Thai Cane Paper Public Company Limited (BKK:TCP) Beneish M-Score : 0.00 (As of Jun. 05, 2024)

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What is Thai Cane Paper Public Company Limited 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.

The historical rank and industry rank for Thai Cane Paper Public Company Limited's Beneish M-Score or its related term are showing as below:

During the past 10 years, the highest Beneish M-Score of Thai Cane Paper Public Company Limited was 0.00. The lowest was 0.00. And the median was 0.00.

Thai Cane Paper Public Company Limited Beneish M-Score Historical Data

The historical data trend for Thai Cane Paper Public Company Limited'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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Thai Cane Paper Public Company Limited Beneish M-Score Chart

Thai Cane Paper Public Company Limited Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.56

-2.92

Thai Cane Paper Public Company Limited Quarterly Data
	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13
Beneish M-Score	Get a 7-Day Free Trial											-2.79	-2.92	-2.96	-2.89	-2.82

Competitive Comparison of Thai Cane Paper Public Company Limited's Beneish M-Score

For the Paper & Paper Products subindustry, Thai Cane Paper Public Company Limited'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.

Thai Cane Paper Public Company Limited's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Thai Cane Paper Public Company Limited's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thai Cane Paper Public Company Limited's Beneish M-Score falls into.

Thai Cane Paper Public Company Limited 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 Thai Cane Paper Public Company Limited 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 * 1.0279

0.528 * 0.8207

0.404 * 0.7867

0.892 * 1.022

0.115 * 0.9027

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.012

4.679 * -0.043956

0.327 * 0.9422

-2.82

This Year (Sep13) TTM:

Last Year (Sep12) TTM:

Total Receivables was ฿842 Mil.
Revenue was 1403.838 + 1343.545 + 1475.189 + 1365.114 = ฿5,588 Mil.
Gross Profit was 267.943 + 226.883 + 312.827 + 208.209 = ฿1,016 Mil.
Total Current Assets was ฿2,230 Mil.
Total Assets was ฿6,614 Mil.
Property, Plant and Equipment(Net PPE) was ฿4,198 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿360 Mil.
Selling, General, & Admin. Expense(SGA) was ฿261 Mil.
Total Current Liabilities was ฿728 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 Mil.
Net Income was 163.149 + 130.928 + 200.928 + 117.919 = ฿613 Mil.
Non Operating Income was 4.924 + -3.07 + 4.309 + -27.722 = ฿-22 Mil.
Cash Flow from Operations was 294.414 + 244.652 + 233.664 + 152.475 = ฿925 Mil.

Total Receivables was ฿802 Mil.
Revenue was 1430.69 + 1437.95 + 1342.925 + 1255.799 = ฿5,467 Mil.
Gross Profit was 271.283 + 239.165 + 177.127 + 128.236 = ฿816 Mil.
Total Current Assets was ฿2,027 Mil.
Total Assets was ฿6,524 Mil.
Property, Plant and Equipment(Net PPE) was ฿4,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿327 Mil.
Selling, General, & Admin. Expense(SGA) was ฿252 Mil.
Total Current Liabilities was ฿763 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 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)
	=	(842.032 / 5587.686)	/	(801.515 / 5467.364)
	=	0.150694	/	0.1466
	=	1.0279

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)
	=	(815.811 / 5467.364)	/	(1015.862 / 5587.686)
	=	0.149215	/	0.181804
	=	0.8207

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 - (2229.64 + 4198.028) / 6614)	/	(1 - (2027.179 + 4263.394) / 6524.212)
	=	0.028172	/	0.035811
	=	0.7867

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
	=	5587.686	/	5467.364
	=	1.022

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))
	=	(327.15 / (327.15 + 4263.394))	/	(359.816 / (359.816 + 4198.028))
	=	0.071266	/	0.078944
	=	0.9027

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)
	=	(260.759 / 5587.686)	/	(252.113 / 5467.364)
	=	0.046667	/	0.046112
	=	1.012

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)
	=	((0 + 728.438) / 6614)	/	((0 + 762.605) / 6524.212)
	=	0.110136	/	0.116888
	=	0.9422

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
	=	(612.924 - -21.559	-	925.205)	/	6614
	=	-0.043956

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.

Thai Cane Paper Public Company Limited has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Thai Cane Paper Public Company Limited Beneish M-Score Related Terms

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Thai Cane Paper Public Company Limited (BKK:TCP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Thai Cane Paper Public Company Limited (BKK:TCP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Website

http://www.thaicane.com

Thai Cane Paper Public Company Limited manufactures and sells kraft paper used in the manufacture of packaging, such as corrugated box, paper cement bags, envelopes and core paper in Thailand. The Company's products are categorized into two groups i.e. kraft liner board which is used in making packaging surfaces and kraft paper which is used for making corrugated medium. The Company offers numerous grade of products to meet the diverse market demand.