Chememan PCL Beneish M-Score Historical Data
The historical data trend for Chememan 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.
Chememan PCL Beneish M-Score Chart
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Chememan PCL Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.71 |
-3.11 |
-2.43 |
-2.53 |
-3.06 |
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Chememan PCL Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.42 |
-2.93 |
-2.71 |
-3.06 |
-2.99 |
Competitive Comparison of Chememan PCL's Beneish M-Score
For the Specialty Chemicals subindustry, Chememan 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.
Chememan PCL's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Chememan PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chememan PCL's Beneish M-Score falls into.
Chememan 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 Chememan 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 * 1.0806 | + | 0.528 * 0.8521 | + | 0.404 * 0.9821 | + | 0.892 * 0.932 | + | 0.115 * 0.9801 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0871 | + | 4.679 * -0.095702 | - | 0.327 * 0.9303 |
| = | -2.99 |
* 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 ฿578 Mil.
Revenue was 1044.445 + 817.016 + 768.794 + 856.175 = ฿3,486 Mil.
Gross Profit was 400.772 + 241.81 + 266.625 + 289.805 = ฿1,199 Mil.
Total Current Assets was ฿1,206 Mil.
Total Assets was ฿6,515 Mil.
Property, Plant and Equipment(Net PPE) was ฿4,393 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿368 Mil.
Selling, General, & Admin. Expense(SGA) was ฿841 Mil.
Total Current Liabilities was ฿2,049 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,667 Mil.
Net Income was 172.603 + -29.163 + 13.761 + 59.189 = ฿216 Mil.
Non Operating Income was 43.27 + -7.869 + -12.459 + 25.108 = ฿48 Mil.
Cash Flow from Operations was 259.363 + 28.91 + 160.735 + 342.818 = ฿792 Mil.
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Total Receivables was ฿574 Mil.
Revenue was 1063.44 + 866.445 + 959.932 + 850.974 = ฿3,741 Mil.
Gross Profit was 335.667 + 238.305 + 282.955 + 239.291 = ฿1,096 Mil.
Total Current Assets was ฿1,208 Mil.
Total Assets was ฿6,676 Mil.
Property, Plant and Equipment(Net PPE) was ฿4,513 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿370 Mil.
Selling, General, & Admin. Expense(SGA) was ฿831 Mil.
Total Current Liabilities was ฿2,043 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,050 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) |
| = | (578.415 / 3486.43) | / | (574.339 / 3740.791) |
| = | 0.165905 | / | 0.153534 |
| | = | 1.0806 |
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) |
| = | (1096.218 / 3740.791) | / | (1199.012 / 3486.43) |
| = | 0.293044 | / | 0.343908 |
| | = | 0.8521 |
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 - (1206.391 + 4392.595) / 6514.859) | / | (1 - (1207.509 + 4512.924) / 6676.113) |
| = | 0.140582 | / | 0.143149 |
| | = | 0.9821 |
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 |
| = | 3486.43 | / | 3740.791 |
| | = | 0.932 |
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)) |
| = | (369.848 / (369.848 + 4512.924)) | / | (367.893 / (367.893 + 4392.595)) |
| = | 0.075745 | / | 0.077281 |
| | = | 0.9801 |
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) |
| = | (841.411 / 3486.43) | / | (830.502 / 3740.791) |
| = | 0.241339 | / | 0.222012 |
| | = | 1.0871 |
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) |
| = | ((1666.634 + 2048.546) / 6514.859) | / | ((2049.583 + 2042.822) / 6676.113) |
| = | 0.570263 | / | 0.612992 |
| | = | 0.9303 |
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 |
| = | (216.39 - 48.05 | - | 791.826) | / | 6514.859 |
| | = | -0.095702 |
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.
Chememan PCL has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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