Siam Wellness Group PCL (BKK:SPA) Beneish M-Score : -2.70 (As of May. 24, 2024)

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What is Siam Wellness Group PCL Beneish M-Score?

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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Siam Wellness Group PCL's Beneish M-Score or its related term are showing as below:

BKK:SPA' s Beneish M-Score Range Over the Past 10 Years
Min: -40.43 Med: -2.34 Max: -0.97
Current: -2.7

During the past 12 years, the highest Beneish M-Score of Siam Wellness Group PCL was -0.97. The lowest was -40.43. And the median was -2.34.

Siam Wellness Group PCL Beneish M-Score Historical Data

The historical data trend for Siam Wellness Group 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.

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Siam Wellness Group PCL Beneish M-Score Chart

Siam Wellness Group PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.97

-5.64

-3.18

-5.37

-2.29

Siam Wellness Group PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.04	-2.20	-2.29	-2.70

Competitive Comparison of Siam Wellness Group PCL's Beneish M-Score

For the Personal Services subindustry, Siam Wellness Group 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.

Siam Wellness Group PCL's Beneish M-Score Distribution in the Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Siam Wellness Group PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Siam Wellness Group PCL's Beneish M-Score falls into.

Siam Wellness Group 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 Siam Wellness Group PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.64

0.528 * 0.647

0.404 * 1.3389

0.892 * 1.6492

0.115 * 0.9675

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7151

4.679 * -0.120075

0.327 * 0.694

-2.70

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿53 Mil.
Revenue was 393.871 + 385.79 + 383.814 + 356.293 = ฿1,520 Mil.
Gross Profit was 131.727 + 120.34 + 122.775 + 104.499 = ฿479 Mil.
Total Current Assets was ฿370 Mil.
Total Assets was ฿1,909 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,369 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿269 Mil.
Selling, General, & Admin. Expense(SGA) was ฿148 Mil.
Total Current Liabilities was ฿371 Mil.
Long-Term Debt & Capital Lease Obligation was ฿538 Mil.
Net Income was 73.968 + 140.062 + 81.498 + 60.115 = ฿356 Mil.
Non Operating Income was -0.446 + -0.486 + -0.257 + -0.21 = ฿-1 Mil.
Cash Flow from Operations was 151.755 + 159.885 + 155.746 + 118.931 = ฿586 Mil.

Total Receivables was ฿50 Mil.
Revenue was 320.232 + 273.041 + 195.808 + 132.412 = ฿921 Mil.
Gross Profit was 88.457 + 60.459 + 27.907 + 11.216 = ฿188 Mil.
Total Current Assets was ฿302 Mil.
Total Assets was ฿2,081 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,639 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿309 Mil.
Selling, General, & Admin. Expense(SGA) was ฿125 Mil.
Total Current Liabilities was ฿442 Mil.
Long-Term Debt & Capital Lease Obligation was ฿984 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)
	=	(52.624 / 1519.768)	/	(49.855 / 921.493)
	=	0.034626	/	0.054102
	=	0.64

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)
	=	(188.039 / 921.493)	/	(479.341 / 1519.768)
	=	0.204059	/	0.315404
	=	0.647

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 - (369.512 + 1368.701) / 1909.428)	/	(1 - (302.371 + 1638.822) / 2080.531)
	=	0.089668	/	0.066972
	=	1.3389

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
	=	1519.768	/	921.493
	=	1.6492

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))
	=	(309.361 / (309.361 + 1638.822))	/	(268.751 / (268.751 + 1368.701))
	=	0.158795	/	0.164128
	=	0.9675

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)
	=	(147.78 / 1519.768)	/	(125.306 / 921.493)
	=	0.097239	/	0.135981
	=	0.7151

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)
	=	((537.532 + 371.049) / 1909.428)	/	((984.281 + 442.304) / 2080.531)
	=	0.475839	/	0.685683
	=	0.694

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
	=	(355.643 - -1.399	-	586.317)	/	1909.428
	=	-0.120075

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.

Siam Wellness Group PCL has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Siam Wellness Group PCL Beneish M-Score Related Terms

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Siam Wellness Group PCL (BKK:SPA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Personal Services » Siam Wellness Group PCL (BKK:SPA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Prachasongkroh Road, 565, 567 B.U. Place Building, 22nd Floor, Soi Suthiporn, Dindaeng Sub-district, Dindaeng District, Bangkok, THA, 10400

Website

https://www.siamwellnessgroup.com

Siam Wellness Group PCL is a Thailand-based company and is principally engaged in the spa business. The business is organized into three segments being: Spa services, Sales of spa products and healthy products and Hotel and restaurant which operates boutique resorts and restaurants. Key revenue is earned from providing spa services. The Group operates in Thailand.