Sherwood(Thailand) PCL Beneish M-Score Historical Data
The historical data trend for Sherwood(Thailand) 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.
Sherwood(Thailand) PCL Beneish M-Score Chart
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Sherwood(Thailand) 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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-3.32 |
-2.81 |
-2.62 |
-3.40 |
-3.34 |
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Sherwood(Thailand) 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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-3.40 |
-3.26 |
-3.34 |
-3.04 |
-3.34 |
Competitive Comparison of Sherwood(Thailand) PCL's Beneish M-Score
For the Specialty Chemicals subindustry, Sherwood(Thailand) 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.
Sherwood(Thailand) PCL's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sherwood(Thailand) PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sherwood(Thailand) PCL's Beneish M-Score falls into.
Sherwood(Thailand) 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 Sherwood(Thailand) 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 * 0.8475 | + | 0.528 * 0.8698 | + | 0.404 * 1.1069 | + | 0.892 * 0.9858 | + | 0.115 * 0.9328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0297 | + | 4.679 * -0.163391 | - | 0.327 * 0.7154 |
| = | -3.34 |
* 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 ฿153 Mil.
Revenue was 445.454 + 417.654 + 439.085 + 383.272 = ฿1,685 Mil.
Gross Profit was 218.929 + 172.203 + 172.948 + 126.858 = ฿691 Mil.
Total Current Assets was ฿769 Mil.
Total Assets was ฿1,133 Mil.
Property, Plant and Equipment(Net PPE) was ฿339 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿52 Mil.
Selling, General, & Admin. Expense(SGA) was ฿517 Mil.
Total Current Liabilities was ฿307 Mil.
Long-Term Debt & Capital Lease Obligation was ฿8 Mil.
Net Income was 25.758 + 35.584 + 31.091 + 26.943 = ฿119 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 98.003 + 52.384 + 103.546 + 50.602 = ฿305 Mil.
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Total Receivables was ฿184 Mil.
Revenue was 398.319 + 435.543 + 433.198 + 442.624 = ฿1,710 Mil.
Gross Profit was 149.027 + 152.122 + 146.934 + 161.559 = ฿610 Mil.
Total Current Assets was ฿738 Mil.
Total Assets was ฿1,145 Mil.
Property, Plant and Equipment(Net PPE) was ฿384 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿55 Mil.
Selling, General, & Admin. Expense(SGA) was ฿509 Mil.
Total Current Liabilities was ฿425 Mil.
Long-Term Debt & Capital Lease Obligation was ฿20 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) |
| = | (153.454 / 1685.465) | / | (183.664 / 1709.684) |
| = | 0.091045 | / | 0.107426 |
| | = | 0.8475 |
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) |
| = | (609.642 / 1709.684) | / | (690.938 / 1685.465) |
| = | 0.356582 | / | 0.409939 |
| | = | 0.8698 |
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 - (769.216 + 338.542) / 1133.225) | / | (1 - (737.826 + 384.383) / 1145.465) |
| = | 0.022473 | / | 0.020303 |
| | = | 1.1069 |
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 |
| = | 1685.465 | / | 1709.684 |
| | = | 0.9858 |
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)) |
| = | (54.827 / (54.827 + 384.383)) | / | (52.305 / (52.305 + 338.542)) |
| = | 0.124831 | / | 0.133825 |
| | = | 0.9328 |
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) |
| = | (517.059 / 1685.465) | / | (509.356 / 1709.684) |
| = | 0.306775 | / | 0.297924 |
| | = | 1.0297 |
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) |
| = | ((8.036 + 307.218) / 1133.225) | / | ((19.972 + 425.469) / 1145.465) |
| = | 0.278192 | / | 0.388874 |
| | = | 0.7154 |
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 |
| = | (119.376 - 0 | - | 304.535) | / | 1133.225 |
| | = | -0.163391 |
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.
Sherwood(Thailand) PCL has a M-score of -3.34 suggests that the company is unlikely to be a manipulator.
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