Thai Textile Industry PCL (BKK:TTI-R) Beneish M-Score : -5.48 (As of May. 26, 2024)

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What is Thai Textile 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 -5.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TTI-R' s Beneish M-Score Range Over the Past 10 Years
Min: -11.06 Med: -2.77 Max: 0.34
Current: -5.48

During the past 13 years, the highest Beneish M-Score of Thai Textile Industry PCL was 0.34. The lowest was -11.06. And the median was -2.77.

Thai Textile Industry PCL Beneish M-Score Historical Data

The historical data trend for Thai Textile 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.

Thai Textile Industry PCL Beneish M-Score Chart

Thai Textile Industry PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.74

-1.73

-2.87

-2.17

-6.05

Thai Textile Industry PCL 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															-2.36	-1.78	-11.06	-6.05	-5.48

Competitive Comparison of Thai Textile Industry PCL's Beneish M-Score

For the Textile Manufacturing subindustry, Thai Textile 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.

Thai Textile Industry PCL's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Thai Textile Industry PCL's Beneish M-Score distribution charts can be found below:

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

Thai Textile 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 Thai Textile Industry PCL 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 * 1.0651

0.528 * -3.4984

0.404 * 1.0001

0.892 * 0.7307

0.115 * 1.022

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1516

4.679 * -0.098386

0.327 * 0.8803

-5.48

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿212 Mil.
Revenue was 483.485 + 513.944 + 519.902 + 505.514 = ฿2,023 Mil.
Gross Profit was -2.784 + 5.646 + -26.491 + -8.687 = ฿-32 Mil.
Total Current Assets was ฿1,426 Mil.
Total Assets was ฿3,524 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,020 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿156 Mil.
Selling, General, & Admin. Expense(SGA) was ฿106 Mil.
Total Current Liabilities was ฿756 Mil.
Long-Term Debt & Capital Lease Obligation was ฿14 Mil.
Net Income was -13.804 + -15.112 + -46.697 + -31.703 = ฿-107 Mil.
Non Operating Income was 16.196 + 8.348 + 12.186 + 11.983 = ฿49 Mil.
Cash Flow from Operations was 103.604 + -20.446 + 70.411 + 37.08 = ฿191 Mil.

Total Receivables was ฿272 Mil.
Revenue was 591.85 + 719.539 + 808.856 + 648.299 = ฿2,769 Mil.
Gross Profit was -11.101 + 30.022 + 76.009 + 59.803 = ฿155 Mil.
Total Current Assets was ฿1,639 Mil.
Total Assets was ฿3,769 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,046 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿162 Mil.
Selling, General, & Admin. Expense(SGA) was ฿126 Mil.
Total Current Liabilities was ฿913 Mil.
Long-Term Debt & Capital Lease Obligation was ฿24 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)
	=	(211.588 / 2022.845)	/	(271.882 / 2768.544)
	=	0.104599	/	0.098204
	=	1.0651

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)
	=	(154.733 / 2768.544)	/	(-32.316 / 2022.845)
	=	0.05589	/	-0.015976
	=	-3.4984

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 - (1425.645 + 2020.042) / 3523.645)	/	(1 - (1639.287 + 2046.393) / 3769.054)
	=	0.022124	/	0.022121
	=	1.0001

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
	=	2022.845	/	2768.544
	=	0.7307

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))
	=	(162.243 / (162.243 + 2046.393))	/	(156.447 / (156.447 + 2020.042))
	=	0.073458	/	0.07188
	=	1.022

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)
	=	(106.343 / 2022.845)	/	(126.39 / 2768.544)
	=	0.052571	/	0.045652
	=	1.1516

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)
	=	((14.27 + 756.324) / 3523.645)	/	((23.565 + 912.734) / 3769.054)
	=	0.218692	/	0.248418
	=	0.8803

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
	=	(-107.316 - 48.713	-	190.649)	/	3523.645
	=	-0.098386

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 Textile Industry PCL has a M-score of -5.48 suggests that the company is unlikely to be a manipulator.

Thai Textile Industry PCL Beneish M-Score Related Terms

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Thai Textile Industry PCL (BKK:TTI-R) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Thai Textile Industry PCL (BKK:TTI-R) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TTI:Thailand

Address

Soi Bang Make Khao, Sukhumvit Road, 385 Moo 1, Soi Bang Make Khao, Taiban, Samutprakarn, Samutprakarn, THA, 10280

Website

http://www.tti.co.th

Thai Textile Industry PCL is engaged in the business of manufacturing, spinning service render, distributing yarns, apparel, and fabrics. The business operates in one segment that is Manufacturing and Distributing Yarns, Apparel, and Fabrics. The company caters only to the Thailand market. The product line of the company consists of blended yarns, dyed yarns, yarn dyed fabrics, piece dyed fabrics, shirt garments, cotton yarns, cotton spandex, rayon, polyester, and linen.

Thai Textile Industry PCL (BKK:TTI-R) Headlines

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