Singha Paratech Beneish M-Score Historical Data
The historical data trend for Singha Paratech'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 Paratech Beneish M-Score Chart
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Singha Paratech Annual Data
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Singha Paratech Semi-Annual Data
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Competitive Comparison of Singha Paratech's Beneish M-Score
For the Building Materials subindustry, Singha Paratech'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 Paratech's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, Singha Paratech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Singha Paratech's Beneish M-Score falls into.
Singha Paratech 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 Paratech 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 * 0.0274 | + | 0.528 * -0.1655 | + | 0.404 * 0.0226 | + | 0.892 * 0.1928 | + | 0.115 * 1.1247 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.8612 | + | 4.679 * -0.338493 | - | 0.327 * 1.164 |
| = | -7.22 |
* 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 (Dec10) TTM: | Last Year (Dec09) TTM: |
Total Receivables was ฿0.24 Mil.
Revenue was ฿73.15 Mil.
Gross Profit was ฿-105.46 Mil.
Total Current Assets was ฿364.96 Mil.
Total Assets was ฿1,367.42 Mil.
Property, Plant and Equipment(Net PPE) was ฿999.81 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿93.21 Mil.
Selling, General, & Admin. Expense(SGA) was ฿79.37 Mil.
Total Current Liabilities was ฿870.57 Mil.
Long-Term Debt & Capital Lease Obligation was ฿793.32 Mil.
Net Income was ฿-439.00 Mil.
Gross Profit was ฿12.31 Mil.
Cash Flow from Operations was ฿11.55 Mil.
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Total Receivables was ฿46.25 Mil.
Revenue was ฿379.43 Mil.
Gross Profit was ฿90.53 Mil.
Total Current Assets was ฿461.47 Mil.
Total Assets was ฿1,480.73 Mil.
Property, Plant and Equipment(Net PPE) was ฿892.15 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿94.65 Mil.
Selling, General, & Admin. Expense(SGA) was ฿106.62 Mil.
Total Current Liabilities was ฿794.76 Mil.
Long-Term Debt & Capital Lease Obligation was ฿753.12 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) |
| = | (0.244 / 73.151) | / | (46.245 / 379.43) |
| = | 0.003336 | / | 0.12188 |
| | = | 0.0274 |
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) |
| = | (90.53 / 379.43) | / | (-105.455 / 73.151) |
| = | 0.238595 | / | -1.441607 |
| | = | -0.1655 |
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 - (364.959 + 999.812) / 1367.422) | / | (1 - (461.471 + 892.149) / 1480.734) |
| = | 0.001939 | / | 0.085845 |
| | = | 0.0226 |
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 |
| = | 73.151 | / | 379.43 |
| | = | 0.1928 |
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)) |
| = | (94.646 / (94.646 + 892.149)) | / | (93.21 / (93.21 + 999.812)) |
| = | 0.095913 | / | 0.085277 |
| | = | 1.1247 |
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) |
| = | (79.368 / 73.151) | / | (106.62 / 379.43) |
| = | 1.084989 | / | 0.281 |
| | = | 3.8612 |
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) |
| = | ((793.316 + 870.571) / 1367.422) | / | ((753.12 + 794.759) / 1480.734) |
| = | 1.216806 | / | 1.045346 |
| | = | 1.164 |
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 |
| = | (-439.001 - 12.308 | - | 11.554) | / | 1367.422 |
| | = | -0.338493 |
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 Paratech has a M-score of -7.22 suggests that the company is unlikely to be a manipulator.
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