Supalai PCL (BKK:SPALI) Beneish M-Score : 10.25 (As of Dec. 11, 2024)

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What is Supalai 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.

Warning Sign:

Beneish M-Score 10.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BKK:SPALI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -1.93 Max: 10.25
Current: 10.25

During the past 13 years, the highest Beneish M-Score of Supalai PCL was 10.25. The lowest was -3.09. And the median was -1.93.

Supalai PCL Beneish M-Score Historical Data

The historical data trend for Supalai 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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Supalai PCL Beneish M-Score Chart

Supalai PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.02

-2.14

-2.19

-1.66

Supalai PCL Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-1.66	-1.35	-1.99	10.25

Competitive Comparison of Supalai PCL's Beneish M-Score

For the Real Estate - Development subindustry, Supalai 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.

Supalai PCL's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Supalai PCL's Beneish M-Score distribution charts can be found below:

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

Supalai 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 Supalai 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 * 14.4864

0.528 * 0.9904

0.404 * 1.1167

0.892 * 1.0546

0.115 * 1.1036

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9978

4.679 * 0.053515

0.327 * 1.0797

10.25

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ฿588 Mil.
Revenue was 9835.736 + 7941.662 + 4580.046 + 10111.316 = ฿32,469 Mil.
Gross Profit was 3892.455 + 2870.236 + 1661.055 + 3530.849 = ฿11,955 Mil.
Total Current Assets was ฿86,963 Mil.
Total Assets was ฿97,876 Mil.
Property, Plant and Equipment(Net PPE) was ฿496 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿159 Mil.
Selling, General, & Admin. Expense(SGA) was ฿4,211 Mil.
Total Current Liabilities was ฿35,264 Mil.
Long-Term Debt & Capital Lease Obligation was ฿8,869 Mil.
Net Income was 1988.71 + 1598.899 + 613.642 + 2017.581 = ฿6,219 Mil.
Non Operating Income was 188.336 + 427.967 + 0.261 + 65.687 = ฿682 Mil.
Cash Flow from Operations was 831.464 + -552.278 + -2288.662 + 2308.241 = ฿299 Mil.

Total Receivables was ฿38 Mil.
Revenue was 7166.11 + 8165.131 + 5734.047 + 9722.695 = ฿30,788 Mil.
Gross Profit was 2619.725 + 2859.235 + 2096.099 + 3651.782 = ฿11,227 Mil.
Total Current Assets was ฿77,417 Mil.
Total Assets was ฿85,993 Mil.
Property, Plant and Equipment(Net PPE) was ฿381 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿139 Mil.
Selling, General, & Admin. Expense(SGA) was ฿4,002 Mil.
Total Current Liabilities was ฿28,473 Mil.
Long-Term Debt & Capital Lease Obligation was ฿7,440 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)
	=	(587.95 / 32468.76)	/	(38.474 / 30787.983)
	=	0.018108	/	0.00125
	=	14.4864

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)
	=	(11226.841 / 30787.983)	/	(11954.595 / 32468.76)
	=	0.36465	/	0.368188
	=	0.9904

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 - (86963.157 + 495.938) / 97876)	/	(1 - (77416.863 + 380.982) / 85993.432)
	=	0.10643	/	0.095305
	=	1.1167

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
	=	32468.76	/	30787.983
	=	1.0546

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))
	=	(139.31 / (139.31 + 380.982))	/	(158.868 / (158.868 + 495.938))
	=	0.267753	/	0.242618
	=	1.1036

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)
	=	(4211.397 / 32468.76)	/	(4002.244 / 30787.983)
	=	0.129706	/	0.129994
	=	0.9978

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)
	=	((8869.089 + 35263.642) / 97876)	/	((7440.024 + 28473.364) / 85993.432)
	=	0.450905	/	0.417629
	=	1.0797

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
	=	(6218.832 - 682.251	-	298.765)	/	97876
	=	0.053515

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.

Supalai PCL has a M-score of 10.25 signals that the company is likely to be a manipulator.

Supalai PCL Beneish M-Score Related Terms

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Supalai PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Supalai PCL (BKK:SPALI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SPALI-R:Thailand NYVL:Germany

Address

Rama 3 Road, 1011 Supalai Grand Tower, Chongnonsri, Yannawa, Bangkok, THA, 10120

Website

https://www.supalai.com

Supalai PCL is engaged in property development. The company and its subsidiaries own and operate housing projects including detached houses, duplex houses, townhouses, and condominiums in multiple areas throughout Bangkok and the surrounding provinces. Additionally, the company develops offices for rent in commercial districts. The company has subsidiaries that engage in real estate project management and the management of hotels and resorts. The operating segments of the company are real estate which generates the majority of the revenue, and hotel business and management. Geographically, the company generates majority of the revenue from Thailand and also has its presence in Australia.

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