Seafco PCL Beneish M-Score Historical Data
The historical data trend for Seafco 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.
Seafco PCL Beneish M-Score Chart
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Seafco 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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-2.64 |
-0.18 |
-4.00 |
-2.75 |
-2.05 |
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Seafco 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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-2.75 |
-2.86 |
-3.09 |
-2.66 |
-2.05 |
Competitive Comparison of Seafco PCL's Beneish M-Score
For the Engineering & Construction subindustry, Seafco 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.
Seafco PCL's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Seafco PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seafco PCL's Beneish M-Score falls into.
Seafco 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 Seafco 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 * 1.0133 | + | 0.528 * 2.3879 | + | 0.404 * 1.4046 | + | 0.892 * 0.7128 | + | 0.115 * 0.9365 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2466 | + | 4.679 * -0.051941 | - | 0.327 * 0.7867 |
| = | -2.05 |
* 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 ฿491 Mil.
Revenue was 274.459 + 338.504 + 263.435 + 396.614 = ฿1,273 Mil.
Gross Profit was -17.813 + 10.851 + 31.775 + 71.693 = ฿97 Mil.
Total Current Assets was ฿715 Mil.
Total Assets was ฿2,173 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,153 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿133 Mil.
Selling, General, & Admin. Expense(SGA) was ฿86 Mil.
Total Current Liabilities was ฿597 Mil.
Long-Term Debt & Capital Lease Obligation was ฿22 Mil.
Net Income was -26.626 + -11.058 + 5.606 + 33.437 = ฿1 Mil.
Non Operating Income was 0 + 0 + 1.03 + 0 = ฿1 Mil.
Cash Flow from Operations was 88.828 + -67.248 + 114.857 + -23.256 = ฿113 Mil.
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Total Receivables was ฿680 Mil.
Revenue was 387.595 + 489.138 + 436.255 + 473.039 = ฿1,786 Mil.
Gross Profit was 84.562 + 111.161 + 53.991 + 73.604 = ฿323 Mil.
Total Current Assets was ฿1,048 Mil.
Total Assets was ฿2,566 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,261 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿136 Mil.
Selling, General, & Admin. Expense(SGA) was ฿97 Mil.
Total Current Liabilities was ฿780 Mil.
Long-Term Debt & Capital Lease Obligation was ฿148 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) |
| = | (491.191 / 1273.012) | / | (680.109 / 1786.027) |
| = | 0.385849 | / | 0.380794 |
| | = | 1.0133 |
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) |
| = | (323.318 / 1786.027) | / | (96.506 / 1273.012) |
| = | 0.181026 | / | 0.075809 |
| | = | 2.3879 |
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 - (714.548 + 1152.891) / 2172.706) | / | (1 - (1047.762 + 1261.359) / 2565.767) |
| = | 0.140501 | / | 0.100027 |
| | = | 1.4046 |
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 |
| = | 1273.012 | / | 1786.027 |
| | = | 0.7128 |
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)) |
| = | (135.503 / (135.503 + 1261.359)) | / | (133.221 / (133.221 + 1152.891)) |
| = | 0.097005 | / | 0.103584 |
| | = | 0.9365 |
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) |
| = | (85.778 / 1273.012) | / | (96.539 / 1786.027) |
| = | 0.067382 | / | 0.054052 |
| | = | 1.2466 |
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) |
| = | ((22.113 + 596.619) / 2172.706) | / | ((148.479 + 780.286) / 2565.767) |
| = | 0.284775 | / | 0.361983 |
| | = | 0.7867 |
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 |
| = | (1.359 - 1.03 | - | 113.181) | / | 2172.706 |
| | = | -0.051941 |
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.
Seafco PCL has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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