Star Money PCL Beneish M-Score Historical Data
The historical data trend for Star Money 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.
Star Money PCL Beneish M-Score Chart
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Star Money PCL Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.24 |
-2.56 |
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Star Money PCL Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.24 |
-2.29 |
-2.10 |
-2.12 |
-2.56 |
Competitive Comparison of Star Money PCL's Beneish M-Score
For the Credit Services subindustry, Star Money 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.
Star Money PCL's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Star Money PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Star Money PCL's Beneish M-Score falls into.
Star Money 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 Star Money 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 * 0.9568 | + | 0.528 * 0.9751 | + | 0.404 * 0.9811 | + | 0.892 * 1.1276 | + | 0.115 * 0.8044 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9174 | + | 4.679 * -0.0276 | - | 0.327 * 0.9971 |
| = | -2.56 |
* 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 ฿1,178 Mil.
Revenue was 347.871 + 360.281 + 435.142 + 357.105 = ฿1,500 Mil.
Gross Profit was 172.709 + 173.904 + 182.967 + 159.582 = ฿689 Mil.
Total Current Assets was ฿1,334 Mil.
Total Assets was ฿2,994 Mil.
Property, Plant and Equipment(Net PPE) was ฿88 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿62 Mil.
Selling, General, & Admin. Expense(SGA) was ฿436 Mil.
Total Current Liabilities was ฿1,634 Mil.
Long-Term Debt & Capital Lease Obligation was ฿164 Mil.
Net Income was -17.15 + 21.186 + 27.076 + 19.472 = ฿51 Mil.
Non Operating Income was -6.385 + -4.262 + 0.974 + 3.011 = ฿-7 Mil.
Cash Flow from Operations was 156.389 + 23.559 + -27.828 + -12.248 = ฿140 Mil.
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Total Receivables was ฿1,092 Mil.
Revenue was 338.206 + 315.031 + 370.807 + 306.51 = ฿1,331 Mil.
Gross Profit was 156.392 + 145.294 + 153.629 + 140.606 = ฿596 Mil.
Total Current Assets was ฿1,246 Mil.
Total Assets was ฿2,960 Mil.
Property, Plant and Equipment(Net PPE) was ฿130 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿65 Mil.
Selling, General, & Admin. Expense(SGA) was ฿421 Mil.
Total Current Liabilities was ฿1,509 Mil.
Long-Term Debt & Capital Lease Obligation was ฿273 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) |
| = | (1178.262 / 1500.399) | / | (1092.082 / 1330.554) |
| = | 0.785299 | / | 0.820772 |
| | = | 0.9568 |
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) |
| = | (595.921 / 1330.554) | / | (689.162 / 1500.399) |
| = | 0.447874 | / | 0.459319 |
| | = | 0.9751 |
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 - (1333.907 + 88.251) / 2993.666) | / | (1 - (1246.495 + 129.529) / 2959.607) |
| = | 0.524944 | / | 0.535065 |
| | = | 0.9811 |
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 |
| = | 1500.399 | / | 1330.554 |
| | = | 1.1276 |
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)) |
| = | (64.695 / (64.695 + 129.529)) | / | (62.376 / (62.376 + 88.251)) |
| = | 0.333095 | / | 0.414109 |
| | = | 0.8044 |
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) |
| = | (435.842 / 1500.399) | / | (421.314 / 1330.554) |
| = | 0.290484 | / | 0.316646 |
| | = | 0.9174 |
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) |
| = | ((163.604 + 1634.35) / 2993.666) | / | ((273.253 + 1509.499) / 2959.607) |
| = | 0.600586 | / | 0.602361 |
| | = | 0.9971 |
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 |
| = | (50.584 - -6.662 | - | 139.872) | / | 2993.666 |
| | = | -0.0276 |
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.
Star Money PCL has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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