KCG PCL Beneish M-Score Historical Data
The historical data trend for KCG 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.
KCG PCL Beneish M-Score Chart
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KCG PCL Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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KCG PCL Quarterly Data
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Dec19 |
Dec20 |
Dec21 |
Mar22 |
Sep22 |
Dec22 |
Mar23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.83 |
Competitive Comparison of KCG PCL's Beneish M-Score
For the Packaged Foods subindustry, KCG 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.
KCG PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, KCG PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KCG PCL's Beneish M-Score falls into.
KCG 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 KCG 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 * 0.6245 | + | 0.528 * 0.9552 | + | 0.404 * 0.4977 | + | 0.892 * 1.5375 | + | 0.115 * 0.598 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0123 | + | 4.679 * -0.073309 | - | 0.327 * 0.5909 |
| = | -2.83 |
* 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 (Dec22) TTM: |
Total Receivables was ฿1,243 Mil.
Revenue was 1785.465 + 2207.015 + 1680.995 + 1707.904 = ฿7,381 Mil.
Gross Profit was 545.024 + 721.165 + 501.969 + 460.921 = ฿2,229 Mil.
Total Current Assets was ฿2,711 Mil.
Total Assets was ฿5,326 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,524 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿95 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,776 Mil.
Total Current Liabilities was ฿2,317 Mil.
Long-Term Debt & Capital Lease Obligation was ฿62 Mil.
Net Income was 71.612 + 141.378 + 55.331 + 58.435 = ฿327 Mil.
Non Operating Income was -14.256 + 1.88 + 4.859 + 5.937 = ฿-2 Mil.
Cash Flow from Operations was 576.729 + 0 + 0 + 142.04 = ฿719 Mil.
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Total Receivables was ฿1,294 Mil.
Revenue was 1930.649 + 1573.167 + 1297.106 + 0 = ฿4,801 Mil.
Gross Profit was 566.147 + 420.558 + 398.169 + 0 = ฿1,385 Mil.
Total Current Assets was ฿3,332 Mil.
Total Assets was ฿5,540 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,018 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿45 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,141 Mil.
Total Current Liabilities was ฿3,906 Mil.
Long-Term Debt & Capital Lease Obligation was ฿283 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) |
| = | (1242.526 / 7381.379) | / | (1294.061 / 4800.922) |
| = | 0.168333 | / | 0.269544 |
| | = | 0.6245 |
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) |
| = | (1384.874 / 4800.922) | / | (2229.079 / 7381.379) |
| = | 0.28846 | / | 0.301987 |
| | = | 0.9552 |
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 - (2711.349 + 2523.843) / 5325.834) | / | (1 - (3332.114 + 2018.065) / 5539.601) |
| = | 0.017019 | / | 0.034194 |
| | = | 0.4977 |
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 |
| = | 7381.379 | / | 4800.922 |
| | = | 1.5375 |
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)) |
| = | (44.876 / (44.876 + 2018.065)) | / | (95.282 / (95.282 + 2523.843)) |
| = | 0.021753 | / | 0.036379 |
| | = | 0.598 |
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) |
| = | (1776.368 / 7381.379) | / | (1141.315 / 4800.922) |
| = | 0.240655 | / | 0.237728 |
| | = | 1.0123 |
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) |
| = | ((62.028 + 2317.336) / 5325.834) | / | ((282.916 + 3905.659) / 5539.601) |
| = | 0.446759 | / | 0.756115 |
| | = | 0.5909 |
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 |
| = | (326.756 - -1.58 | - | 718.769) | / | 5325.834 |
| | = | -0.073309 |
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.
KCG PCL has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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