / 6173.408) | / | ((1510.36 + 3037.839) / 5711.357) |
| = | 0.758641 | / | 0.796343 |
| | = | 0.9527 |
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 |
| = | (71.148 - 5.299 | - | -3.912) | / | 6173.408 |
| | = | 0.0113 |
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.
Right Tunnelling PCL has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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