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Srisawad Capital 1969 PCL (BKK:SCAP) Beneish M-Score : -3.47 (As of Mar. 16, 2025)


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What is Srisawad Capital 1969 PCL Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -3.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Srisawad Capital 1969 PCL's Beneish M-Score or its related term are showing as below:

BKK:SCAP' s Beneish M-Score Range Over the Past 10 Years
Min: -37.02   Med: -2.56   Max: 1.6
Current: -3.47

During the past 13 years, the highest Beneish M-Score of Srisawad Capital 1969 PCL was 1.60. The lowest was -37.02. And the median was -2.56.


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.


Srisawad Capital 1969 PCL Beneish M-Score Related Terms

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Srisawad Capital 1969 PCL Business Description

Traded in Other Exchanges
N/A
Address
Chaeng Watthana Road, 3 Sub Alley, No. 99/392 Srisawad Building, Floor 1, 3, 5,6, Chaeng Watthana 10 Alley, Tungsonghong Subdistrict, Laksi District, Bangkok, THA, 10120
Srisawad Capital 1969 PCL is a finance company under the supervision of the Bank of Thailand. The principal business operations of the Company and its subsidiaries are engaged in the financial services specifically hire-purchase and loan. Majority of company's revenue is generated from Hire-purchase segment.