Symphony Communication PCL (BKK:SYMC-R) Beneish M-Score : -3.26 (As of May. 21, 2024)

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What is Symphony Communication 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 -3.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:SYMC-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.89 Max: -1.36
Current: -3.26

During the past 13 years, the highest Beneish M-Score of Symphony Communication PCL was -1.36. The lowest was -3.49. And the median was -2.89.

Symphony Communication PCL Beneish M-Score Historical Data

The historical data trend for Symphony Communication 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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Symphony Communication PCL Beneish M-Score Chart

Symphony Communication PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.07

-2.53

-2.85

-2.95

-3.29

Symphony Communication 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															-3.00	-3.26	-3.26	-3.29	-3.26

Competitive Comparison of Symphony Communication PCL's Beneish M-Score

For the Telecom Services subindustry, Symphony Communication 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.

Symphony Communication PCL's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Symphony Communication PCL's Beneish M-Score distribution charts can be found below:

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

Symphony Communication 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 Symphony Communication 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 * 0.8026

0.528 * 1.046

0.404 * 0.4727

0.892 * 1.1307

0.115 * 0.9657

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9449

4.679 * -0.123184

0.327 * 0.8744

-3.26

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿318 Mil.
Revenue was 506.864 + 505.661 + 486.295 + 482.25 = ฿1,981 Mil.
Gross Profit was 179.631 + 178.136 + 158.913 + 167.871 = ฿685 Mil.
Total Current Assets was ฿805 Mil.
Total Assets was ฿4,404 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,494 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿456 Mil.
Selling, General, & Admin. Expense(SGA) was ฿406 Mil.
Total Current Liabilities was ฿909 Mil.
Long-Term Debt & Capital Lease Obligation was ฿434 Mil.
Net Income was 64.237 + 38.207 + 52.221 + 127.254 = ฿282 Mil.
Non Operating Income was 0 + 0 + 0 + 63.7 = ฿64 Mil.
Cash Flow from Operations was 247.161 + 131.86 + 231.371 + 150.366 = ฿761 Mil.

Total Receivables was ฿351 Mil.
Revenue was 466.401 + 433.287 + 432.762 + 419.565 = ฿1,752 Mil.
Gross Profit was 162.642 + 161.837 + 155.336 + 153.413 = ฿633 Mil.
Total Current Assets was ฿634 Mil.
Total Assets was ฿4,320 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,467 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿435 Mil.
Selling, General, & Admin. Expense(SGA) was ฿380 Mil.
Total Current Liabilities was ฿859 Mil.
Long-Term Debt & Capital Lease Obligation was ฿647 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)
	=	(318.363 / 1981.07)	/	(350.781 / 1752.015)
	=	0.160703	/	0.200216
	=	0.8026

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)
	=	(633.228 / 1752.015)	/	(684.551 / 1981.07)
	=	0.361428	/	0.345546
	=	1.046

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 - (804.847 + 3493.811) / 4404.311)	/	(1 - (633.651 + 3467.309) / 4320.202)
	=	0.023989	/	0.050748
	=	0.4727

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
	=	1981.07	/	1752.015
	=	1.1307

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))
	=	(435.316 / (435.316 + 3467.309))	/	(456.268 / (456.268 + 3493.811))
	=	0.111544	/	0.115509
	=	0.9657

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)
	=	(406.079 / 1981.07)	/	(380.055 / 1752.015)
	=	0.20498	/	0.216925
	=	0.9449

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)
	=	((434.16 + 909.027) / 4404.311)	/	((647.276 + 859.431) / 4320.202)
	=	0.304971	/	0.348758
	=	0.8744

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
	=	(281.919 - 63.7	-	760.758)	/	4404.311
	=	-0.123184

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.

Symphony Communication PCL has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.

Symphony Communication PCL Beneish M-Score Related Terms

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Symphony Communication PCL (BKK:SYMC-R) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Symphony Communication PCL (BKK:SYMC-R) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SYMC:Thailand

Address

Vibhavadee Rangsit Road, 123 Suntowers Building B, 35th-36th Floor, Chomphon, Chatuchak, Bangkok, THA, 10900

Website

https://www.symphony.net.th

Symphony Communication PCL is engaged in the provision of communication high-speed circuit services. The company has been granted licenses from the National Broadcasting and Telecommunications Commission (NBTC) to provide telecommunication services. It includes Telecom Operation License Type 1, Telecom Operation License Type 2, and Telecom Operation License Type 3. The company's products and service lines include connectivity service, network equipment, installation of network equipment, and maintenance service of network equipment of which key revenue is derived from the connectivity service.

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