JSP Pharmaceutical Manufacturing (Thailand) PCL (BKK:JSP-F) Beneish M-Score : -2.42 (As of May. 17, 2024)

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What is JSP Pharmaceutical Manufacturing (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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:JSP-F' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42 Med: -1.43 Max: -0.44
Current: -2.42

During the past 5 years, the highest Beneish M-Score of JSP Pharmaceutical Manufacturing (Thailand) PCL was -0.44. The lowest was -2.42. And the median was -1.43.

JSP Pharmaceutical Manufacturing (Thailand) PCL Beneish M-Score Historical Data

The historical data trend for JSP Pharmaceutical Manufacturing (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.

JSP Pharmaceutical Manufacturing (Thailand) PCL Beneish M-Score Chart

JSP Pharmaceutical Manufacturing (Thailand) PCL Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-0.44

-2.42

JSP Pharmaceutical Manufacturing (Thailand) PCL Quarterly Data
	Dec19	Jun20	Dec20	Mar21	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-0.44	-2.31	-2.00	-1.26	-2.42

Competitive Comparison of JSP Pharmaceutical Manufacturing (Thailand) PCL's Beneish M-Score

For the Packaged Foods subindustry, JSP Pharmaceutical Manufacturing (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.

JSP Pharmaceutical Manufacturing (Thailand) PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, JSP Pharmaceutical Manufacturing (Thailand) PCL's Beneish M-Score distribution charts can be found below:

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

JSP Pharmaceutical Manufacturing (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 JSP Pharmaceutical Manufacturing (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 * 0.8904

0.528 * 1.177

0.404 * 1.3224

0.892 * 1.2823

0.115 * 0.7486

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8286

4.679 * -0.045029

0.327 * 1.3127

-2.42

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿122.63 Mil.
Revenue was 158.502 + 171.771 + 120.626 + 119.95 = ฿570.85 Mil.
Gross Profit was 45.693 + 42.029 + 19.094 + 34.401 = ฿141.22 Mil.
Total Current Assets was ฿245.61 Mil.
Total Assets was ฿1,335.68 Mil.
Property, Plant and Equipment(Net PPE) was ฿859.66 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿46.71 Mil.
Selling, General, & Admin. Expense(SGA) was ฿149.48 Mil.
Total Current Liabilities was ฿194.80 Mil.
Long-Term Debt & Capital Lease Obligation was ฿181.94 Mil.
Net Income was 6.695 + 34.745 + -13.326 + 1.859 = ฿29.97 Mil.
Non Operating Income was -0.072 + 49.84 + -0.065 + 0.068 = ฿49.77 Mil.
Cash Flow from Operations was 14.166 + 9.584 + -5.48 + 22.076 = ฿40.35 Mil.

Total Receivables was ฿107.40 Mil.
Revenue was 155.501 + 107.68 + 98.579 + 83.403 = ฿445.16 Mil.
Gross Profit was 56.766 + 33.554 + 16.003 + 23.297 = ฿129.62 Mil.
Total Current Assets was ฿518.03 Mil.
Total Assets was ฿1,366.51 Mil.
Property, Plant and Equipment(Net PPE) was ฿670.23 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿26.90 Mil.
Selling, General, & Admin. Expense(SGA) was ฿140.68 Mil.
Total Current Liabilities was ฿142.00 Mil.
Long-Term Debt & Capital Lease Obligation was ฿151.61 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)
	=	(122.631 / 570.849)	/	(107.401 / 445.163)
	=	0.214822	/	0.241262
	=	0.8904

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)
	=	(129.62 / 445.163)	/	(141.217 / 570.849)
	=	0.291174	/	0.247381
	=	1.177

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 - (245.612 + 859.658) / 1335.675)	/	(1 - (518.025 + 670.23) / 1366.512)
	=	0.172501	/	0.130447
	=	1.3224

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
	=	570.849	/	445.163
	=	1.2823

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))
	=	(26.896 / (26.896 + 670.23))	/	(46.714 / (46.714 + 859.658))
	=	0.038581	/	0.05154
	=	0.7486

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)
	=	(149.478 / 570.849)	/	(140.678 / 445.163)
	=	0.261852	/	0.316015
	=	0.8286

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)
	=	((181.935 + 194.798) / 1335.675)	/	((151.61 + 142.002) / 1366.512)
	=	0.282054	/	0.214862
	=	1.3127

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
	=	(29.973 - 49.771	-	40.346)	/	1335.675
	=	-0.045029

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.

JSP Pharmaceutical Manufacturing (Thailand) PCL has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.

JSP Pharmaceutical Manufacturing (Thailand) PCL Beneish M-Score Related Terms

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JSP Pharmaceutical Manufacturing (Thailand) PCL (BKK:JSP-F) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » JSP Pharmaceutical Manufacturing (Thailand) PCL (BKK:JSP-F) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 255 and 257, Soi Sathupradit, 58, Bang Pongphang, Yannawa, Bangkok, THA, 10120

Website

https://www.jsppharma.com

JSP Pharmaceutical Manufacturing (Thailand) PCL is engaged in producing drugs, dietary supplements, cosmetics, herbs, and dietary supplements in the form of vitamins including healthy coffee Ready. Its segments include Manufacturing and distribution of products under the customer's Brand name and Own Brand name. The majority of the revenue comes from the manufacturing and distribution of products under the customer's brand name. The Group is managed and operates principally in Thailand.

JSP Pharmaceutical Manufacturing (Thailand) PCL (BKK:JSP-F) Headlines

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