STP&I PCL (BKK:STPI) Beneish M-Score : -2.27 (As of May. 25, 2024)

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What is STP&I 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:STPI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.22 Med: -2.24 Max: 2.25
Current: -2.27

During the past 13 years, the highest Beneish M-Score of STP&I PCL was 2.25. The lowest was -5.22. And the median was -2.24.

STP&I PCL Beneish M-Score Historical Data

The historical data trend for STP&I 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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STP&I PCL Beneish M-Score Chart

STP&I PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.16

-3.40

-3.48

-0.67

-2.58

STP&I 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															-1.64	-1.87	-2.28	-2.58	-2.27

Competitive Comparison of STP&I PCL's Beneish M-Score

For the Metal Fabrication subindustry, STP&I 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.

STP&I PCL's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, STP&I PCL's Beneish M-Score distribution charts can be found below:

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

STP&I 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 STP&I 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 * 1.4485

0.528 * 0.5139

0.404 * 1.0861

0.892 * 1.0311

0.115 * 0.9693

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8645

4.679 * -0.006332

0.327 * 0.9864

-2.27

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿2,291 Mil.
Revenue was 1106.772 + 1266.626 + 958.544 + 694.024 = ฿4,026 Mil.
Gross Profit was 152.133 + 378.981 + 32.486 + -81.218 = ฿482 Mil.
Total Current Assets was ฿3,568 Mil.
Total Assets was ฿12,476 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,113 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿177 Mil.
Selling, General, & Admin. Expense(SGA) was ฿229 Mil.
Total Current Liabilities was ฿2,175 Mil.
Long-Term Debt & Capital Lease Obligation was ฿625 Mil.
Net Income was 211.369 + 14.324 + 89.56 + -25.201 = ฿290 Mil.
Non Operating Income was 136.296 + -370.241 + 110.671 + 102.29 = ฿-21 Mil.
Cash Flow from Operations was 237.335 + 343.902 + -43.329 + -147.871 = ฿390 Mil.

Total Receivables was ฿1,534 Mil.
Revenue was 968.802 + 1091.15 + 1174.973 + 669.628 = ฿3,905 Mil.
Gross Profit was 160.703 + 89.167 + 80.787 + -90.213 = ฿240 Mil.
Total Current Assets was ฿3,724 Mil.
Total Assets was ฿12,117 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,318 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿187 Mil.
Selling, General, & Admin. Expense(SGA) was ฿257 Mil.
Total Current Liabilities was ฿1,944 Mil.
Long-Term Debt & Capital Lease Obligation was ฿814 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)
	=	(2290.878 / 4025.966)	/	(1533.806 / 3904.553)
	=	0.569026	/	0.392825
	=	1.4485

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)
	=	(240.444 / 3904.553)	/	(482.382 / 4025.966)
	=	0.06158	/	0.119818
	=	0.5139

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 - (3568.059 + 2113.207) / 12475.762)	/	(1 - (3723.827 + 2317.607) / 12117.378)
	=	0.544616	/	0.501424
	=	1.0861

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
	=	4025.966	/	3904.553
	=	1.0311

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))
	=	(187.413 / (187.413 + 2317.607))	/	(176.757 / (176.757 + 2113.207))
	=	0.074815	/	0.077188
	=	0.9693

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)
	=	(228.684 / 4025.966)	/	(256.562 / 3904.553)
	=	0.056802	/	0.065708
	=	0.8645

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)
	=	((625.412 + 2175.164) / 12475.762)	/	((813.659 + 1943.981) / 12117.378)
	=	0.224481	/	0.227577
	=	0.9864

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
	=	(290.052 - -20.984	-	390.037)	/	12475.762
	=	-0.006332

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.

STP&I PCL has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

STP&I PCL Beneish M-Score Related Terms

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STP&I PCL (BKK:STPI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » STP&I PCL (BKK:STPI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Sukhumvit 21 Road (Asoke), 32/24, 3rd Floor, Sino-Thai Tower, Kwaeng Klongtoey Nua, Khet Wattana, Bangkok, THA, 10110

Website

https://www.stpi.co.th

STP&I PCL is engaged in steel fabrication work, and the manufacture of boilers and pressure vessels. Its products include Steel structure, Piping, Module providing services to engineering, fabrication and construction sectors. The company operates in six reportable segments namely, the fabrication work for construction and industrial purpose, sale of construction machines, and servicing of machinery and maintenance, sale of electricity, rental of property, operation of community automated gas stations and production and distribution of hemp products. It has a business presence in Thailand, Spain, Japan, England, Sri Lanka and other countries, of which a majority of revenue is derived from Thailand.

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