Saha Pathanapibul PCL (BKK:SPC) Beneish M-Score : -2.31 (As of Jun. 24, 2024)

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What is Saha Pathanapibul 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:SPC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.46 Max: -2.07
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Saha Pathanapibul PCL was -2.07. The lowest was -2.79. And the median was -2.46.

Saha Pathanapibul PCL Beneish M-Score Historical Data

The historical data trend for Saha Pathanapibul 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.

* Premium members only.

Saha Pathanapibul PCL Beneish M-Score Chart

Saha Pathanapibul PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.20

-2.47

-2.45

-2.50

Saha Pathanapibul 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															-2.51	-2.51	-2.29	-2.50	-2.31

Competitive Comparison of Saha Pathanapibul PCL's Beneish M-Score

For the Food Distribution subindustry, Saha Pathanapibul 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.

Saha Pathanapibul PCL's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Saha Pathanapibul PCL's Beneish M-Score distribution charts can be found below:

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

Saha Pathanapibul 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 Saha Pathanapibul 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 * 1.0501

0.528 * 0.9075

0.404 * 0.95

0.892 * 1.06

0.115 * 1.184

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9651

4.679 * 0.020819

0.327 * 0.9524

-2.31

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿8,211 Mil.
Revenue was 9737.422 + 9673.504 + 9514.471 + 9336.535 = ฿38,262 Mil.
Gross Profit was 1668.476 + 1599.165 + 1559.505 + 1520.51 = ฿6,348 Mil.
Total Current Assets was ฿14,091 Mil.
Total Assets was ฿37,741 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,091 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿178 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,871 Mil.
Total Current Liabilities was ฿8,420 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 Mil.
Net Income was 556.509 + 787.628 + 384.034 + 544.46 = ฿2,273 Mil.
Non Operating Income was 10.362 + 23.754 + -14.877 + 170.447 = ฿190 Mil.
Cash Flow from Operations was 42.054 + 595.89 + 207.844 + 451.428 = ฿1,297 Mil.

Total Receivables was ฿7,377 Mil.
Revenue was 9360.675 + 8779.176 + 9136.206 + 8818.768 = ฿36,095 Mil.
Gross Profit was 1535.774 + 1096.818 + 1410.659 + 1390.796 = ฿5,434 Mil.
Total Current Assets was ฿12,711 Mil.
Total Assets was ฿35,281 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,339 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿161 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,783 Mil.
Total Current Liabilities was ฿8,265 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 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)
	=	(8211.37 / 38261.932)	/	(7376.998 / 36094.825)
	=	0.214609	/	0.204378
	=	1.0501

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)
	=	(5434.047 / 36094.825)	/	(6347.656 / 38261.932)
	=	0.150549	/	0.1659
	=	0.9075

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 - (14091.471 + 3090.541) / 37740.745)	/	(1 - (12710.754 + 2339.301) / 35280.687)
	=	0.544736	/	0.573419
	=	0.95

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
	=	38261.932	/	36094.825
	=	1.06

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))
	=	(161.451 / (161.451 + 2339.301))	/	(178.241 / (178.241 + 3090.541))
	=	0.064561	/	0.054528
	=	1.184

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)
	=	(3870.844 / 38261.932)	/	(3783.477 / 36094.825)
	=	0.101167	/	0.10482
	=	0.9651

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)
	=	((0 + 8420.453) / 37740.745)	/	((0 + 8265.113) / 35280.687)
	=	0.223113	/	0.234267
	=	0.9524

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
	=	(2272.631 - 189.686	-	1297.216)	/	37740.745
	=	0.020819

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.

Saha Pathanapibul PCL has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

Saha Pathanapibul PCL Beneish M-Score Related Terms

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Saha Pathanapibul PCL (BKK:SPC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Saha Pathanapibul PCL (BKK:SPC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2156 New Petchburi Road, Bangkapi, Huaykwang, Bangkok, THA, 10310

Website

https://www.sahapat.co.th

Saha Pathanapibul PCL is a Thailand based company, engaged in the business of consumer goods distribution and property development. In addition, the company along with its subsidiaries is also involved in the business of investing in real estate and services, and office building for rent. The group generates the majority of the revenue from the sales of consumer products segment. It distributes products range which includes food, beverages, household, and personal care products. The group operates its business activities in Thailand and internationally.