Super Energy Public Co (BKK:SUPER) Beneish M-Score : -2.60 (As of May. 12, 2024)

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What is Super Energy Public Co 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Super Energy Public Co's Beneish M-Score or its related term are showing as below:

BKK:SUPER' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.49 Max: 17.33
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Super Energy Public Co was 17.33. The lowest was -3.34. And the median was -2.49.

Super Energy Public Co Beneish M-Score Historical Data

The historical data trend for Super Energy Public Co'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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Super Energy Public Co Beneish M-Score Chart

Super Energy Public Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.61

-3.34

-2.55

-2.56

-2.60

Super Energy Public Co Quarterly Data
	Mar19	Jun19	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															-2.56	-2.50	-2.46	-2.30	-2.60

Competitive Comparison of Super Energy Public Co's Beneish M-Score

For the Utilities - Renewable subindustry, Super Energy Public Co'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.

Super Energy Public Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Super Energy Public Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Super Energy Public Co's Beneish M-Score falls into.

Super Energy Public Co 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 Super Energy Public Co 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 * 1.1941

0.528 * 1.0079

0.404 * 1.0709

0.892 * 1.0485

0.115 * 0.9248

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0971

4.679 * -0.075127

0.327 * 0.9822

-2.60

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿3,676 Mil.
Revenue was 2420.132 + 2311.531 + 2413.297 + 2669.746 = ฿9,815 Mil.
Gross Profit was 1151.427 + 1056.582 + 1190.06 + 1465.227 = ฿4,863 Mil.
Total Current Assets was ฿5,180 Mil.
Total Assets was ฿81,705 Mil.
Property, Plant and Equipment(Net PPE) was ฿58,653 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,532 Mil.
Selling, General, & Admin. Expense(SGA) was ฿952 Mil.
Total Current Liabilities was ฿26,091 Mil.
Long-Term Debt & Capital Lease Obligation was ฿32,225 Mil.
Net Income was -144.442 + -445.992 + 47.671 + 510.593 = ฿-32 Mil.
Non Operating Income was -261.304 + -606.958 + 100.07 + 129.304 = ฿-639 Mil.
Cash Flow from Operations was 2146.416 + 1513.667 + 1863.469 + 1221.361 = ฿6,745 Mil.

Total Receivables was ฿2,936 Mil.
Revenue was 2399.655 + 2191.465 + 2313.448 + 2456.546 = ฿9,361 Mil.
Gross Profit was 1225.987 + 954.396 + 1166.598 + 1328.175 = ฿4,675 Mil.
Total Current Assets was ฿5,622 Mil.
Total Assets was ฿83,851 Mil.
Property, Plant and Equipment(Net PPE) was ฿61,101 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,387 Mil.
Selling, General, & Admin. Expense(SGA) was ฿828 Mil.
Total Current Liabilities was ฿26,731 Mil.
Long-Term Debt & Capital Lease Obligation was ฿34,202 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)
	=	(3676.298 / 9814.706)	/	(2936.499 / 9361.114)
	=	0.37457	/	0.313691
	=	1.1941

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)
	=	(4675.156 / 9361.114)	/	(4863.296 / 9814.706)
	=	0.499423	/	0.495511
	=	1.0079

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 - (5179.723 + 58653.02) / 81704.561)	/	(1 - (5622.494 + 61101.371) / 83851.453)
	=	0.218737	/	0.204261
	=	1.0709

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
	=	9814.706	/	9361.114
	=	1.0485

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))
	=	(3387.01 / (3387.01 + 61101.371))	/	(3531.585 / (3531.585 + 58653.02))
	=	0.052521	/	0.056792
	=	0.9248

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)
	=	(951.939 / 9814.706)	/	(827.608 / 9361.114)
	=	0.096991	/	0.088409
	=	1.0971

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)
	=	((32224.754 + 26090.7) / 81704.561)	/	((34201.557 + 26730.611) / 83851.453)
	=	0.713736	/	0.726668
	=	0.9822

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
	=	(-32.17 - -638.888	-	6744.913)	/	81704.561
	=	-0.075127

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.

Super Energy Public Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Super Energy Public Co Beneish M-Score Related Terms

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Super Energy Public Co (BKK:SUPER) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Super Energy Corp Public Co Ltd (BKK:SUPER) » Definitions » Beneish M-Score

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Address

Sanpawut Road, 223/61 Country Complex Tower A, 14th Floor, Bangna Tai, Bangkok, THA, 10260

Website

https://www.supercorp.co.th

Super Energy Corp Public Co Ltd is an electric utility company serving customers in its home nation of Thailand. Super Energy's three principal businesses are the production and distribution of electricity from alternative energy sources, the Production and sale of untreated water and tap water, and information technology. The company operates and manages a portfolio of solar and biomass power plants. Most of its revenue comes from the sale and distribution of electricity from its solar power facilities. The IT services business also constitutes a significant revenue stream. The company offers engineering, procurement, construction, operation, maintenance, and monitoring services primarily to other solar power plants.

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