Thai Oil PCL Beneish M-Score Historical Data
The historical data trend for Thai Oil 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.
Thai Oil PCL Beneish M-Score Chart
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Thai Oil 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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-1.99 |
-3.97 |
-2.54 |
-2.10 |
-2.85 |
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Thai Oil PCL Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.57 |
7.59 |
-2.94 |
-2.85 |
-2.53 |
Competitive Comparison of Thai Oil PCL's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Thai Oil 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.
Thai Oil PCL's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Thai Oil PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Oil PCL's Beneish M-Score falls into.
Thai Oil 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 Thai Oil 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 * 0.9982 | + | 0.528 * 0.8103 | + | 0.404 * 0.9944 | + | 0.892 * 0.8985 | + | 0.115 * 1.0059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9873 | + | 4.679 * 0.022044 | - | 0.327 * 0.9625 |
| = | -2.56 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $979 Mil.
Revenue was 3177.664 + 3297.108 + 3334.432 + 3106.946 = $12,916 Mil.
Gross Profit was 123.812 + -22.424 + 435.566 + 78.535 = $615 Mil.
Total Current Assets was $3,509 Mil.
Total Assets was $11,915 Mil.
Property, Plant and Equipment(Net PPE) was $6,792 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $104 Mil.
Total Current Liabilities was $1,792 Mil.
Long-Term Debt & Capital Lease Obligation was $5,070 Mil.
Net Income was 163.084 + 84.17 + 301.731 + 31.998 = $581 Mil.
Non Operating Income was -13.685 + 47.077 + -130.457 + -20.56 = $-118 Mil.
Cash Flow from Operations was 213.415 + 231.62 + 171.876 + -180.965 = $436 Mil.
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Total Receivables was $1,092 Mil.
Revenue was 3364.197 + 3541.517 + 3350.058 + 4120.041 = $14,376 Mil.
Gross Profit was 163.97 + -40.689 + -137.648 + 569.427 = $555 Mil.
Total Current Assets was $3,977 Mil.
Total Assets was $12,435 Mil.
Property, Plant and Equipment(Net PPE) was $6,764 Mil.
Depreciation, Depletion and Amortization(DDA) was $222 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $2,518 Mil.
Long-Term Debt & Capital Lease Obligation was $4,922 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) |
| = | (979.462 / 12916.15) | / | (1092.095 / 14375.813) |
| = | 0.075832 | / | 0.075968 |
| | = | 0.9982 |
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) |
| = | (555.06 / 14375.813) | / | (615.489 / 12916.15) |
| = | 0.038611 | / | 0.047653 |
| | = | 0.8103 |
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 - (3508.965 + 6791.581) / 11915.19) | / | (1 - (3977.096 + 6763.659) / 12435.354) |
| = | 0.135511 | / | 0.136273 |
| | = | 0.9944 |
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 |
| = | 12916.15 | / | 14375.813 |
| | = | 0.8985 |
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)) |
| = | (221.739 / (221.739 + 6763.659)) | / | (221.313 / (221.313 + 6791.581)) |
| = | 0.031743 | / | 0.031558 |
| | = | 1.0059 |
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) |
| = | (104.179 / 12916.15) | / | (117.448 / 14375.813) |
| = | 0.008066 | / | 0.00817 |
| | = | 0.9873 |
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) |
| = | ((5069.509 + 1792.139) / 11915.19) | / | ((4921.91 + 2518.32) / 12435.354) |
| = | 0.575874 | / | 0.598313 |
| | = | 0.9625 |
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 |
| = | (580.983 - -117.625 | - | 435.946) | / | 11915.19 |
| | = | 0.022044 |
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.
Thai Oil PCL has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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