Bangkok Sheet Metal PCL (BKK:BM) Beneish M-Score : -2.49 (As of May. 23, 2024)

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What is Bangkok Sheet Metal 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.44 Max: -0.14
Current: -2.49

During the past 9 years, the highest Beneish M-Score of Bangkok Sheet Metal PCL was -0.14. The lowest was -3.18. And the median was -2.44.

Bangkok Sheet Metal PCL Beneish M-Score Historical Data

The historical data trend for Bangkok Sheet Metal 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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Bangkok Sheet Metal PCL Beneish M-Score Chart

Bangkok Sheet Metal PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

-2.92

-2.09

-2.58

-2.33

Bangkok Sheet Metal PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	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															-2.42	-2.37	-2.24	-2.33	-2.49

Competitive Comparison of Bangkok Sheet Metal PCL's Beneish M-Score

For the Metal Fabrication subindustry, Bangkok Sheet Metal 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.

Bangkok Sheet Metal PCL's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Bangkok Sheet Metal PCL's Beneish M-Score distribution charts can be found below:

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

Bangkok Sheet Metal 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 Bangkok Sheet Metal 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 * 1.1393

0.528 * 0.9684

0.404 * 0.788

0.892 * 1.1374

0.115 * 1.0363

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2118

4.679 * -0.029043

0.327 * 0.9817

-2.49

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿298 Mil.
Revenue was 367.717 + 455.503 + 357.273 + 296.254 = ฿1,477 Mil.
Gross Profit was 62.317 + 59.734 + 78.863 + 38.119 = ฿239 Mil.
Total Current Assets was ฿565 Mil.
Total Assets was ฿1,589 Mil.
Property, Plant and Equipment(Net PPE) was ฿959 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿56 Mil.
Selling, General, & Admin. Expense(SGA) was ฿189 Mil.
Total Current Liabilities was ฿413 Mil.
Long-Term Debt & Capital Lease Obligation was ฿199 Mil.
Net Income was 9.22 + 11.918 + 22.725 + -8.057 = ฿36 Mil.
Non Operating Income was -4.122 + -3.548 + -4.065 + -3.63 = ฿-15 Mil.
Cash Flow from Operations was 51.014 + 4.379 + 66.394 + -24.457 = ฿97 Mil.

Total Receivables was ฿230 Mil.
Revenue was 310.246 + 313.599 + 337.49 + 337.073 = ฿1,298 Mil.
Gross Profit was 55.712 + 34.982 + 52.323 + 60.509 = ฿204 Mil.
Total Current Assets was ฿549 Mil.
Total Assets was ฿1,512 Mil.
Property, Plant and Equipment(Net PPE) was ฿884 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿54 Mil.
Selling, General, & Admin. Expense(SGA) was ฿137 Mil.
Total Current Liabilities was ฿438 Mil.
Long-Term Debt & Capital Lease Obligation was ฿155 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)
	=	(298.115 / 1476.747)	/	(230.065 / 1298.408)
	=	0.201873	/	0.17719
	=	1.1393

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)
	=	(203.526 / 1298.408)	/	(239.033 / 1476.747)
	=	0.15675	/	0.161865
	=	0.9684

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 - (564.51 + 959.305) / 1589.322)	/	(1 - (548.871 + 884.383) / 1512.358)
	=	0.041217	/	0.052305
	=	0.788

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
	=	1476.747	/	1298.408
	=	1.1374

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))
	=	(53.77 / (53.77 + 884.383))	/	(56.16 / (56.16 + 959.305))
	=	0.057315	/	0.055305
	=	1.0363

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)
	=	(188.527 / 1476.747)	/	(136.788 / 1298.408)
	=	0.127664	/	0.105351
	=	1.2118

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)
	=	((199.175 + 412.533) / 1589.322)	/	((154.958 + 437.985) / 1512.358)
	=	0.384886	/	0.392065
	=	0.9817

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
	=	(35.806 - -15.365	-	97.33)	/	1589.322
	=	-0.029043

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.

Bangkok Sheet Metal PCL has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.

Bangkok Sheet Metal PCL Beneish M-Score Related Terms

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Bangkok Sheet Metal PCL (BKK:BM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Bangkok Sheet Metal PCL (BKK:BM) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

149 Moo 6, Suksawad Road, Tambol Bangjak, Amphur Phrapradang, Samutprakarn, Bangjak, THA, 10130

Website

http://www.bmplc.co.th

Bangkok Sheet Metal PCL is a Thailand-based company engaged in manufacturing and distributing processed metal products. The company's main products are classified into the categories of Metal trunking and white conduits, Communication racks, cabinets and enclosures, Electrical switchboards and lighting fixtures, Fabrication and metalworking, Mold and die making machine tools and equipment, Sheet metal parts, press parts, machine parts and assembly parts. Its products are mainly used in office buildings, condominiums, superstores, factories, and Bangkok mass transit stations. The firm solely operates in Thailand.

Bangkok Sheet Metal PCL (BKK:BM) Headlines

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