PUTRF (Ptt PCL) Beneish M-Score : -2.92 (As of Mar. 23, 2025)

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What is Ptt 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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PUTRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.84 Max: -2.1
Current: -2.92

During the past 13 years, the highest Beneish M-Score of Ptt PCL was -2.10. The lowest was -3.28. And the median was -2.84.

Ptt PCL Beneish M-Score Historical Data

The historical data trend for Ptt 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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Ptt PCL Beneish M-Score Chart

Ptt PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.12

-2.36

-2.10

-2.86

-2.92

Ptt PCL Quarterly Data
	Mar20	Jun20	Sep20	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															-2.86	-2.65	-2.62	-2.94	-2.92

Competitive Comparison of Ptt PCL's Beneish M-Score

For the Oil & Gas Integrated subindustry, Ptt 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.

Ptt PCL's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Ptt PCL's Beneish M-Score distribution charts can be found below:

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

Ptt 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 Ptt 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 * 0.9626

0.528 * 1.1062

0.404 * 1.0712

0.892 * 0.9842

0.115 * 0.9506

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1434

4.679 * -0.090243

0.327 * 0.9622

-2.88

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $8,960 Mil.
Revenue was 21215.679 + 22910.269 + 22390.471 + 21759.253 = $88,276 Mil.
Gross Profit was 2374.249 + 1565.227 + 2660.405 + 2919.378 = $9,519 Mil.
Total Current Assets was $30,159 Mil.
Total Assets was $100,716 Mil.
Property, Plant and Equipment(Net PPE) was $51,006 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,316 Mil.
Selling, General, & Admin. Expense(SGA) was $4,150 Mil.
Total Current Liabilities was $16,668 Mil.
Long-Term Debt & Capital Lease Obligation was $26,283 Mil.
Net Income was 272.719 + 490.877 + 966.218 + 805.761 = $2,536 Mil.
Non Operating Income was -71.9 + 725.014 + 380.497 + -102.092 = $932 Mil.
Cash Flow from Operations was 3486.248 + 2466.176 + 2335.872 + 2404.667 = $10,693 Mil.

Total Receivables was $9,458 Mil.
Revenue was 23075.209 + 22369.284 + 22289.762 + 21956.013 = $89,690 Mil.
Gross Profit was 2179.549 + 3544.295 + 2294.885 + 2680.437 = $10,699 Mil.
Total Current Assets was $30,924 Mil.
Total Assets was $98,924 Mil.
Property, Plant and Equipment(Net PPE) was $50,074 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,935 Mil.
Selling, General, & Admin. Expense(SGA) was $3,688 Mil.
Total Current Liabilities was $16,829 Mil.
Long-Term Debt & Capital Lease Obligation was $27,013 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)
	=	(8960.47 / 88275.672)	/	(9458.106 / 89690.268)
	=	0.101506	/	0.105453
	=	0.9626

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)
	=	(10699.166 / 89690.268)	/	(9519.259 / 88275.672)
	=	0.11929	/	0.107836
	=	1.1062

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 - (30159.233 + 51006.171) / 100716.225)	/	(1 - (30923.608 + 50074.012) / 98924.042)
	=	0.194118	/	0.181214
	=	1.0712

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
	=	88275.672	/	89690.268
	=	0.9842

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))
	=	(4935.293 / (4935.293 + 50074.012))	/	(5315.511 / (5315.511 + 51006.171))
	=	0.089717	/	0.094378
	=	0.9506

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)
	=	(4150.341 / 88275.672)	/	(3688.124 / 89690.268)
	=	0.047016	/	0.041121
	=	1.1434

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)
	=	((26283.131 + 16667.64) / 100716.225)	/	((27013.385 + 16829.415) / 98924.042)
	=	0.426453	/	0.443197
	=	0.9622

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
	=	(2535.575 - 931.519	-	10692.963)	/	100716.225
	=	-0.090243

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.

Ptt PCL has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Ptt PCL Beneish M-Score Related Terms

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Ptt PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Ptt PCL (OTCPK:PUTRF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

PTT-R:Thailand PTT-F:Thailand PTT:Thailand PTOG:Germany

Address

555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok, THA, 10900

Website

https://www.pttplc.com

Ptt PCL is an integrated national petroleum and petrochemical company based out of Thailand. The Group is organized into business groups based on types of products and services. The major of the Group are Upstream petroleum and Natural gas business group which is further divided into Petroleum exploration and production business and Natural gas business. Downstream petroleum business group is divided into Oil and retail business; International trading business and Petrochemical and Refining business. New business and sustainability group includes emphasis on decarbonization to achieve the Net Zero Emission.