PTT Oil and Retail Business PCL (BKK:OR) Beneish M-Score : -3.59 (As of May. 02, 2024)

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What is PTT Oil and Retail Business 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 -3.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PTT Oil and Retail Business PCL's Beneish M-Score or its related term are showing as below:

BKK:OR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59 Med: -2.54 Max: -1.2
Current: -3.59

During the past 6 years, the highest Beneish M-Score of PTT Oil and Retail Business PCL was -1.20. The lowest was -3.59. And the median was -2.54.

PTT Oil and Retail Business PCL Beneish M-Score Historical Data

The historical data trend for PTT Oil and Retail Business 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.

PTT Oil and Retail Business PCL Beneish M-Score Chart

PTT Oil and Retail Business PCL Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.54

-1.20

-3.59

PTT Oil and Retail Business PCL Quarterly Data
	Dec18	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial														-1.20	-2.22	-3.39	-3.65	-3.59

Competitive Comparison of PTT Oil and Retail Business PCL's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, PTT Oil and Retail Business 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.

PTT Oil and Retail Business PCL's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PTT Oil and Retail Business PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PTT Oil and Retail Business PCL's Beneish M-Score falls into.

PTT Oil and Retail Business 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 PTT Oil and Retail Business 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 * 0.6109

0.528 * 0.9392

0.404 * 1.0071

0.892 * 0.974

0.115 * 1.0326

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1074

4.679 * -0.15114

0.327 * 0.9375

-3.59

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿40,779 Mil.
Revenue was 192541.635 + 191559.882 + 187708.257 + 197414.226 = ฿769,224 Mil.
Gross Profit was 8474.976 + 11793.893 + 10042.467 + 10243.9 = ฿40,555 Mil.
Total Current Assets was ฿127,072 Mil.
Total Assets was ฿220,236 Mil.
Property, Plant and Equipment(Net PPE) was ฿61,474 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿6,799 Mil.
Selling, General, & Admin. Expense(SGA) was ฿31,398 Mil.
Total Current Liabilities was ฿67,679 Mil.
Long-Term Debt & Capital Lease Obligation was ฿25,910 Mil.
Net Income was 192.933 + 5169.661 + 2756.465 + 2975.008 = ฿11,094 Mil.
Non Operating Income was 4080.802 + 606.607 + 331.772 + 1388.625 = ฿6,408 Mil.
Cash Flow from Operations was 13217.085 + -6460.704 + 17695.155 + 13521.052 = ฿37,973 Mil.

Total Receivables was ฿68,538 Mil.
Revenue was 206267.82 + 194795.534 + 211430.637 + 177291.009 = ฿789,785 Mil.
Gross Profit was 6706.731 + 7432.762 + 14385.836 + 10582.871 = ฿39,108 Mil.
Total Current Assets was ฿136,552 Mil.
Total Assets was ฿225,504 Mil.
Property, Plant and Equipment(Net PPE) was ฿56,733 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿6,503 Mil.
Selling, General, & Admin. Expense(SGA) was ฿29,110 Mil.
Total Current Liabilities was ฿68,660 Mil.
Long-Term Debt & Capital Lease Obligation was ฿33,556 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)
	=	(40779 / 769224)	/	(68538 / 789785)
	=	0.053013	/	0.086781
	=	0.6109

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)
	=	(39108.2 / 789785)	/	(40555.236 / 769224)
	=	0.049518	/	0.052722
	=	0.9392

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 - (127072.071 + 61474) / 220235.593)	/	(1 - (136552.475 + 56733) / 225504.391)
	=	0.143889	/	0.142875
	=	1.0071

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
	=	769224	/	789785
	=	0.974

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))
	=	(6502.603 / (6502.603 + 56733))	/	(6799.147 / (6799.147 + 61474))
	=	0.102831	/	0.099587
	=	1.0326

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)
	=	(31398.143 / 769224)	/	(29109.721 / 789785)
	=	0.040818	/	0.036858
	=	1.1074

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)
	=	((25910.431 + 67678.593) / 220235.593)	/	((33556.423 + 68660.053) / 225504.391)
	=	0.42495	/	0.453279
	=	0.9375

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
	=	(11094.067 - 6407.806	-	37972.588)	/	220235.593
	=	-0.15114

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.

PTT Oil and Retail Business PCL has a M-score of -3.59 suggests that the company is unlikely to be a manipulator.

PTT Oil and Retail Business PCL Beneish M-Score Related Terms

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PTT Oil and Retail Business PCL (BKK:OR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PTT Oil and Retail Business PCL (BKK:OR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OR-F:Thailand 7F8:Germany

Address

Vibhavadi Rangsit Road, 555/2 Energy Complex, Building B, 12th Floor, Khwaeng Chatuchak, Bangkok, THA, 10900

Website

https://www.pttplc.com

PTT Oil and Retail Business PCL operate in the oil and gas refining and marketing sector. The company is engaged in the distribution of petroleum products and retailing of non-oil products and services in both domestic and international markets. Its segments include Mobility Business; Lifestyle Business and Global Business. The firm invests in companies that are engaged in the management of retail fuel service stations, convenience stores, and space management in retail fuel service stations.