World Flex PCL Beneish M-Score Historical Data
The historical data trend for World Flex 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.
World Flex PCL Beneish M-Score Chart
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World Flex PCL Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.84 |
-7.20 |
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World Flex PCL Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.02 |
4.37 |
11.16 |
-7.20 |
-5.66 |
Competitive Comparison of World Flex PCL's Beneish M-Score
For the Textile Manufacturing subindustry, World Flex 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.
World Flex PCL's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, World Flex PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where World Flex PCL's Beneish M-Score falls into.
World Flex 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 World Flex 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 * 1.1011 | + | 0.528 * -4.1359 | + | 0.404 * 1.1012 | + | 0.892 * 0.892 | + | 0.115 * 0.786 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9503 | + | 4.679 * -0.095277 | - | 0.327 * 1.1374 |
| = | -5.66 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ฿255 Mil.
Revenue was 770.601 + 770.237 + 700.907 + 612.432 = ฿2,854 Mil.
Gross Profit was -8.66 + -10.352 + -3.614 + -14.099 = ฿-37 Mil.
Total Current Assets was ฿724 Mil.
Total Assets was ฿2,657 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,564 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿167 Mil.
Selling, General, & Admin. Expense(SGA) was ฿93 Mil.
Total Current Liabilities was ฿560 Mil.
Long-Term Debt & Capital Lease Obligation was ฿110 Mil.
Net Income was -46.754 + -24.365 + -38.523 + -38.743 = ฿-148 Mil.
Non Operating Income was -18.214 + 17.473 + -10.637 + -2.38 = ฿-14 Mil.
Cash Flow from Operations was -8.642 + -32.62 + 25.46 + 134.339 = ฿119 Mil.
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Total Receivables was ฿260 Mil.
Revenue was 659.938 + 854.616 + 681.454 + 1003.642 = ฿3,200 Mil.
Gross Profit was -8.037 + 41.936 + 15.27 + 121.107 = ฿170 Mil.
Total Current Assets was ฿831 Mil.
Total Assets was ฿2,869 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,676 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿138 Mil.
Selling, General, & Admin. Expense(SGA) was ฿109 Mil.
Total Current Liabilities was ฿422 Mil.
Long-Term Debt & Capital Lease Obligation was ฿213 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) |
| = | (255.154 / 2854.177) | / | (259.773 / 3199.65) |
| = | 0.089397 | / | 0.081188 |
| | = | 1.1011 |
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) |
| = | (170.276 / 3199.65) | / | (-36.725 / 2854.177) |
| = | 0.053217 | / | -0.012867 |
| | = | -4.1359 |
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 - (724.268 + 1564.184) / 2657.146) | / | (1 - (831.435 + 1675.723) / 2868.615) |
| = | 0.138756 | / | 0.126004 |
| | = | 1.1012 |
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 |
| = | 2854.177 | / | 3199.65 |
| | = | 0.892 |
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)) |
| = | (137.77 / (137.77 + 1675.723)) | / | (167.362 / (167.362 + 1564.184)) |
| = | 0.075969 | / | 0.096655 |
| | = | 0.786 |
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) |
| = | (92.552 / 2854.177) | / | (109.182 / 3199.65) |
| = | 0.032427 | / | 0.034123 |
| | = | 0.9503 |
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) |
| = | ((109.874 + 559.658) / 2657.146) | / | ((213.323 + 422.194) / 2868.615) |
| = | 0.251974 | / | 0.221541 |
| | = | 1.1374 |
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 |
| = | (-148.385 - -13.758 | - | 118.537) | / | 2657.146 |
| | = | -0.095277 |
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.
World Flex PCL has a M-score of -5.66 suggests that the company is unlikely to be a manipulator.
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