Tipco Foods (Thailand) (BKK:TIPCO-R) Beneish M-Score : -3.04 (As of Jul. 04, 2025)

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What is Tipco Foods (Thailand) 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TIPCO-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.65 Max: -1.23
Current: -3.04

During the past 13 years, the highest Beneish M-Score of Tipco Foods (Thailand) was -1.23. The lowest was -3.35. And the median was -2.65.

Tipco Foods (Thailand) Beneish M-Score Historical Data

The historical data trend for Tipco Foods (Thailand)'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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Tipco Foods (Thailand) Beneish M-Score Chart

Tipco Foods (Thailand) Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.14

-2.89

-2.38

-2.80

-3.11

Tipco Foods (Thailand) Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.59	-2.75	-2.65	-3.11	-3.04

Competitive Comparison of Tipco Foods (Thailand)'s Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Tipco Foods (Thailand)'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.

Tipco Foods (Thailand)'s Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Tipco Foods (Thailand)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tipco Foods (Thailand)'s Beneish M-Score falls into.

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Tipco Foods (Thailand) 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 Tipco Foods (Thailand) 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 * 0.7664

0.528 * 0.9278

0.404 * 1.0164

0.892 * 1.0202

0.115 * 1.0421

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9442

4.679 * -0.068208

0.327 * 1.0688

-3.04

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ฿304 Mil.
Revenue was 517.432 + 494.995 + 456.793 + 651.33 = ฿2,121 Mil.
Gross Profit was 188.828 + 137.042 + 105.906 + 131.316 = ฿563 Mil.
Total Current Assets was ฿917 Mil.
Total Assets was ฿5,960 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,126 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿191 Mil.
Selling, General, & Admin. Expense(SGA) was ฿719 Mil.
Total Current Liabilities was ฿1,938 Mil.
Long-Term Debt & Capital Lease Obligation was ฿146 Mil.
Net Income was 110.805 + 38.38 + -29.07 + -34.266 = ฿86 Mil.
Non Operating Income was 103.559 + 160.343 + 193.341 + 49.281 = ฿507 Mil.
Cash Flow from Operations was 99.579 + 23.946 + -128.826 + -8.852 = ฿-14 Mil.

Total Receivables was ฿389 Mil.
Revenue was 466.067 + 518.17 + 472.602 + 621.814 = ฿2,079 Mil.
Gross Profit was 134.285 + 149.823 + 129.55 + 98.469 = ฿512 Mil.
Total Current Assets was ฿1,040 Mil.
Total Assets was ฿6,362 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,208 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿216 Mil.
Selling, General, & Admin. Expense(SGA) was ฿747 Mil.
Total Current Liabilities was ฿1,393 Mil.
Long-Term Debt & Capital Lease Obligation was ฿688 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)
	=	(304.405 / 2120.55)	/	(389.349 / 2078.653)
	=	0.14355	/	0.187308
	=	0.7664

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)
	=	(512.127 / 2078.653)	/	(563.092 / 2120.55)
	=	0.246374	/	0.265541
	=	0.9278

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 - (916.997 + 1126.031) / 5959.993)	/	(1 - (1040.23 + 1208.282) / 6362.253)
	=	0.65721	/	0.646586
	=	1.0164

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
	=	2120.55	/	2078.653
	=	1.0202

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))
	=	(215.624 / (215.624 + 1208.282))	/	(191.439 / (191.439 + 1126.031))
	=	0.151431	/	0.145308
	=	1.0421

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)
	=	(719.497 / 2120.55)	/	(746.962 / 2078.653)
	=	0.339297	/	0.359349
	=	0.9442

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)
	=	((145.74 + 1937.693) / 5959.993)	/	((687.62 + 1393.354) / 6362.253)
	=	0.34957	/	0.327081
	=	1.0688

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
	=	(85.849 - 506.524	-	-14.153)	/	5959.993
	=	-0.068208

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.

Tipco Foods (Thailand) has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

Tipco Foods (Thailand) Beneish M-Score Related Terms

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Tipco Foods (Thailand) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Tipco Foods (Thailand) PLC (BKK:TIPCO-R) » Definitions » Beneish M-Score

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TIPCO:Thailand

Address

118/1 Rama 6 Road, Tipco Tower, 28-28th Floor, Phayathai Subdistrict, Phayathai District, Bangkok, THA, 10400

Website

https://www.tipco.net

Tipco Foods (Thailand) PLC is principally engaged in manufacturing and distributing mineral water. The company's operating segments are; Products of vegetables and fruits, Beverages, and Others. It earns a majority of its revenue from the Beverages segment, which manufactures and distributes natural mineral water ready to drink under the AURA brand and other beverages such as fruit essence, pro fiber drinks, and juices under the Tipco brand. Geographically, the company derives its key revenue from the domestic market and also exports its products to other regions.

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