Siamrajathanee PCL Beneish M-Score Historical Data
The historical data trend for Siamrajathanee 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.
Siamrajathanee PCL Beneish M-Score Chart
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Siamrajathanee 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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-2.31 |
-3.04 |
-2.65 |
-2.97 |
-2.68 |
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Siamrajathanee 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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-2.97 |
-2.81 |
-2.87 |
-2.88 |
-2.68 |
Competitive Comparison of Siamrajathanee PCL's Beneish M-Score
For the Specialty Business Services subindustry, Siamrajathanee 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.
Siamrajathanee PCL's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Siamrajathanee PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Siamrajathanee PCL's Beneish M-Score falls into.
Siamrajathanee 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 Siamrajathanee 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 * 1.0711 | + | 0.528 * 1.0875 | + | 0.404 * 1.0088 | + | 0.892 * 1.0923 | + | 0.115 * 0.96 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0013 | + | 4.679 * -0.078958 | - | 0.327 * 1.0791 |
| = | -2.68 |
* 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 ฿404 Mil.
Revenue was 699.273 + 661.135 + 604.989 + 597.563 = ฿2,563 Mil.
Gross Profit was 113.074 + 103.542 + 95.679 + 100.528 = ฿413 Mil.
Total Current Assets was ฿553 Mil.
Total Assets was ฿2,351 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,663 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿219 Mil.
Selling, General, & Admin. Expense(SGA) was ฿235 Mil.
Total Current Liabilities was ฿475 Mil.
Long-Term Debt & Capital Lease Obligation was ฿681 Mil.
Net Income was 58.754 + 42.007 + 21.814 + 30.824 = ฿153 Mil.
Non Operating Income was 4.596 + 7.149 + 0 + 0 = ฿12 Mil.
Cash Flow from Operations was 103.247 + 113.385 + 85.923 + 24.768 = ฿327 Mil.
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Total Receivables was ฿345 Mil.
Revenue was 599.042 + 586.121 + 582.492 + 578.744 = ฿2,346 Mil.
Gross Profit was 102.352 + 105.2 + 103.223 + 100.221 = ฿411 Mil.
Total Current Assets was ฿551 Mil.
Total Assets was ฿2,074 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,405 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿177 Mil.
Selling, General, & Admin. Expense(SGA) was ฿215 Mil.
Total Current Liabilities was ฿392 Mil.
Long-Term Debt & Capital Lease Obligation was ฿553 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) |
| = | (404.169 / 2562.96) | / | (345.446 / 2346.399) |
| = | 0.157696 | / | 0.147224 |
| | = | 1.0711 |
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) |
| = | (410.996 / 2346.399) | / | (412.823 / 2562.96) |
| = | 0.17516 | / | 0.161073 |
| | = | 1.0875 |
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 - (552.586 + 1663.106) / 2351.481) | / | (1 - (550.707 + 1404.891) / 2074.339) |
| = | 0.057746 | / | 0.057243 |
| | = | 1.0088 |
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 |
| = | 2562.96 | / | 2346.399 |
| | = | 1.0923 |
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)) |
| = | (176.901 / (176.901 + 1404.891)) | / | (219.294 / (219.294 + 1663.106)) |
| = | 0.111836 | / | 0.116497 |
| | = | 0.96 |
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) |
| = | (234.623 / 2562.96) | / | (214.511 / 2346.399) |
| = | 0.091544 | / | 0.091421 |
| | = | 1.0013 |
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) |
| = | ((680.587 + 475.08) / 2351.481) | / | ((553.114 + 391.643) / 2074.339) |
| = | 0.491463 | / | 0.45545 |
| | = | 1.0791 |
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 |
| = | (153.399 - 11.745 | - | 327.323) | / | 2351.481 |
| | = | -0.078958 |
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.
Siamrajathanee PCL has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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