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Teka Construction PCL (BKK:TEKA) Beneish M-Score : -3.18 (As of Mar. 15, 2025)


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What is Teka Construction 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TEKA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.2   Max: -1.83
Current: -3.18

During the past 6 years, the highest Beneish M-Score of Teka Construction PCL was -1.83. The lowest was -3.18. And the median was -2.20.


Teka Construction PCL Beneish M-Score Historical Data

The historical data trend for Teka Construction 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.

Teka Construction PCL Beneish M-Score Chart

Teka Construction PCL Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial - - -2.20 -1.83 -3.18

Teka Construction PCL Quarterly Data
Dec19 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.83 -1.90 -2.75 -2.87 -3.18

Competitive Comparison of Teka Construction PCL's Beneish M-Score

For the Engineering & Construction subindustry, Teka Construction 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.


Teka Construction PCL's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Teka Construction PCL's Beneish M-Score distribution charts can be found below:

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



Teka Construction 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 Teka Construction 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 * 0.9485+0.528 * 0.8144+0.404 * 0.873+0.892 * 0.9324+0.115 * 0.9313
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1442+4.679 * -0.0888-0.327 * 0.9932
=-3.18

* 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 ฿700 Mil.
Revenue was 441.63 + 455.028 + 432.3 + 568.919 = ฿1,898 Mil.
Gross Profit was 50.357 + 47.406 + 88.047 + 75.457 = ฿261 Mil.
Total Current Assets was ฿1,545 Mil.
Total Assets was ฿1,862 Mil.
Property, Plant and Equipment(Net PPE) was ฿83 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿25 Mil.
Selling, General, & Admin. Expense(SGA) was ฿158 Mil.
Total Current Liabilities was ฿910 Mil.
Long-Term Debt & Capital Lease Obligation was ฿51 Mil.
Net Income was 5.424 + 18.481 + 46.581 + 42.122 = ฿113 Mil.
Non Operating Income was 2.286 + 4.397 + 2.746 + 2.155 = ฿12 Mil.
Cash Flow from Operations was 103.722 + 18.853 + 47.526 + 96.306 = ฿266 Mil.
Total Receivables was ฿791 Mil.
Revenue was 607.073 + 582.758 + 461.052 + 384.518 = ฿2,035 Mil.
Gross Profit was 49.409 + 66.433 + 58.945 + 53.407 = ฿228 Mil.
Total Current Assets was ฿1,361 Mil.
Total Assets was ฿1,700 Mil.
Property, Plant and Equipment(Net PPE) was ฿94 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿26 Mil.
Selling, General, & Admin. Expense(SGA) was ฿148 Mil.
Total Current Liabilities was ฿824 Mil.
Long-Term Debt & Capital Lease Obligation was ฿59 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)
=(699.876 / 1897.877) / (791.363 / 2035.401)
=0.368768 / 0.3888
=0.9485

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)
=(228.194 / 2035.401) / (261.267 / 1897.877)
=0.112113 / 0.137663
=0.8144

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 - (1544.51 + 83.09) / 1862.416) / (1 - (1361.231 + 93.556) / 1700.35)
=0.126081 / 0.144419
=0.873

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
=1897.877 / 2035.401
=0.9324

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))
=(26.051 / (26.051 + 93.556)) / (25.365 / (25.365 + 83.09))
=0.217805 / 0.233876
=0.9313

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)
=(157.936 / 1897.877) / (148.034 / 2035.401)
=0.083217 / 0.07273
=1.1442

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)
=((50.923 + 910.228) / 1862.416) / ((59.388 + 824.091) / 1700.35)
=0.516078 / 0.519587
=0.9932

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
=(112.608 - 11.584 - 266.407) / 1862.416
=-0.0888

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.

Teka Construction PCL has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.


Teka Construction PCL Beneish M-Score Related Terms

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Teka Construction PCL Business Description

Traded in Other Exchanges
N/A
Address
28, Soi Ngamwongwan 6, Bang Khen Subdistrict, Muang Nonthaburi, Nonthaburi, THA, 11000
Teka Construction PCL operates a construction business. It provides construction services for various buildings such as office buildings, school buildings, factory buildings, shopping center buildings, hotel buildings and residential properties.

Teka Construction PCL Headlines

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