Srisawad Capital 1969 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 Srisawad Capital 1969 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 * 0.8372 | + | 0.528 * 1 | + | 0.404 * 1.0006 | + | 0.892 * 1.0023 | + | 0.115 * 0.7456 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0005 | + | 4.679 * -0.083793 | - | 0.327 * 2.276 |
| = | -3.47 |
* 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 ฿34,966 Mil.
Revenue was 1250.659 + 1263.707 + 1323.49 + 1339.587 = ฿5,177 Mil.
Gross Profit was 1250.659 + 1263.707 + 1323.49 + 1339.587 = ฿5,177 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿35,232 Mil.
Property, Plant and Equipment(Net PPE) was ฿283 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿77 Mil.
Selling, General, & Admin. Expense(SGA) was ฿2,577 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿7,705 Mil.
Net Income was 186.022 + 219.814 + 200.733 + 94.692 = ฿701 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 2090.376 + 1710.54 + 498.565 + -646.007 = ฿3,653 Mil.
|
Total Receivables was ฿41,668 Mil.
Revenue was 1535.729 + 1243.225 + 1254.126 + 1132.311 = ฿5,165 Mil.
Gross Profit was 1535.729 + 1243.225 + 1254.126 + 1132.311 = ฿5,165 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿38,204 Mil.
Property, Plant and Equipment(Net PPE) was ฿331 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿63 Mil.
Selling, General, & Admin. Expense(SGA) was ฿2,569 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3,671 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) |
| = | (34966.396 / 5177.443) | / | (41668.458 / 5165.391) |
| = | 6.753603 | / | 8.066855 |
| | = | 0.8372 |
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) |
| = | (5165.391 / 5165.391) | / | (5177.443 / 5177.443) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 282.824) / 35232.047) | / | (1 - (0 + 331.114) / 38203.906) |
| = | 0.991973 | / | 0.991333 |
| | = | 1.0006 |
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 |
| = | 5177.443 | / | 5165.391 |
| | = | 1.0023 |
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)) |
| = | (63.054 / (63.054 + 331.114)) | / | (77.252 / (77.252 + 282.824)) |
| = | 0.159967 | / | 0.214544 |
| | = | 0.7456 |
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) |
| = | (2576.753 / 5177.443) | / | (2569.353 / 5165.391) |
| = | 0.497688 | / | 0.497417 |
| | = | 1.0005 |
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) |
| = | ((7704.77 + 0) / 35232.047) | / | ((3670.727 + 0) / 38203.906) |
| = | 0.218686 | / | 0.096083 |
| | = | 2.276 |
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 |
| = | (701.261 - 0 | - | 3653.474) | / | 35232.047 |
| | = | -0.083793 |
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.
Srisawad Capital 1969 PCL has a M-score of -3.47 suggests that the company is unlikely to be a manipulator.
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