Italian-Thai Development PCL Beneish M-Score Historical Data
The historical data trend for Italian-Thai Development 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.
Italian-Thai Development PCL Beneish M-Score Chart
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Italian-Thai Development PCL Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.71 |
-2.70 |
-2.31 |
-2.86 |
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Italian-Thai Development PCL Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.52 |
-2.67 |
-2.78 |
-2.86 |
Competitive Comparison of Italian-Thai Development PCL's Beneish M-Score
For the Engineering & Construction subindustry, Italian-Thai Development 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.
Italian-Thai Development PCL's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Italian-Thai Development PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Italian-Thai Development PCL's Beneish M-Score falls into.
Italian-Thai Development 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 Italian-Thai Development 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 * 0.9971 | + | 0.528 * 0.6453 | + | 0.404 * 1.1109 | + | 0.892 * 0.9421 | + | 0.115 * 1.06 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9823 | + | 4.679 * -0.040567 | - | 0.327 * 1.0077 |
| = | -2.86 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,284 Mil.
Revenue was 339.697 + 488.398 + 490.399 + 499.443 = $1,818 Mil.
Gross Profit was 0.109 + 34.558 + 25.372 + 53.943 = $114 Mil.
Total Current Assets was $1,721 Mil.
Total Assets was $3,348 Mil.
Property, Plant and Equipment(Net PPE) was $833 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $90 Mil.
Total Current Liabilities was $2,484 Mil.
Long-Term Debt & Capital Lease Obligation was $157 Mil.
Net Income was -41.492 + -1.247 + 3.282 + 8.972 = $-30 Mil.
Non Operating Income was 10.333 + 10.458 + 28.678 + 9.63 = $59 Mil.
Cash Flow from Operations was -28.757 + 27.501 + 3.72 + 43.769 = $46 Mil.
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Total Receivables was $1,367 Mil.
Revenue was 533.924 + 438.386 + 480.033 + 477.364 = $1,930 Mil.
Gross Profit was 17.884 + 6.418 + 30.532 + 23.245 = $78 Mil.
Total Current Assets was $1,721 Mil.
Total Assets was $3,339 Mil.
Property, Plant and Equipment(Net PPE) was $905 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $2,103 Mil.
Long-Term Debt & Capital Lease Obligation was $511 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) |
| = | (1283.771 / 1817.937) | / | (1366.615 / 1929.707) |
| = | 0.706169 | / | 0.708198 |
| | = | 0.9971 |
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) |
| = | (78.079 / 1929.707) | / | (113.982 / 1817.937) |
| = | 0.040462 | / | 0.062699 |
| | = | 0.6453 |
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 - (1720.608 + 832.947) / 3347.966) | / | (1 - (1720.785 + 905.203) / 3339.219) |
| = | 0.237282 | / | 0.213592 |
| | = | 1.1109 |
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 |
| = | 1817.937 | / | 1929.707 |
| | = | 0.9421 |
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)) |
| = | (163.024 / (163.024 + 905.203)) | / | (140.096 / (140.096 + 832.947)) |
| = | 0.152612 | / | 0.143977 |
| | = | 1.06 |
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) |
| = | (90.315 / 1817.937) | / | (97.594 / 1929.707) |
| = | 0.04968 | / | 0.050575 |
| | = | 0.9823 |
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) |
| = | ((157.04 + 2484.209) / 3347.966) | / | ((510.634 + 2103.49) / 3339.219) |
| = | 0.788912 | / | 0.782855 |
| | = | 1.0077 |
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 |
| = | (-30.485 - 59.099 | - | 46.233) | / | 3347.966 |
| | = | -0.040567 |
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.
Italian-Thai Development PCL has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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