Eastern Technical Engineering PCL (BKK:ETE) Beneish M-Score : -1.93 (As of May. 12, 2024)

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What is Eastern Technical Engineering 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:ETE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.34 Max: -1.71
Current: -1.93

During the past 10 years, the highest Beneish M-Score of Eastern Technical Engineering PCL was -1.71. The lowest was -3.27. And the median was -2.34.

Eastern Technical Engineering PCL Beneish M-Score Historical Data

The historical data trend for Eastern Technical Engineering 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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Eastern Technical Engineering PCL Beneish M-Score Chart

Eastern Technical Engineering PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-3.26

-3.27

-1.92

-1.93

Eastern Technical Engineering 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															-1.92	-0.93	-0.93	-1.26	-1.93

Competitive Comparison of Eastern Technical Engineering PCL's Beneish M-Score

For the Conglomerates subindustry, Eastern Technical Engineering 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.

Eastern Technical Engineering PCL's Beneish M-Score Distribution in the Conglomerates Industry

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

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

Eastern Technical Engineering 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 Eastern Technical Engineering 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 * 1.0895

0.528 * 0.9268

0.404 * 0.8612

0.892 * 1.2777

0.115 * 0.7875

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7914

4.679 * 0.069996

0.327 * 1.0621

-1.93

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿727 Mil.
Revenue was 512.392 + 339.82 + 376.447 + 378.614 = ฿1,607 Mil.
Gross Profit was 68.911 + 47.855 + 47.171 + 51.819 = ฿216 Mil.
Total Current Assets was ฿1,181 Mil.
Total Assets was ฿2,447 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,078 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿64 Mil.
Selling, General, & Admin. Expense(SGA) was ฿114 Mil.
Total Current Liabilities was ฿1,154 Mil.
Long-Term Debt & Capital Lease Obligation was ฿273 Mil.
Net Income was 19.81 + 7.491 + 4.837 + 12.563 = ฿45 Mil.
Non Operating Income was 0.783 + 0.881 + 0.268 + 0.801 = ฿3 Mil.
Cash Flow from Operations was 11.263 + 6.631 + -17.294 + -129.906 = ฿-129 Mil.

Total Receivables was ฿522 Mil.
Revenue was 437.974 + 299.969 + 269.4 + 250.629 = ฿1,258 Mil.
Gross Profit was 55.444 + 32.453 + 35.03 + 33.573 = ฿157 Mil.
Total Current Assets was ฿845 Mil.
Total Assets was ฿2,138 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,102 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿51 Mil.
Selling, General, & Admin. Expense(SGA) was ฿113 Mil.
Total Current Liabilities was ฿821 Mil.
Long-Term Debt & Capital Lease Obligation was ฿353 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)
	=	(727.01 / 1607.273)	/	(522.25 / 1257.972)
	=	0.452325	/	0.415152
	=	1.0895

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)
	=	(156.5 / 1257.972)	/	(215.756 / 1607.273)
	=	0.124407	/	0.134237
	=	0.9268

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 - (1180.971 + 1077.627) / 2446.907)	/	(1 - (844.956 + 1102.36) / 2138.417)
	=	0.076958	/	0.089366
	=	0.8612

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
	=	1607.273	/	1257.972
	=	1.2777

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))
	=	(50.775 / (50.775 + 1102.36))	/	(63.827 / (63.827 + 1077.627))
	=	0.044032	/	0.055917
	=	0.7875

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)
	=	(113.879 / 1607.273)	/	(112.617 / 1257.972)
	=	0.070852	/	0.089523
	=	0.7914

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)
	=	((273.047 + 1154.308) / 2446.907)	/	((353.212 + 821.262) / 2138.417)
	=	0.58333	/	0.549226
	=	1.0621

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
	=	(44.701 - 2.733	-	-129.306)	/	2446.907
	=	0.069996

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.

Eastern Technical Engineering PCL has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.

Eastern Technical Engineering PCL Beneish M-Score Related Terms

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Eastern Technical Engineering PCL (BKK:ETE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Eastern Technical Engineering PCL (BKK:ETE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

59 / 21-22 Moo 1, Liang Muang Road, Bang Kung Subdistrict, Mueang Surat Thani District, Surat Thani, Bangkok, THA, 84000

Website

https://www.eastern-groups.com

Eastern Technical Engineering PCL is engaged in operating management service, installation service of electricity transmission network, telecommunication network, power generation from renewable energy and sale of goods and other service. The company's segments include Business of Management Service; Business of Construction Service; Business of renewable energy; and Business of sale of goods and other services. It derives majority of the revenue from Business of Management Service. All of its operations are carried out in Thailand.

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