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Thantawan Industry PCL (BKK:THIP) Beneish M-Score : -2.52 (As of Oct. 31, 2024)


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What is Thantawan Industry 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:THIP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.55   Max: -0.87
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Thantawan Industry PCL was -0.87. The lowest was -3.27. And the median was -2.55.


Thantawan Industry PCL Beneish M-Score Historical Data

The historical data trend for Thantawan Industry 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.

Thantawan Industry PCL Beneish M-Score Chart

Thantawan Industry 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 -2.72 -2.83 -1.10 -2.51 -3.06

Thantawan Industry PCL Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
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 -2.95 -3.27 -3.06 -2.74 -2.52

Competitive Comparison of Thantawan Industry PCL's Beneish M-Score

For the Packaging & Containers subindustry, Thantawan Industry 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.


Thantawan Industry PCL's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Thantawan Industry PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thantawan Industry PCL's Beneish M-Score falls into.



Thantawan Industry 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 Thantawan Industry 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 * 1.4649+0.528 * 0.8591+0.404 * 0.199+0.892 * 1.0442+0.115 * 0.9274
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.041+4.679 * -0.002517-0.327 * 1.2526
=-2.52

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was ฿546 Mil.
Revenue was 954.101 + 925.543 + 916.19 + 882.002 = ฿3,678 Mil.
Gross Profit was 201.566 + 198.151 + 198.846 + 186.472 = ฿785 Mil.
Total Current Assets was ฿2,423 Mil.
Total Assets was ฿3,372 Mil.
Property, Plant and Equipment(Net PPE) was ฿789 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿147 Mil.
Selling, General, & Admin. Expense(SGA) was ฿445 Mil.
Total Current Liabilities was ฿624 Mil.
Long-Term Debt & Capital Lease Obligation was ฿12 Mil.
Net Income was 89.503 + 92.259 + 57.497 + 100.005 = ฿339 Mil.
Non Operating Income was 14.611 + 29.203 + -13.199 + 21.251 = ฿52 Mil.
Cash Flow from Operations was -19.584 + 54.725 + 115.978 + 144.766 = ฿296 Mil.
Total Receivables was ฿357 Mil.
Revenue was 698.049 + 914.69 + 810.319 + 1099.013 = ฿3,522 Mil.
Gross Profit was 119.89 + 177.735 + 150.834 + 197.378 = ฿646 Mil.
Total Current Assets was ฿1,413 Mil.
Total Assets was ฿2,990 Mil.
Property, Plant and Equipment(Net PPE) was ฿864 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿147 Mil.
Selling, General, & Admin. Expense(SGA) was ฿410 Mil.
Total Current Liabilities was ฿427 Mil.
Long-Term Debt & Capital Lease Obligation was ฿23 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)
=(545.715 / 3677.836) / (356.755 / 3522.071)
=0.148379 / 0.101291
=1.4649

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)
=(645.837 / 3522.071) / (785.035 / 3677.836)
=0.183369 / 0.21345
=0.8591

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 - (2422.827 + 789.187) / 3372.152) / (1 - (1412.691 + 863.837) / 2989.853)
=0.047488 / 0.238582
=0.199

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
=3677.836 / 3522.071
=1.0442

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))
=(147.041 / (147.041 + 863.837)) / (146.814 / (146.814 + 789.187))
=0.145459 / 0.156852
=0.9274

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)
=(445.355 / 3677.836) / (409.692 / 3522.071)
=0.121092 / 0.116321
=1.041

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)
=((11.572 + 623.767) / 3372.152) / ((23.066 + 426.656) / 2989.853)
=0.188408 / 0.150416
=1.2526

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
=(339.264 - 51.866 - 295.885) / 3372.152
=-0.002517

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.

Thantawan Industry PCL has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


Thantawan Industry PCL Beneish M-Score Related Terms

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Thantawan Industry PCL Business Description

Traded in Other Exchanges
N/A
Address
Soi Kangwal 2, Phetkasem Road, 143-144, Moo 8, Omyai, Sampran, Nakornpathom, THA, 73160
Thantawan Industry PCL is a Thailand-based company that engages in the manufacturing and selling of plastic products, such as general plastic bags, thin bags, and drinking straws. The company's product portfolio includes reclosable bags, drinking straws, general bags and gloves, active breathable packaging, biodegradable products, zipper-attached packaging, and sundry products. It has a presence in Europe, Thailand, Australia and New Zealand, Asia, America, and other countries. Geographically the company generates the majority of its revenue from Europe.

Thantawan Industry PCL Headlines

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