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Grand Prix International PCL (BKK:GPI) Beneish M-Score : -3.03 (As of Jun. 03, 2024)


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What is Grand Prix International 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:GPI' s Beneish M-Score Range Over the Past 10 Years
Min: -6.26   Med: -2.11   Max: 4
Current: -3.03

During the past 10 years, the highest Beneish M-Score of Grand Prix International PCL was 4.00. The lowest was -6.26. And the median was -2.11.


Grand Prix International PCL Beneish M-Score Historical Data

The historical data trend for Grand Prix International 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.

* Premium members only.

Grand Prix International PCL Beneish M-Score Chart

Grand Prix International PCL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.36 -0.62 -1.98 -2.77 -2.71

Grand Prix International 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.83 -2.09 -2.11 -2.71 -3.03

Competitive Comparison of Grand Prix International PCL's Beneish M-Score

For the Advertising Agencies subindustry, Grand Prix International 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.


Grand Prix International PCL's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Grand Prix International PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Grand Prix International PCL's Beneish M-Score falls into.



Grand Prix International 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 Grand Prix International 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 * 0.9794+0.528 * 1.0464+0.404 * 1.1011+0.892 * 0.9306+0.115 * 0.817
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2046+4.679 * -0.096992-0.327 * 1.0646
=-3.03

* 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 ฿135.0 Mil.
Revenue was 385.815 + 43.808 + 19.531 + 124.938 = ฿574.1 Mil.
Gross Profit was 219.918 + -2.575 + -7.806 + 47.972 = ฿257.5 Mil.
Total Current Assets was ฿585.3 Mil.
Total Assets was ฿1,244.1 Mil.
Property, Plant and Equipment(Net PPE) was ฿248.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿22.3 Mil.
Selling, General, & Admin. Expense(SGA) was ฿195.0 Mil.
Total Current Liabilities was ฿347.0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3.0 Mil.
Net Income was 132.542 + -36.977 + -42.661 + 0.024 = ฿52.9 Mil.
Non Operating Income was 3.824 + 4.106 + -7.413 + -5.501 = ฿-5.0 Mil.
Cash Flow from Operations was 293.933 + 17.527 + -32.689 + -100.196 = ฿178.6 Mil.
Total Receivables was ฿148.1 Mil.
Revenue was 439.403 + 23.803 + 30.548 + 123.157 = ฿616.9 Mil.
Gross Profit was 251.232 + -11.636 + -7.638 + 57.609 = ฿289.6 Mil.
Total Current Assets was ฿593.8 Mil.
Total Assets was ฿1,194.3 Mil.
Property, Plant and Equipment(Net PPE) was ฿242.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿17.5 Mil.
Selling, General, & Admin. Expense(SGA) was ฿173.9 Mil.
Total Current Liabilities was ฿312.8 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2.8 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)
=(135.014 / 574.092) / (148.136 / 616.911)
=0.235178 / 0.240125
=0.9794

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)
=(289.567 / 616.911) / (257.509 / 574.092)
=0.469382 / 0.44855
=1.0464

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 - (585.316 + 247.951) / 1244.051) / (1 - (593.846 + 242.285) / 1194.255)
=0.330199 / 0.299872
=1.1011

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
=574.092 / 616.911
=0.9306

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))
=(17.506 / (17.506 + 242.285)) / (22.29 / (22.29 + 247.951))
=0.067385 / 0.082482
=0.817

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)
=(194.992 / 574.092) / (173.941 / 616.911)
=0.339653 / 0.281955
=1.2046

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)
=((2.952 + 347.027) / 1244.051) / ((2.81 + 312.787) / 1194.255)
=0.281322 / 0.264263
=1.0646

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
=(52.928 - -4.984 - 178.575) / 1244.051
=-0.096992

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.

Grand Prix International PCL has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.


Grand Prix International PCL Beneish M-Score Related Terms

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Grand Prix International PCL (BKK:GPI) Business Description

Traded in Other Exchanges
N/A
Address
Ladplaklao Road, No. 4/299, Moo 5, Soi Ladplaklao 66, Kwang Anusaovaree, Khet Bangkhen, Bangkok, THA, 10220
Grand Prix International PCL is a Thailand-based company engaged in Providing space for motor shows, exhibitions, and automotive-related products and marketing promotion services, Advertising media in printing, television, and website, Production and distribution of books, Printing services, and Others. The business operation of the company is divided into segments namely Activities, Media & Publishing, Provide Printing Services, and Other segment. The company derives a majority of its revenue from the Activities segment.