Delta Electronics (Thailand) PCL (BKK:DELTA) Beneish M-Score : -2.04 (As of Apr. 29, 2024)

View and export this data going back to 1995. Start your Free Trial

What is Delta Electronics (Thailand) 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Delta Electronics (Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:DELTA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.39 Max: -1.71
Current: -2.04

During the past 13 years, the highest Beneish M-Score of Delta Electronics (Thailand) PCL was -1.71. The lowest was -2.77. And the median was -2.39.

Delta Electronics (Thailand) PCL Beneish M-Score Historical Data

The historical data trend for Delta Electronics (Thailand) 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.

Delta Electronics (Thailand) PCL Beneish M-Score Chart

Delta Electronics (Thailand) PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.77

-2.54

-1.71

-2.26

-2.04

Delta Electronics (Thailand) 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															-2.26	-2.38	-2.10	-2.08	-2.04

Competitive Comparison of Delta Electronics (Thailand) PCL's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Delta Electronics (Thailand) 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.

Delta Electronics (Thailand) PCL's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Delta Electronics (Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Delta Electronics (Thailand) PCL's Beneish M-Score falls into.

Delta Electronics (Thailand) 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 Delta Electronics (Thailand) 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 * 0.959

0.528 * 1.03

0.404 * 1.1233

0.892 * 1.2346

0.115 * 0.9138

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9686

4.679 * 0.038818

0.327 * 0.9301

-2.04

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿33,840 Mil.
Revenue was 37759.04 + 40477.724 + 35840.446 + 32294.138 = ฿146,371 Mil.
Gross Profit was 9264.098 + 9144.93 + 8368.759 + 6713.013 = ฿33,491 Mil.
Total Current Assets was ฿75,566 Mil.
Total Assets was ฿108,145 Mil.
Property, Plant and Equipment(Net PPE) was ฿30,206 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿4,608 Mil.
Selling, General, & Admin. Expense(SGA) was ฿11,606 Mil.
Total Current Liabilities was ฿36,176 Mil.
Long-Term Debt & Capital Lease Obligation was ฿969 Mil.
Net Income was 4711.393 + 5428.661 + 4668.029 + 3614.457 = ฿18,423 Mil.
Non Operating Income was -93.349 + 379.59 + 470.317 + 155.361 = ฿912 Mil.
Cash Flow from Operations was 1473.587 + 5631.402 + 328.3 + 5879.403 = ฿13,313 Mil.

Total Receivables was ฿28,583 Mil.
Revenue was 34606.142 + 31324.457 + 28004.015 + 24623.353 = ฿118,558 Mil.
Gross Profit was 8489.331 + 7297.752 + 7016.47 + 5136.858 = ฿27,940 Mil.
Total Current Assets was ฿66,025 Mil.
Total Assets was ฿90,984 Mil.
Property, Plant and Equipment(Net PPE) was ฿23,182 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿3,190 Mil.
Selling, General, & Admin. Expense(SGA) was ฿9,705 Mil.
Total Current Liabilities was ฿32,670 Mil.
Long-Term Debt & Capital Lease Obligation was ฿930 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)
	=	(33840 / 146371.348)	/	(28583 / 118557.967)
	=	0.231193	/	0.241089
	=	0.959

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)
	=	(27940.411 / 118557.967)	/	(33490.8 / 146371.348)
	=	0.235669	/	0.228807
	=	1.03

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 - (75565.948 + 30206) / 108144.991)	/	(1 - (66025.109 + 23182) / 90984.477)
	=	0.021943	/	0.019535
	=	1.1233

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
	=	146371.348	/	118557.967
	=	1.2346

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))
	=	(3189.537 / (3189.537 + 23182))	/	(4607.616 / (4607.616 + 30206))
	=	0.120946	/	0.132351
	=	0.9138

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)
	=	(11606.259 / 146371.348)	/	(9705.489 / 118557.967)
	=	0.079293	/	0.081863
	=	0.9686

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)
	=	((969.436 + 36175.544) / 108144.991)	/	((930.414 + 32669.557) / 90984.477)
	=	0.343474	/	0.369293
	=	0.9301

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
	=	(18422.54 - 911.919	-	13312.692)	/	108144.991
	=	0.038818

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.

Delta Electronics (Thailand) PCL has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.

Delta Electronics (Thailand) PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Delta Electronics (Thailand) PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Delta Electronics (Thailand) PCL (BKK:DELTA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Delta Electronics (Thailand) PCL (BKK:DELTA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

NVAW:Germany

Address

909 Soi 9, 714 Moo 4, Tambon Prakasa, Amphur Muangsamutprakarn, Bangpoo Industrial Estate (E.P.Z), Samut Prakarn, THA, 10280

Website

https://www.deltathailand.com

Delta Electronics (Thailand) PCL manufactures and distributes power supplies, electronic equipment, and components. Its product portfolio is organized into three main segments: power electronics, which includes energy supply for computers and other tools, electric vehicle power supply, and heat control; infrastructure, which includes telecom power supplies, backpack power supplies, and renewable energy sources; and automation, which includes industrial robotic machines, automated lighting, and programmed security systems. The majority of its revenue comes from customers in the United States.

Delta Electronics (Thailand) PCL (BKK:DELTA) Headlines

No Headlines