Attock Petroleum (KAR:APL) Beneish M-Score : -2.42 (As of Jun. 03, 2024)

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What is Attock Petroleum 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Attock Petroleum's Beneish M-Score or its related term are showing as below:

KAR:APL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.84 Med: -2.22 Max: -1.28
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Attock Petroleum was -1.28. The lowest was -4.84. And the median was -2.22.

Attock Petroleum Beneish M-Score Historical Data

The historical data trend for Attock Petroleum'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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Attock Petroleum Beneish M-Score Chart

Attock Petroleum Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.22

-2.32

-3.18

-1.32

-3.09

Attock Petroleum 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															-2.29	-3.09	-1.98	-2.50	-2.42

Competitive Comparison of Attock Petroleum's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Attock Petroleum'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.

Attock Petroleum's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Attock Petroleum's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Attock Petroleum's Beneish M-Score falls into.

Attock Petroleum 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 Attock Petroleum 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 * 0.6087

0.528 * 1.7683

0.404 * 1.3211

0.892 * 1.0811

0.115 * 1.0994

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9136

4.679 * -0.049835

0.327 * 0.9296

-2.42

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₨12,638 Mil.
Revenue was 123768.126 + 135470.801 + 136439.392 + 123103.302 = ₨518,782 Mil.
Gross Profit was 4592.537 + 3102.085 + 10273.907 + 6293.598 = ₨24,262 Mil.
Total Current Assets was ₨83,999 Mil.
Total Assets was ₨107,984 Mil.
Property, Plant and Equipment(Net PPE) was ₨21,619 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨2,329 Mil.
Selling, General, & Admin. Expense(SGA) was ₨209 Mil.
Total Current Liabilities was ₨45,897 Mil.
Long-Term Debt & Capital Lease Obligation was ₨7,493 Mil.
Net Income was 2980.605 + 2540.078 + 5259.565 + 2624.545 = ₨13,405 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -4665.608 + 3251.7 + -3407.801 + 23607.915 = ₨18,786 Mil.

Total Receivables was ₨19,203 Mil.
Revenue was 113057.143 + 113846.444 + 123931.44 + 129038.67 = ₨479,874 Mil.
Gross Profit was 7832.049 + 1954.197 + 9990.824 + 19909.641 = ₨39,687 Mil.
Total Current Assets was ₨73,595 Mil.
Total Assets was ₨93,574 Mil.
Property, Plant and Equipment(Net PPE) was ₨18,428 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨2,206 Mil.
Selling, General, & Admin. Expense(SGA) was ₨211 Mil.
Total Current Liabilities was ₨42,389 Mil.
Long-Term Debt & Capital Lease Obligation was ₨7,383 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)
	=	(12637.587 / 518781.621)	/	(19203.214 / 479873.697)
	=	0.02436	/	0.040017
	=	0.6087

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)
	=	(39686.711 / 479873.697)	/	(24262.127 / 518781.621)
	=	0.082702	/	0.046768
	=	1.7683

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 - (83999.147 + 21618.977) / 107983.803)	/	(1 - (73594.565 + 18427.861) / 93574.139)
	=	0.021908	/	0.016583
	=	1.3211

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
	=	518781.621	/	479873.697
	=	1.0811

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))
	=	(2205.98 / (2205.98 + 18427.861))	/	(2328.748 / (2328.748 + 21618.977))
	=	0.106911	/	0.097243
	=	1.0994

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)
	=	(208.518 / 518781.621)	/	(211.289 / 479873.697)
	=	0.000402	/	0.00044
	=	0.9136

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)
	=	((7492.861 + 45896.975) / 107983.803)	/	((7383.073 + 42388.603) / 93574.139)
	=	0.494424	/	0.531896
	=	0.9296

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
	=	(13404.793 - 0	-	18786.206)	/	107983.803
	=	-0.049835

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.

Attock Petroleum has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.

Attock Petroleum Beneish M-Score Related Terms

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Attock Petroleum (KAR:APL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Attock Petroleum Ltd (KAR:APL) » Definitions » Beneish M-Score

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Address

Attock House, 2nd, 7th and 8th Floor, Morgah, Rawalpindi, PB, PAK

Website

https://www.apl.com.pk

Attock Petroleum Ltd is a Pakistan-based company engaged in the procurement, storage, and marketing of petroleum and related products including High-Speed Diesel, Premier Motor Gasoline, Furnace Oil, Bitumen, Kerosene, and Lubricants. Its products include diesel engine grades, gasoline engine grades, industrial grades, and gear oils. The company markets and supplies fuels to retail outlets, industries, armed forces, power producers, government/semi-government entities, the developmental sector, and agricultural customers. The company generates the majority of its revenue from the sale of Premier Motor Gasoline product.

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