UAC Global PCL (BKK:UAC) Beneish M-Score : -1.84 (As of May. 27, 2024)

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What is UAC Global 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 -1.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:UAC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.97 Med: -2.47 Max: -0.27
Current: -1.84

During the past 13 years, the highest Beneish M-Score of UAC Global PCL was -0.27. The lowest was -3.97. And the median was -2.47.

UAC Global PCL Beneish M-Score Historical Data

The historical data trend for UAC Global 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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UAC Global PCL Beneish M-Score Chart

UAC Global PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.59

-2.90

-2.08

-2.69

-2.45

UAC Global 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															-2.48	-3.00	-2.21	-2.45	-1.84

Competitive Comparison of UAC Global PCL's Beneish M-Score

For the Chemicals subindustry, UAC Global 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.

UAC Global PCL's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, UAC Global PCL's Beneish M-Score distribution charts can be found below:

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

UAC Global 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 UAC Global 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 * 1.2349

0.528 * 0.6768

0.404 * 0.9836

0.892 * 1.2697

0.115 * 1.1645

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.03

4.679 * 0.080474

0.327 * 1.0823

-1.84

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿527 Mil.
Revenue was 468.093 + 330.96 + 460.922 + 381.841 = ฿1,642 Mil.
Gross Profit was 124.785 + 55.306 + 125.194 + 75.999 = ฿381 Mil.
Total Current Assets was ฿1,391 Mil.
Total Assets was ฿3,790 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,178 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿103 Mil.
Selling, General, & Admin. Expense(SGA) was ฿264 Mil.
Total Current Liabilities was ฿889 Mil.
Long-Term Debt & Capital Lease Obligation was ฿606 Mil.
Net Income was 60.403 + 20.824 + 76.438 + 92.116 = ฿250 Mil.
Non Operating Income was 31.534 + 52.075 + 31.462 + 91.715 = ฿207 Mil.
Cash Flow from Operations was -330.611 + 110.988 + 3.75 + -46.112 = ฿-262 Mil.

Total Receivables was ฿336 Mil.
Revenue was 416.053 + 310.967 + 323.785 + 242.239 = ฿1,293 Mil.
Gross Profit was 65.375 + 53.433 + 52.785 + 31.627 = ฿203 Mil.
Total Current Assets was ฿1,026 Mil.
Total Assets was ฿3,289 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,185 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿122 Mil.
Selling, General, & Admin. Expense(SGA) was ฿202 Mil.
Total Current Liabilities was ฿589 Mil.
Long-Term Debt & Capital Lease Obligation was ฿609 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)
	=	(527.252 / 1641.816)	/	(336.26 / 1293.044)
	=	0.32114	/	0.260053
	=	1.2349

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)
	=	(203.22 / 1293.044)	/	(381.284 / 1641.816)
	=	0.157164	/	0.232233
	=	0.6768

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 - (1390.918 + 1177.861) / 3789.783)	/	(1 - (1026.138 + 1185.351) / 3288.674)
	=	0.322183	/	0.327544
	=	0.9836

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
	=	1641.816	/	1293.044
	=	1.2697

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))
	=	(122.066 / (122.066 + 1185.351))	/	(102.666 / (102.666 + 1177.861))
	=	0.093364	/	0.080175
	=	1.1645

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)
	=	(264.42 / 1641.816)	/	(202.175 / 1293.044)
	=	0.161053	/	0.156356
	=	1.03

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)
	=	((605.697 + 889.322) / 3789.783)	/	((609.355 + 589.341) / 3288.674)
	=	0.394487	/	0.364492
	=	1.0823

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
	=	(249.781 - 206.786	-	-261.985)	/	3789.783
	=	0.080474

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.

UAC Global PCL has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.

UAC Global PCL Beneish M-Score Related Terms

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UAC Global PCL (BKK:UAC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » UAC Global PCL (BKK:UAC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Vibhavadirangsit Road, No.1 TP&T Tower, 19th Floor, Soi Vibhavadirangsit 19, Chatuchak Sub-District, Chatuchak District, Bangkok, THA, 10900

Website

https://www.uac.co.th

UAC Global PCL is engaged in the import and distribution of chemicals and equipment; providing consultant and advising for the marketing of products and services, the feasibility study of works related to the energy industry, refinery, petrochemicals, power plants, and other utilities; production and distribution of biogas used in power generation, transportation, and industries; subcontracting of construction machines and equipment used in various industries; production and distribution of petroleum. It has five business units: Trading, Manufacturing and sales of chemical products, Manufacturing and sales of petroleum, Consulting, and Others. The group has a business presence in Thailand and other countries and derives a vast majority of the revenues from the trading segment.

UAC Global PCL (BKK:UAC) Headlines

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