Siam Cement PCL (Siam Cement PCL) Beneish M-Score : -2.71 (As of Apr. 27, 2024)

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What is Siam Cement 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SCVPF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.71 Max: -2.1
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Siam Cement PCL was -2.10. The lowest was -3.05. And the median was -2.71.

Siam Cement PCL Beneish M-Score Historical Data

The historical data trend for Siam Cement 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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Siam Cement PCL Beneish M-Score Chart

Siam Cement PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.85

-3.05

-2.10

-2.44

-2.71

Siam Cement PCL Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.44	-2.54	-2.75	-2.83	-2.71

Competitive Comparison of Siam Cement PCL's Beneish M-Score

For the Conglomerates subindustry, Siam Cement 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.

Siam Cement PCL's Beneish M-Score Distribution in the Conglomerates Industry

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

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

Siam Cement 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 Siam Cement 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 * 1.0773

0.528 * 0.9379

0.404 * 1.105

0.892 * 0.874

0.115 * 0.9861

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0673

4.679 * -0.03955

0.327 * 1.0058

-2.71

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $2,021 Mil.
Revenue was 3448.094 + 3501.425 + 3569.959 + 3735.748 = $14,255 Mil.
Gross Profit was 437.843 + 532.769 + 547.748 + 577.123 = $2,095 Mil.
Total Current Assets was $6,209 Mil.
Total Assets was $25,545 Mil.
Property, Plant and Equipment(Net PPE) was $12,131 Mil.
Depreciation, Depletion and Amortization(DDA) was $849 Mil.
Selling, General, & Admin. Expense(SGA) was $1,710 Mil.
Total Current Liabilities was $5,782 Mil.
Long-Term Debt & Capital Lease Obligation was $6,354 Mil.
Net Income was -32.428 + 68.033 + 231.51 + 479.509 = $747 Mil.
Non Operating Income was -421.243 + 105.31 + 245.897 + 571.891 = $502 Mil.
Cash Flow from Operations was 316.394 + 323.711 + 290.513 + 324.461 = $1,255 Mil.

Total Receivables was $2,146 Mil.
Revenue was 3514.407 + 3841.549 + 4367.504 + 4587.115 = $16,311 Mil.
Gross Profit was 393.366 + 474.59 + 655.81 + 724.871 = $2,249 Mil.
Total Current Assets was $7,192 Mil.
Total Assets was $26,072 Mil.
Property, Plant and Equipment(Net PPE) was $12,225 Mil.
Depreciation, Depletion and Amortization(DDA) was $842 Mil.
Selling, General, & Admin. Expense(SGA) was $1,833 Mil.
Total Current Liabilities was $3,806 Mil.
Long-Term Debt & Capital Lease Obligation was $8,509 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)
	=	(2020.759 / 14255.226)	/	(2146.195 / 16310.575)
	=	0.141756	/	0.131583
	=	1.0773

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)
	=	(2248.637 / 16310.575)	/	(2095.483 / 14255.226)
	=	0.137864	/	0.146998
	=	0.9379

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 - (6209.499 + 12130.7) / 25545.314)	/	(1 - (7191.923 + 12225.344) / 26072.457)
	=	0.282052	/	0.255257
	=	1.105

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
	=	14255.226	/	16310.575
	=	0.874

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))
	=	(842.472 / (842.472 + 12225.344))	/	(848.51 / (848.51 + 12130.7))
	=	0.064469	/	0.065375
	=	0.9861

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)
	=	(1710.041 / 14255.226)	/	(1833.247 / 16310.575)
	=	0.119959	/	0.112396
	=	1.0673

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)
	=	((6353.825 + 5781.563) / 25545.314)	/	((8509.089 + 3805.684) / 26072.457)
	=	0.475053	/	0.472329
	=	1.0058

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
	=	(746.624 - 501.855	-	1255.079)	/	25545.314
	=	-0.03955

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.

Siam Cement PCL has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Siam Cement PCL Beneish M-Score Related Terms

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Siam Cement PCL (Siam Cement PCL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Siam Cement PCL (OTCPK:SCVPF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SCC-F:Thailand SCC:Thailand NVAQ:Germany

Address

1 Siam Cement Road, Bangsue, Bangkok, THA, 10800

Website

https://www.scg.com

Siam Cement PCL is a holding company, which through its subsidiaries, manufactures and sells a variety of building materials, chemicals, and packaging products. The company organizes itself into four segments based on product type. The chemicals segment, which generates more revenue than any other segment, sells olefins and polyolefins. The cement-building materials segment sells cement, ready-mix concrete, roof tiles, ceramic tiles, and sanitary products. The packaging segment sells pulp, printing and writing paper, and corrugated paper used for packaging. The other segment sells automotive parts and steel. The majority of revenue comes from Thailand.