GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » Thitikorn PCL (BKK:TK) » Definitions » Beneish M-Score

Thitikorn PCL (BKK:TK) Beneish M-Score : -4.28 (As of Dec. 14, 2024)


View and export this data going back to 2003. Start your Free Trial

What is Thitikorn 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 -4.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TK' s Beneish M-Score Range Over the Past 10 Years
Min: -4.56   Med: -2.64   Max: -1.7
Current: -4.28

During the past 13 years, the highest Beneish M-Score of Thitikorn PCL was -1.70. The lowest was -4.56. And the median was -2.64.


Thitikorn PCL Beneish M-Score Historical Data

The historical data trend for Thitikorn 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.

Thitikorn PCL Beneish M-Score Chart

Thitikorn PCL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.24 -4.56 -3.17 -2.17 -2.63

Thitikorn 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 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 Premium Member Only Premium Member Only -2.59 -2.63 -2.90 -3.53 -4.28

Competitive Comparison of Thitikorn PCL's Beneish M-Score

For the Credit Services subindustry, Thitikorn 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.


Thitikorn PCL's Beneish M-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, Thitikorn PCL's Beneish M-Score distribution charts can be found below:

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



Thitikorn 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 Thitikorn 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 * 0.8685+0.528 * 1.037+0.404 * 0.555+0.892 * 0.7178+0.115 * 1.5068
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3001+4.679 * -0.300832-0.327 * 0.6028
=-4.28

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ฿1,249 Mil.
Revenue was 207.673 + 261.291 + 260.226 + 306.702 = ฿1,036 Mil.
Gross Profit was 194.938 + 240.396 + 243.786 + 277.224 = ฿956 Mil.
Total Current Assets was ฿4,294 Mil.
Total Assets was ฿5,911 Mil.
Property, Plant and Equipment(Net PPE) was ฿451 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿95 Mil.
Selling, General, & Admin. Expense(SGA) was ฿812 Mil.
Total Current Liabilities was ฿454 Mil.
Long-Term Debt & Capital Lease Obligation was ฿46 Mil.
Net Income was -5.408 + 6.619 + -31.202 + -3.043 = ฿-33 Mil.
Non Operating Income was 25.652 + -34.786 + -93.219 + -94.01 = ฿-196 Mil.
Cash Flow from Operations was 535.595 + 463.52 + 427.988 + 514.428 = ฿1,942 Mil.
Total Receivables was ฿2,004 Mil.
Revenue was 352.063 + 344.023 + 344.352 + 402.707 = ฿1,443 Mil.
Gross Profit was 332.215 + 331.443 + 335.227 + 382.719 = ฿1,382 Mil.
Total Current Assets was ฿4,082 Mil.
Total Assets was ฿6,627 Mil.
Property, Plant and Equipment(Net PPE) was ฿189 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿68 Mil.
Selling, General, & Admin. Expense(SGA) was ฿870 Mil.
Total Current Liabilities was ฿720 Mil.
Long-Term Debt & Capital Lease Obligation was ฿209 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)
=(1248.99 / 1035.892) / (2003.532 / 1443.145)
=1.205714 / 1.38831
=0.8685

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)
=(1381.604 / 1443.145) / (956.344 / 1035.892)
=0.957356 / 0.923208
=1.037

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 - (4294.055 + 450.679) / 5910.94) / (1 - (4081.534 + 189.458) / 6627.002)
=0.197296 / 0.355517
=0.555

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
=1035.892 / 1443.145
=0.7178

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))
=(67.688 / (67.688 + 189.458)) / (95.397 / (95.397 + 450.679))
=0.263228 / 0.174695
=1.5068

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)
=(812.33 / 1035.892) / (870.494 / 1443.145)
=0.784184 / 0.603192
=1.3001

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)
=((45.961 + 453.526) / 5910.94) / ((208.845 + 720.153) / 6627.002)
=0.084502 / 0.140184
=0.6028

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
=(-33.034 - -196.363 - 1941.531) / 5910.94
=-0.300832

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.

Thitikorn PCL has a M-score of -4.28 suggests that the company is unlikely to be a manipulator.


Thitikorn PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Thitikorn PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Thitikorn PCL Business Description

Traded in Other Exchanges
N/A
Address
69 Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok, THA, 10240
Thitikorn PCL and its subsidiaries are engaged in the vehicle hire-purchase business and related other services. The company has a single-core operating segment which is hire-purchase on automobiles and motorcycles for general retail customers whereby the business activities with respect to loans, personal loans, and nano finance/microfinance to the general retail customers are insignificant portion as compared to the entire volumes and business activities. The company generates the majority of its revenue from the Domestic market.