TWZ PCL Beneish M-Score Historical Data
The historical data trend for TWZ 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.
TWZ PCL Beneish M-Score Chart
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TWZ PCL Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.08 |
-2.17 |
-2.12 |
-2.34 |
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TWZ PCL Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-2.20 |
-2.33 |
-2.29 |
-2.34 |
Competitive Comparison of TWZ PCL's Beneish M-Score
For the Specialty Retail subindustry, TWZ 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.
TWZ PCL's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, TWZ PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TWZ PCL's Beneish M-Score falls into.
TWZ 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 TWZ 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 * 0.9988 | + | 0.528 * 0.993 | + | 0.404 * 0.9703 | + | 0.892 * 1.0489 | + | 0.115 * 0.9124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9986 | + | 4.679 * 0.027695 | - | 0.327 * 1.0226 |
| = | -2.34 |
* 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 ฿2,034 Mil.
Revenue was 928.657 + 883.128 + 865.243 + 897.765 = ฿3,575 Mil.
Gross Profit was 73.956 + 71.797 + 76.472 + 82.996 = ฿305 Mil.
Total Current Assets was ฿5,144 Mil.
Total Assets was ฿6,191 Mil.
Property, Plant and Equipment(Net PPE) was ฿181 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿36 Mil.
Selling, General, & Admin. Expense(SGA) was ฿195 Mil.
Total Current Liabilities was ฿1,839 Mil.
Long-Term Debt & Capital Lease Obligation was ฿108 Mil.
Net Income was 3.479 + 8.321 + 4.475 + 12.274 = ฿29 Mil.
Non Operating Income was -4.927 + 10.147 + 2.068 + 8.112 = ฿15 Mil.
Cash Flow from Operations was -2.493 + -1.212 + -2.149 + -152.467 = ฿-158 Mil.
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Total Receivables was ฿1,941 Mil.
Revenue was 875.52 + 886.405 + 837.134 + 808.967 = ฿3,408 Mil.
Gross Profit was 75.302 + 71.295 + 69.496 + 72.856 = ฿289 Mil.
Total Current Assets was ฿5,007 Mil.
Total Assets was ฿6,098 Mil.
Property, Plant and Equipment(Net PPE) was ฿211 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿37 Mil.
Selling, General, & Admin. Expense(SGA) was ฿186 Mil.
Total Current Liabilities was ฿1,553 Mil.
Long-Term Debt & Capital Lease Obligation was ฿323 Mil.
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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) |
| = | (2033.758 / 3574.793) | / | (1941.308 / 3408.026) |
| = | 0.568916 | / | 0.569628 |
| | = | 0.9988 |
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) |
| = | (288.949 / 3408.026) | / | (305.221 / 3574.793) |
| = | 0.084785 | / | 0.085381 |
| | = | 0.993 |
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 - (5144.255 + 180.56) / 6191.289) | / | (1 - (5007.204 + 211.188) / 6097.922) |
| = | 0.139951 | / | 0.144234 |
| | = | 0.9703 |
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 |
| = | 3574.793 | / | 3408.026 |
| | = | 1.0489 |
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)) |
| = | (37.386 / (37.386 + 211.188)) | / | (35.641 / (35.641 + 180.56)) |
| = | 0.150402 | / | 0.164851 |
| | = | 0.9124 |
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) |
| = | (194.839 / 3574.793) | / | (186.012 / 3408.026) |
| = | 0.054504 | / | 0.054581 |
| | = | 0.9986 |
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) |
| = | ((108.086 + 1839.498) / 6191.289) | / | ((322.519 + 1553.327) / 6097.922) |
| = | 0.314568 | / | 0.307621 |
| | = | 1.0226 |
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 |
| = | (28.549 - 15.4 | - | -158.321) | / | 6191.289 |
| | = | 0.027695 |
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.
TWZ PCL has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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