Top Shelf International Holdings (ASX:TSI) Beneish M-Score : -4.34 (As of Apr. 29, 2024)

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What is Top Shelf International Holdings 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 -4.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Top Shelf International Holdings's Beneish M-Score or its related term are showing as below:

ASX:TSI' s Beneish M-Score Range Over the Past 10 Years
Min: -4.34 Med: -3.04 Max: -1.73
Current: -4.34

During the past 4 years, the highest Beneish M-Score of Top Shelf International Holdings was -1.73. The lowest was -4.34. And the median was -3.04.

Top Shelf International Holdings Beneish M-Score Historical Data

The historical data trend for Top Shelf International Holdings'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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Top Shelf International Holdings Beneish M-Score Chart

Top Shelf International Holdings Annual Data

Trend

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

-1.73

-4.34

Top Shelf International Holdings Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial			-	-1.73	-	-4.34	-

Competitive Comparison of Top Shelf International Holdings's Beneish M-Score

For the Beverages - Brewers subindustry, Top Shelf International Holdings'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.

Top Shelf International Holdings's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Top Shelf International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Top Shelf International Holdings's Beneish M-Score falls into.

Top Shelf International Holdings 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 Top Shelf International Holdings 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 * 0.561

0.528 * 1.0969

0.404 * 0.9008

0.892 * 1.0895

0.115 * 1.6096

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0145

4.679 * -0.302054

0.327 * 1.6215

-4.34

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was A$3.96 Mil.
Revenue was A$27.55 Mil.
Gross Profit was A$6.08 Mil.
Total Current Assets was A$20.53 Mil.
Total Assets was A$79.45 Mil.
Property, Plant and Equipment(Net PPE) was A$38.05 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.96 Mil.
Selling, General, & Admin. Expense(SGA) was A$26.42 Mil.
Total Current Liabilities was A$48.16 Mil.
Long-Term Debt & Capital Lease Obligation was A$6.55 Mil.
Net Income was A$-48.29 Mil.
Gross Profit was A$-1.46 Mil.
Cash Flow from Operations was A$-22.84 Mil.

Total Receivables was A$6.48 Mil.
Revenue was A$25.28 Mil.
Gross Profit was A$6.12 Mil.
Total Current Assets was A$39.79 Mil.
Total Assets was A$105.81 Mil.
Property, Plant and Equipment(Net PPE) was A$35.17 Mil.
Depreciation, Depletion and Amortization(DDA) was A$1.45 Mil.
Selling, General, & Admin. Expense(SGA) was A$23.90 Mil.
Total Current Liabilities was A$14.95 Mil.
Long-Term Debt & Capital Lease Obligation was A$29.99 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)
	=	(3.958 / 27.547)	/	(6.475 / 25.283)
	=	0.143682	/	0.256101
	=	0.561

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)
	=	(6.121 / 25.283)	/	(6.08 / 27.547)
	=	0.242099	/	0.220714
	=	1.0969

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 - (20.531 + 38.049) / 79.446)	/	(1 - (39.791 + 35.166) / 105.805)
	=	0.262644	/	0.291555
	=	0.9008

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
	=	27.547	/	25.283
	=	1.0895

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))
	=	(1.452 / (1.452 + 35.166))	/	(0.961 / (0.961 + 38.049))
	=	0.039653	/	0.024635
	=	1.6096

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)
	=	(26.42 / 27.547)	/	(23.902 / 25.283)
	=	0.959088	/	0.945378
	=	1.0145

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)
	=	((6.55 + 48.161) / 79.446)	/	((29.986 + 14.95) / 105.805)
	=	0.688656	/	0.424706
	=	1.6215

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
	=	(-48.291 - -1.458	-	-22.836)	/	79.446
	=	-0.302054

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.

Top Shelf International Holdings has a M-score of -4.34 suggests that the company is unlikely to be a manipulator.

Top Shelf International Holdings Beneish M-Score Related Terms

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Top Shelf International Holdings (ASX:TSI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Top Shelf International Holdings Ltd (ASX:TSI) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

16-18 National Boulevard, Campbellfield, VIC, AUS, 3061

Website

https://www.topshelfgroup.com.au

Top Shelf International Holdings Ltd is a beverages manufacturer and distributor in Australia. The company's beverage manufacturing capability includes spirit distillation, maturation, mixing, carbonation along with canning and glass and PET bottling lines for supply into domestic and international markets of non-alcoholic and alcoholic beverages.