Singha Estate PCL Beneish M-Score Historical Data
The historical data trend for Singha 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.
Singha Estate PCL Beneish M-Score Chart
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Singha Estate PCL Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.21 |
-2.87 |
-1.90 |
-2.52 |
-2.54 |
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Singha Estate 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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-2.52 |
-2.29 |
-3.05 |
-2.60 |
-2.54 |
Competitive Comparison of Singha Estate PCL's Beneish M-Score
For the Resorts & Casinos subindustry, Singha 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.
Singha Estate PCL's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Singha Estate PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Singha Estate PCL's Beneish M-Score falls into.
Singha 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 Singha Estate 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 * 1.0725 | + | 0.528 * 0.9359 | + | 0.404 * 1.0107 | + | 0.892 * 1.0287 | + | 0.115 * 0.9741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1002 | + | 4.679 * -0.023136 | - | 0.327 * 0.9897 |
| = | -2.54 |
* 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 ฿867 Mil.
Revenue was 3664.66 + 3632.744 + 3763.677 + 4034.181 = ฿15,095 Mil.
Gross Profit was 1420.318 + 1336.398 + 1236.266 + 1573.359 = ฿5,566 Mil.
Total Current Assets was ฿15,721 Mil.
Total Assets was ฿72,541 Mil.
Property, Plant and Equipment(Net PPE) was ฿30,708 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,338 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,809 Mil.
Total Current Liabilities was ฿12,732 Mil.
Long-Term Debt & Capital Lease Obligation was ฿28,936 Mil.
Net Income was 32.274 + 23.167 + -52.121 + 62.212 = ฿66 Mil.
Non Operating Income was 111.919 + 116.426 + 45.02 + -4.694 = ฿269 Mil.
Cash Flow from Operations was 412.346 + 353.999 + 483.29 + 225.556 = ฿1,475 Mil.
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Total Receivables was ฿786 Mil.
Revenue was 4603.015 + 3229.021 + 3508.163 + 3334.563 = ฿14,675 Mil.
Gross Profit was 1639.875 + 1169.961 + 979.035 + 1275.51 = ฿5,064 Mil.
Total Current Assets was ฿16,451 Mil.
Total Assets was ฿74,598 Mil.
Property, Plant and Equipment(Net PPE) was ฿31,579 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,339 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,365 Mil.
Total Current Liabilities was ฿10,611 Mil.
Long-Term Debt & Capital Lease Obligation was ฿32,683 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) |
| = | (866.771 / 15095.262) | / | (785.692 / 14674.762) |
| = | 0.05742 | / | 0.05354 |
| | = | 1.0725 |
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) |
| = | (5064.381 / 14674.762) | / | (5566.341 / 15095.262) |
| = | 0.345108 | / | 0.368748 |
| | = | 0.9359 |
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 - (15720.677 + 30707.56) / 72540.782) | / | (1 - (16450.939 + 31579.468) / 74598.012) |
| = | 0.359971 | / | 0.356144 |
| | = | 1.0107 |
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 |
| = | 15095.262 | / | 14674.762 |
| | = | 1.0287 |
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)) |
| = | (1339.085 / (1339.085 + 31579.468)) | / | (1338.275 / (1338.275 + 30707.56)) |
| = | 0.040679 | / | 0.041761 |
| | = | 0.9741 |
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) |
| = | (3808.767 / 15095.262) | / | (3365.388 / 14674.762) |
| = | 0.252315 | / | 0.229332 |
| | = | 1.1002 |
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) |
| = | ((28936.111 + 12732.363) / 72540.782) | / | ((32683.237 + 10611.244) / 74598.012) |
| = | 0.574414 | / | 0.58037 |
| | = | 0.9897 |
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 |
| = | (65.532 - 268.671 | - | 1475.191) | / | 72540.782 |
| | = | -0.023136 |
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.
Singha Estate PCL has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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