Prosper Engineering PCL (BKK:PROS) Beneish M-Score : -3.58 (As of May. 26, 2024)

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What is Prosper 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 -3.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:PROS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24 Med: -3.67 Max: -2.76
Current: -3.58

During the past 6 years, the highest Beneish M-Score of Prosper Engineering PCL was -2.76. The lowest was -4.24. And the median was -3.67.

Prosper Engineering PCL Beneish M-Score Historical Data

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

Prosper Engineering PCL Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.41

-4.24

Prosper Engineering PCL Quarterly Data
	Dec19	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												-2.76	-3.19	-4.01	-4.24	-3.58

Competitive Comparison of Prosper Engineering PCL's Beneish M-Score

For the Engineering & Construction subindustry, Prosper 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.

Prosper Engineering PCL's Beneish M-Score Distribution in the Construction Industry

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

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

Prosper 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 Prosper 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 * 1.281

0.528 * 0.4434

0.404 * 1.2266

0.892 * 0.6985

0.115 * 0.4301

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2938

4.679 * -0.14859

0.327 * 1.2358

-3.58

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿558.1 Mil.
Revenue was 322.61 + 259.693 + 212.095 + 130.191 = ฿924.6 Mil.
Gross Profit was 27.143 + 24.887 + 18.574 + -175.918 = ฿-105.3 Mil.
Total Current Assets was ฿750.1 Mil.
Total Assets was ฿1,054.5 Mil.
Property, Plant and Equipment(Net PPE) was ฿148.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿20.4 Mil.
Selling, General, & Admin. Expense(SGA) was ฿77.2 Mil.
Total Current Liabilities was ฿818.6 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1.6 Mil.
Net Income was 8.334 + 3.262 + 0.333 + -198.102 = ฿-186.2 Mil.
Non Operating Income was 0.808 + 0.436 + 4.463 + 1.5 = ฿7.2 Mil.
Cash Flow from Operations was -95.533 + 40.717 + 32.736 + -14.606 = ฿-36.7 Mil.

Total Receivables was ฿623.7 Mil.
Revenue was 237.949 + 391.583 + 442.942 + 251.154 = ฿1,323.6 Mil.
Gross Profit was 15.96 + -37.482 + 31.951 + -77.285 = ฿-66.9 Mil.
Total Current Assets was ฿863.3 Mil.
Total Assets was ฿1,153.5 Mil.
Property, Plant and Equipment(Net PPE) was ฿151.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿8.3 Mil.
Selling, General, & Admin. Expense(SGA) was ฿85.4 Mil.
Total Current Liabilities was ฿723.3 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2.7 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)
	=	(558.106 / 924.589)	/	(623.716 / 1323.628)
	=	0.603626	/	0.471217
	=	1.281

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)
	=	(-66.856 / 1323.628)	/	(-105.314 / 924.589)
	=	-0.05051	/	-0.113904
	=	0.4434

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 - (750.12 + 148.394) / 1054.538)	/	(1 - (863.265 + 151.113) / 1153.517)
	=	0.147955	/	0.120622
	=	1.2266

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
	=	924.589	/	1323.628
	=	0.6985

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))
	=	(8.273 / (8.273 + 151.113))	/	(20.367 / (20.367 + 148.394))
	=	0.051905	/	0.120685
	=	0.4301

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)
	=	(77.221 / 924.589)	/	(85.446 / 1323.628)
	=	0.083519	/	0.064554
	=	1.2938

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)
	=	((1.568 + 818.578) / 1054.538)	/	((2.661 + 723.275) / 1153.517)
	=	0.77773	/	0.629324
	=	1.2358

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
	=	(-186.173 - 7.207	-	-36.686)	/	1054.538
	=	-0.14859

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.

Prosper Engineering PCL has a M-score of -3.58 suggests that the company is unlikely to be a manipulator.

Prosper Engineering PCL Beneish M-Score Related Terms

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Prosper Engineering PCL (BKK:PROS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Prosper Engineering PCL (BKK:PROS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Nakniwat Road, No. 11 Soi Nakniwat 20, Ladphrao, Bangkok, THA, 10230

Website

https://www.prosperengineering.co.th

Prosper Engineering PCL is a provider of electrical and communication systems, air conditioning and ventilation system, sanitary and fire protection system. It operates and installs engineering systems in various types of buildings, shopping centers, large superstores, product distribution centers, mobile telephone network centers, information centers, residential buildings, office buildings, government and public sector buildings, hospitals, and industrial factories.