VGI PCL (BKK:VGI) Beneish M-Score : -2.37 (As of May. 12, 2024)

View and export this data going back to 2012. Start your Free Trial

What is VGI 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:VGI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.32 Max: 6.52
Current: -2.37

During the past 13 years, the highest Beneish M-Score of VGI PCL was 6.52. The lowest was -3.49. And the median was -2.32.

VGI PCL Beneish M-Score Historical Data

The historical data trend for VGI 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.

VGI PCL Beneish M-Score Chart

VGI PCL Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

Get a 7-Day Free Trial

-1.70

-2.74

-2.51

6.52

-3.11

VGI 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															-2.04	-3.11	-2.69	-2.29	-2.37

Competitive Comparison of VGI PCL's Beneish M-Score

For the Conglomerates subindustry, VGI 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.

VGI PCL's Beneish M-Score Distribution in the Conglomerates Industry

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

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

VGI 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 VGI 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 * 1.384

0.528 * 0.9576

0.404 * 0.9865

0.892 * 0.9763

0.115 * 0.9969

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3

4.679 * -0.012777

0.327 * 1.257

-2.37

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿2,063 Mil.
Revenue was 1259.765 + 1015.586 + 1056.442 + 1189.04 = ฿4,521 Mil.
Gross Profit was 398.337 + 207.486 + 284.717 + 232.496 = ฿1,123 Mil.
Total Current Assets was ฿8,310 Mil.
Total Assets was ฿28,454 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,938 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿617 Mil.
Selling, General, & Admin. Expense(SGA) was ฿2,371 Mil.
Total Current Liabilities was ฿2,270 Mil.
Long-Term Debt & Capital Lease Obligation was ฿298 Mil.
Net Income was -3339.255 + 165.879 + -366.445 + -260.252 = ฿-3,800 Mil.
Non Operating Income was -3073.191 + 519.788 + -207.402 + -181.941 = ฿-2,943 Mil.
Cash Flow from Operations was -251.456 + -240.1 + -178.655 + 176.449 = ฿-494 Mil.

Total Receivables was ฿1,527 Mil.
Revenue was 1314.872 + 1166.412 + 982.372 + 1166.727 = ฿4,630 Mil.
Gross Profit was 440.286 + 226.087 + 206.073 + 229.052 = ฿1,101 Mil.
Total Current Assets was ฿10,324 Mil.
Total Assets was ฿33,753 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,536 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿487 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,868 Mil.
Total Current Liabilities was ฿2,057 Mil.
Long-Term Debt & Capital Lease Obligation was ฿367 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)
	=	(2063.064 / 4520.833)	/	(1526.763 / 4630.383)
	=	0.456346	/	0.329727
	=	1.384

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)
	=	(1101.498 / 4630.383)	/	(1123.036 / 4520.833)
	=	0.237885	/	0.248414
	=	0.9576

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 - (8309.772 + 1937.977) / 28453.793)	/	(1 - (10323.519 + 1536.046) / 33752.555)
	=	0.639846	/	0.648632
	=	0.9865

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
	=	4520.833	/	4630.383
	=	0.9763

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))
	=	(486.798 / (486.798 + 1536.046))	/	(616.671 / (616.671 + 1937.977))
	=	0.24065	/	0.241392
	=	0.9969

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)
	=	(2370.828 / 4520.833)	/	(1867.852 / 4630.383)
	=	0.524423	/	0.40339
	=	1.3

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)
	=	((298.396 + 2269.987) / 28453.793)	/	((366.847 + 2056.904) / 33752.555)
	=	0.090265	/	0.071809
	=	1.257

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
	=	(-3800.073 - -2942.746	-	-493.762)	/	28453.793
	=	-0.012777

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.

VGI PCL has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.

VGI PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of VGI PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

VGI PCL (BKK:VGI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » VGI PCL (BKK:VGI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

VGI-F:Thailand

Address

21 Viphavadi-Rangsit Road, 9th Floor, TST Tower, Chomphon, Chatuchak, Bangkok, THA, 10900

Website

https://www.vgi.co.th

VGI PCL is a marketing and advertising company. The company's segment include Transit; Digital services; Distribution and other. It generates maximum revenue from the Transit segment. Transit segment incldues provision of advertising services in BTS stations, inside BTS trains, on BTS train bodies, on BTS Column and the rental of retail space at BTS stations.