Bank Of Ayudhya 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 Bank Of Ayudhya 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 * 0.7905 | + | 0.528 * 1 | + | 0.404 * 0.9989 | + | 0.892 * 1.2714 | + | 0.115 * 0.9766 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.009 | + | 4.679 * 0.004149 | - | 0.327 * 0.8819 |
| = | -2.38 |
* 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 ฿777,581 Mil.
Revenue was 38041.221 + 41207.471 + 34776.352 + 32032.45 = ฿146,057 Mil.
Gross Profit was 38041.221 + 41207.471 + 34776.352 + 32032.45 = ฿146,057 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿2,859,429 Mil.
Property, Plant and Equipment(Net PPE) was ฿36,171 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿5,439 Mil.
Selling, General, & Admin. Expense(SGA) was ฿41,969 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿351,899 Mil.
Net Income was 7542.614 + 7731.972 + 8095.964 + 8425.299 = ฿31,796 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was -8900.234 + 5415.658 + 9911.45 + 13506.275 = ฿19,933 Mil.
|
Total Receivables was ฿773,734 Mil.
Revenue was 29877.195 + 28847.897 + 28526.679 + 27629.294 = ฿114,881 Mil.
Gross Profit was 29877.195 + 28847.897 + 28526.679 + 27629.294 = ฿114,881 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿2,684,138 Mil.
Property, Plant and Equipment(Net PPE) was ฿31,042 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿4,543 Mil.
Selling, General, & Admin. Expense(SGA) was ฿32,718 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿374,581 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) |
| = | (777581 / 146057.494) | / | (773734 / 114881.065) |
| = | 5.323801 | / | 6.735087 |
| | = | 0.7905 |
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) |
| = | (114881.065 / 114881.065) | / | (146057.494 / 146057.494) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 36171.359) / 2859428.756) | / | (1 - (0 + 31042.48) / 2684137.622) |
| = | 0.98735 | / | 0.988435 |
| | = | 0.9989 |
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 |
| = | 146057.494 | / | 114881.065 |
| | = | 1.2714 |
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)) |
| = | (4542.749 / (4542.749 + 31042.48)) | / | (5438.926 / (5438.926 + 36171.359)) |
| = | 0.127658 | / | 0.130711 |
| | = | 0.9766 |
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) |
| = | (41969.281 / 146057.494) | / | (32718.069 / 114881.065) |
| = | 0.287348 | / | 0.284799 |
| | = | 1.009 |
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) |
| = | ((351898.788 + 0) / 2859428.756) | / | ((374580.628 + 0) / 2684137.622) |
| = | 0.123066 | / | 0.139553 |
| | = | 0.8819 |
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 |
| = | (31795.849 - 0 | - | 19933.149) | / | 2859428.756 |
| | = | 0.004149 |
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.
Bank Of Ayudhya PCL has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BKK:BAY has been successfully added to your