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Thai President Foods PCL (BKK:TFMAMA) Beneish M-Score : -2.32 (As of May. 12, 2024)


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What is Thai President Foods 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Thai President Foods PCL's Beneish M-Score or its related term are showing as below:

BKK:TFMAMA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.59   Max: -2.32
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Thai President Foods PCL was -2.32. The lowest was -2.83. And the median was -2.59.


Thai President Foods PCL Beneish M-Score Historical Data

The historical data trend for Thai President Foods 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.

Thai President Foods PCL Beneish M-Score Chart

Thai President Foods PCL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.81 -2.83 -2.50 -2.41 -2.32

Thai President Foods PCL 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.41 -2.42 -2.45 -2.39 -2.32

Competitive Comparison of Thai President Foods PCL's Beneish M-Score

For the Packaged Foods subindustry, Thai President Foods 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.


Thai President Foods PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Thai President Foods PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thai President Foods PCL's Beneish M-Score falls into.



Thai President Foods 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 Thai President Foods 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 * 1.473+0.528 * 0.887+0.404 * 0.8626+0.892 * 1.0446+0.115 * 0.9852
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9668+4.679 * -0.043552-0.327 * 0.9875
=-2.32

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was ฿6,038 Mil.
Revenue was 7260.508 + 6897.05 + 6706.301 + 6800.12 = ฿27,664 Mil.
Gross Profit was 2448.346 + 2291.415 + 2141.098 + 2075.931 = ฿8,957 Mil.
Total Current Assets was ฿23,252 Mil.
Total Assets was ฿45,765 Mil.
Property, Plant and Equipment(Net PPE) was ฿8,367 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,177 Mil.
Selling, General, & Admin. Expense(SGA) was ฿4,006 Mil.
Total Current Liabilities was ฿3,605 Mil.
Long-Term Debt & Capital Lease Obligation was ฿56 Mil.
Net Income was 1053.2 + 980.435 + 940.302 + 803.605 = ฿3,778 Mil.
Non Operating Income was 83.33 + 108.138 + 166.87 + 22.198 = ฿381 Mil.
Cash Flow from Operations was 1712.31 + 1300.07 + 1340.148 + 1037.641 = ฿5,390 Mil.
Total Receivables was ฿3,924 Mil.
Revenue was 6881.223 + 6905.628 + 6538.527 + 6156.357 = ฿26,482 Mil.
Gross Profit was 2080.599 + 1973.961 + 1774.59 + 1776.343 = ฿7,605 Mil.
Total Current Assets was ฿19,071 Mil.
Total Assets was ฿42,880 Mil.
Property, Plant and Equipment(Net PPE) was ฿8,444 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,168 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,967 Mil.
Total Current Liabilities was ฿3,410 Mil.
Long-Term Debt & Capital Lease Obligation was ฿64 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)
=(6037.931 / 27663.979) / (3923.815 / 26481.735)
=0.21826 / 0.148171
=1.473

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)
=(7605.493 / 26481.735) / (8956.79 / 27663.979)
=0.287198 / 0.323771
=0.887

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 - (23251.79 + 8366.787) / 45764.911) / (1 - (19070.59 + 8443.84) / 42880.339)
=0.309109 / 0.358344
=0.8626

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
=27663.979 / 26481.735
=1.0446

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))
=(1167.628 / (1167.628 + 8443.84)) / (1176.814 / (1176.814 + 8366.787))
=0.121483 / 0.123309
=0.9852

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)
=(4006.344 / 27663.979) / (3966.686 / 26481.735)
=0.144822 / 0.14979
=0.9668

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)
=((55.933 + 3605.276) / 45764.911) / ((64.098 + 3409.831) / 42880.339)
=0.08 / 0.081014
=0.9875

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
=(3777.542 - 380.536 - 5390.169) / 45764.911
=-0.043552

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 President Foods PCL has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.


Thai President Foods PCL Beneish M-Score Related Terms

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Thai President Foods PCL (BKK:TFMAMA) Business Description

Traded in Other Exchanges
N/A
Address
No. 304, Srinakarin Road, TF Group Building, Huamark Sub-district, Bangkapi District, Bangkok, THA, 10240
Thai President Foods PCL is a Thailand-based manufacturer and distributor of instant noodles, semi-instant foods, and biscuit products. Some of its brands include Mama, Ruski, Bissin, Thai Chef, and Bamee. It operates in six segments: Instant noodles and semi-instant foods, Biscuits, Bakery, Packaging, Fruit Juice, and Others, of which a majority of the revenue is derived from the Instant noodles segment. Geographically, it generates most of its revenue from the domestic market.

Thai President Foods PCL (BKK:TFMAMA) Headlines

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