Alla PCL Beneish M-Score Historical Data
The historical data trend for Alla 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.
Alla PCL Beneish M-Score Chart
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Alla 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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-1.93 |
-3.38 |
-2.28 |
-2.11 |
-2.46 |
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Alla 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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-2.36 |
-2.46 |
-2.76 |
-2.46 |
-2.56 |
Competitive Comparison of Alla PCL's Beneish M-Score
For the Industrial Distribution subindustry, Alla 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.
Alla PCL's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Alla PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alla PCL's Beneish M-Score falls into.
Alla 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 Alla 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 * 0.9453 | + | 0.528 * 0.7811 | + | 0.404 * 0.9518 | + | 0.892 * 1.0409 | + | 0.115 * 0.9233 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0278 | + | 4.679 * 0.005592 | - | 0.327 * 0.839 |
| = | -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 ฿203.5 Mil.
Revenue was 133.099 + 293.545 + 173.72 + 197.996 = ฿798.4 Mil.
Gross Profit was 51.866 + 89.362 + 60.33 + 61.047 = ฿262.6 Mil.
Total Current Assets was ฿879.1 Mil.
Total Assets was ฿1,225.4 Mil.
Property, Plant and Equipment(Net PPE) was ฿279.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿17.6 Mil.
Selling, General, & Admin. Expense(SGA) was ฿131.6 Mil.
Total Current Liabilities was ฿215.1 Mil.
Long-Term Debt & Capital Lease Obligation was ฿5.8 Mil.
Net Income was 18.147 + 42.654 + 25.333 + 24.508 = ฿110.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0.0 Mil.
Cash Flow from Operations was 25.322 + 21.579 + 49.049 + 7.839 = ฿103.8 Mil.
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Total Receivables was ฿206.8 Mil.
Revenue was 177.986 + 248.61 + 143.745 + 196.664 = ฿767.0 Mil.
Gross Profit was 50.693 + 59.231 + 44.405 + 42.736 = ฿197.1 Mil.
Total Current Assets was ฿846.8 Mil.
Total Assets was ฿1,190.1 Mil.
Property, Plant and Equipment(Net PPE) was ฿275.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿15.9 Mil.
Selling, General, & Admin. Expense(SGA) was ฿123.0 Mil.
Total Current Liabilities was ฿255.7 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0.0 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) |
| = | (203.478 / 798.36) | / | (206.791 / 767.005) |
| = | 0.25487 | / | 0.269608 |
| | = | 0.9453 |
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) |
| = | (197.065 / 767.005) | / | (262.605 / 798.36) |
| = | 0.256928 | / | 0.328931 |
| | = | 0.7811 |
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 - (879.141 + 279.388) / 1225.429) | / | (1 - (846.824 + 274.987) / 1190.07) |
| = | 0.054593 | / | 0.057357 |
| | = | 0.9518 |
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 |
| = | 798.36 | / | 767.005 |
| | = | 1.0409 |
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)) |
| = | (15.902 / (15.902 + 274.987)) | / | (17.583 / (17.583 + 279.388)) |
| = | 0.054667 | / | 0.059208 |
| | = | 0.9233 |
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) |
| = | (131.563 / 798.36) | / | (122.98 / 767.005) |
| = | 0.164792 | / | 0.160338 |
| | = | 1.0278 |
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) |
| = | ((5.824 + 215.087) / 1225.429) | / | ((0 + 255.7) / 1190.07) |
| = | 0.180272 | / | 0.214861 |
| | = | 0.839 |
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 |
| = | (110.642 - 0 | - | 103.789) | / | 1225.429 |
| | = | 0.005592 |
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.
Alla PCL has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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