Chiang Mai Ram Medical Business PCL (BKK:CMR) Beneish M-Score : -2.97 (As of May. 27, 2024)

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What is Chiang Mai Ram Medical Business 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Chiang Mai Ram Medical Business PCL's Beneish M-Score or its related term are showing as below:

BKK:CMR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.67 Max: -1.65
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Chiang Mai Ram Medical Business PCL was -1.65. The lowest was -3.31. And the median was -2.67.

Chiang Mai Ram Medical Business PCL Beneish M-Score Historical Data

The historical data trend for Chiang Mai Ram Medical Business 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.

* Premium members only.

Chiang Mai Ram Medical Business PCL Beneish M-Score Chart

Chiang Mai Ram Medical Business PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.98

-2.84

-2.32

-2.58

-3.06

Chiang Mai Ram Medical Business PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.90	-3.12	-3.07	-3.06	-2.97

Competitive Comparison of Chiang Mai Ram Medical Business PCL's Beneish M-Score

For the Medical Care Facilities subindustry, Chiang Mai Ram Medical Business 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.

Chiang Mai Ram Medical Business PCL's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Chiang Mai Ram Medical Business PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chiang Mai Ram Medical Business PCL's Beneish M-Score falls into.

Chiang Mai Ram Medical Business 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 Chiang Mai Ram Medical Business 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 * 0.9396

0.528 * 1.1059

0.404 * 0.7856

0.892 * 0.9988

0.115 * 0.9316

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1127

4.679 * -0.07499

0.327 * 1.0835

-2.97

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿686 Mil.
Revenue was 1326.362 + 1313.135 + 1352.179 + 1174.757 = ฿5,166 Mil.
Gross Profit was 329.009 + 316.587 + 341.987 + 224.378 = ฿1,212 Mil.
Total Current Assets was ฿1,173 Mil.
Total Assets was ฿11,922 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,844 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿501 Mil.
Selling, General, & Admin. Expense(SGA) was ฿731 Mil.
Total Current Liabilities was ฿3,398 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,394 Mil.
Net Income was 89.023 + 82.268 + 77.242 + -6.624 = ฿242 Mil.
Non Operating Income was 54.855 + 42.676 + 51.305 + 24.074 = ฿173 Mil.
Cash Flow from Operations was 295.198 + 255.872 + 293.231 + 118.704 = ฿963 Mil.

Total Receivables was ฿731 Mil.
Revenue was 1225.626 + 1148.848 + 1284.488 + 1513.881 = ฿5,173 Mil.
Gross Profit was 268.8 + 198.182 + 323.696 + 551.269 = ฿1,342 Mil.
Total Current Assets was ฿1,174 Mil.
Total Assets was ฿13,968 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿473 Mil.
Selling, General, & Admin. Expense(SGA) was ฿658 Mil.
Total Current Liabilities was ฿3,436 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,747 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)
	=	(685.662 / 5166.433)	/	(730.673 / 5172.843)
	=	0.132715	/	0.141252
	=	0.9396

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)
	=	(1341.947 / 5172.843)	/	(1211.961 / 5166.433)
	=	0.259422	/	0.234584
	=	1.1059

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 - (1173.382 + 6844.285) / 11921.656)	/	(1 - (1174 + 6971.731) / 13967.744)
	=	0.32747	/	0.416818
	=	0.7856

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
	=	5166.433	/	5172.843
	=	0.9988

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))
	=	(473.375 / (473.375 + 6971.731))	/	(501.365 / (501.365 + 6844.285))
	=	0.063582	/	0.068253
	=	0.9316

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)
	=	(731.229 / 5166.433)	/	(657.97 / 5172.843)
	=	0.141535	/	0.127197
	=	1.1127

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)
	=	((1394.265 + 3398.121) / 11921.656)	/	((1746.833 + 3435.5) / 13967.744)
	=	0.40199	/	0.371021
	=	1.0835

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
	=	(241.909 - 172.91	-	963.005)	/	11921.656
	=	-0.07499

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.

Chiang Mai Ram Medical Business PCL has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Chiang Mai Ram Medical Business PCL Beneish M-Score Related Terms

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Chiang Mai Ram Medical Business PCL (BKK:CMR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Chiang Mai Ram Medical Business PCL (BKK:CMR) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

1, Sukkasem Road, Nakhon Ping Sub-district, Patan Subdistrict, Mueang District, Chiangmai, THA, 50300

Website

https://www.lanna-hospital.com

Chiang Mai Ram Medical Business PCL is a Thailand-based company. It provides medical services in the nature of General Hospital, Hospital in Social Security, and the national health security office systems. It offers various medical services including a Dental center, X-Ray Mobile for a checkup, CT Multislice, Cardiac Catheterization Center, Back pain center, Gynecologic Cancer center Physical therapy, Operating theatres, Laboratory, Ambulance Services, and Health checkup center, among others. It provides medical services through the Lanna Hospital.

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