Malee Group PCL (BKK:MALEE) Beneish M-Score : -2.66 (As of Apr. 09, 2025)

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What is Malee Group 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:MALEE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.69 Max: -2.03
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Malee Group PCL was -2.03. The lowest was -2.84. And the median was -2.69.

Malee Group PCL Beneish M-Score Historical Data

The historical data trend for Malee Group 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.

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Malee Group PCL Beneish M-Score Chart

Malee Group PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.74

-2.44

-2.73

-2.71

-2.66

Malee Group PCL Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.57	-2.78	-2.76	-2.66

Competitive Comparison of Malee Group PCL's Beneish M-Score

For the Packaged Foods subindustry, Malee Group 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.

Malee Group PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Malee Group PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Malee Group PCL's Beneish M-Score falls into.

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Malee Group 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 Malee Group 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 * 0.9526

0.528 * 0.846

0.404 * 0.7856

0.892 * 1.0743

0.115 * 0.9025

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9791

4.679 * -0.013616

0.327 * 0.876

-2.66

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ฿1,256 Mil.
Revenue was 2003.855 + 2076.131 + 2180.263 + 2195.429 = ฿8,456 Mil.
Gross Profit was 370.193 + 399.827 + 448.089 + 428.271 = ฿1,646 Mil.
Total Current Assets was ฿2,464 Mil.
Total Assets was ฿5,408 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,579 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿281 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,198 Mil.
Total Current Liabilities was ฿1,801 Mil.
Long-Term Debt & Capital Lease Obligation was ฿845 Mil.
Net Income was 24.029 + 60.588 + 101.392 + 122.143 = ฿308 Mil.
Non Operating Income was -0.766 + 8.236 + -0.766 + -3.568 = ฿3 Mil.
Cash Flow from Operations was 139.428 + -109.911 + 274.004 + 75.13 = ฿379 Mil.

Total Receivables was ฿1,228 Mil.
Revenue was 2170.615 + 1960.96 + 1826.371 + 1912.756 = ฿7,871 Mil.
Gross Profit was 408.042 + 289.096 + 267.932 + 331.44 = ฿1,297 Mil.
Total Current Assets was ฿2,346 Mil.
Total Assets was ฿5,537 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,716 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿264 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,139 Mil.
Total Current Liabilities was ฿2,176 Mil.
Long-Term Debt & Capital Lease Obligation was ฿916 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)
	=	(1256.225 / 8455.678)	/	(1227.504 / 7870.702)
	=	0.148566	/	0.155959
	=	0.9526

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)
	=	(1296.51 / 7870.702)	/	(1646.38 / 8455.678)
	=	0.164726	/	0.194707
	=	0.846

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 - (2464.273 + 2578.789) / 5407.825)	/	(1 - (2345.96 + 2715.592) / 5536.922)
	=	0.067451	/	0.085855
	=	0.7856

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
	=	8455.678	/	7870.702
	=	1.0743

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))
	=	(264.213 / (264.213 + 2715.592))	/	(280.958 / (280.958 + 2578.789))
	=	0.088668	/	0.098246
	=	0.9025

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)
	=	(1197.761 / 8455.678)	/	(1138.747 / 7870.702)
	=	0.141652	/	0.144682
	=	0.9791

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)
	=	((845.213 + 1800.874) / 5407.825)	/	((916.308 + 2176.307) / 5536.922)
	=	0.489307	/	0.558544
	=	0.876

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
	=	(308.152 - 3.136	-	378.651)	/	5407.825
	=	-0.013616

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.

Malee Group PCL has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Malee Group PCL Beneish M-Score Related Terms

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Malee Group PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Malee Group PCL (BKK:MALEE) » Definitions » Beneish M-Score

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MALEE-R:Thailand

Address

401/1 , Moo 8 Phahonyothin Road, Kookod Subdistrict, Lumlookka District, Pathum Thani, THA, 12130

Website

https://www.maleegroup.com

Malee Group PCL is engaged in the production and distribution of canned agriculture products such as fruit juices, and non-alcohol beverages for local and export, as well as operations in agriculture and dairy farm. It offers Fruit juices, Vegetable mixed fruit juices, Pasteurized juices, Canned fruits, Pasteurized milk, Corn milk, and other similar products. The company's reportable segments are; Agriculture products, Other beverages, Agriculture and dairy farm and Office buildings for rent. Majority of the revenue is generated from its Agriculture products segment which manufactures and distributes fruit juices, canned fruit, coffee, tea and dairy products. A substantial portion of its overall revenue is generated from Thailand and rest from overseas markets.

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