Thai Metal Drum Manufacturing PCL (BKK:TMD) Beneish M-Score : -2.51 (As of Dec. 13, 2024)

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What is Thai Metal Drum Manufacturing 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Thai Metal Drum Manufacturing PCL's Beneish M-Score or its related term are showing as below:

BKK:TMD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.56 Max: -1.77
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Thai Metal Drum Manufacturing PCL was -1.77. The lowest was -3.04. And the median was -2.56.

Thai Metal Drum Manufacturing PCL Beneish M-Score Historical Data

The historical data trend for Thai Metal Drum Manufacturing 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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Thai Metal Drum Manufacturing PCL Beneish M-Score Chart

Thai Metal Drum Manufacturing PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.51

-2.91

-1.77

-2.82

-2.72

Thai Metal Drum Manufacturing PCL Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.98	-2.72	-2.50	-2.58	-2.51

Competitive Comparison of Thai Metal Drum Manufacturing PCL's Beneish M-Score

For the Packaging & Containers subindustry, Thai Metal Drum Manufacturing 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.

Thai Metal Drum Manufacturing PCL's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Thai Metal Drum Manufacturing PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thai Metal Drum Manufacturing PCL's Beneish M-Score falls into.

Thai Metal Drum Manufacturing 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 Thai Metal Drum Manufacturing 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 * 1.129

0.528 * 0.9082

0.404 * 0.8839

0.892 * 1.0158

0.115 * 0.9828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9985

4.679 * -0.015242

0.327 * 0.9718

-2.51

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ฿361 Mil.
Revenue was 495.495 + 466.003 + 461.826 + 440.341 = ฿1,864 Mil.
Gross Profit was 125.371 + 119.877 + 120.645 + 112.353 = ฿478 Mil.
Total Current Assets was ฿1,904 Mil.
Total Assets was ฿3,712 Mil.
Property, Plant and Equipment(Net PPE) was ฿682 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿78 Mil.
Selling, General, & Admin. Expense(SGA) was ฿131 Mil.
Total Current Liabilities was ฿164 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 Mil.
Net Income was 88.385 + 86.096 + 91.293 + 83.758 = ฿350 Mil.
Non Operating Income was 20.874 + 29.416 + 19.817 + -21.087 = ฿49 Mil.
Cash Flow from Operations was 94.441 + 94.08 + 57.574 + 110.992 = ฿357 Mil.

Total Receivables was ฿315 Mil.
Revenue was 446.704 + 425.415 + 474.462 + 488.006 = ฿1,835 Mil.
Gross Profit was 106.496 + 108.785 + 113.941 + 98.331 = ฿428 Mil.
Total Current Assets was ฿1,608 Mil.
Total Assets was ฿3,566 Mil.
Property, Plant and Equipment(Net PPE) was ฿734 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿82 Mil.
Selling, General, & Admin. Expense(SGA) was ฿129 Mil.
Total Current Liabilities was ฿162 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 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)
	=	(361.012 / 1863.665)	/	(314.769 / 1834.587)
	=	0.193711	/	0.171575
	=	1.129

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)
	=	(427.553 / 1834.587)	/	(478.246 / 1863.665)
	=	0.233051	/	0.256616
	=	0.9082

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 - (1903.686 + 682.198) / 3711.687)	/	(1 - (1608.453 + 733.827) / 3565.871)
	=	0.303313	/	0.343139
	=	0.8839

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
	=	1863.665	/	1834.587
	=	1.0158

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))
	=	(82.043 / (82.043 + 733.827))	/	(77.754 / (77.754 + 682.198))
	=	0.100559	/	0.102314
	=	0.9828

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)
	=	(131.351 / 1863.665)	/	(129.492 / 1834.587)
	=	0.07048	/	0.070584
	=	0.9985

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)
	=	((0 + 163.948) / 3711.687)	/	((0 + 162.081) / 3565.871)
	=	0.044171	/	0.045453
	=	0.9718

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
	=	(349.532 - 49.02	-	357.087)	/	3711.687
	=	-0.015242

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.

Thai Metal Drum Manufacturing PCL has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

Thai Metal Drum Manufacturing PCL Beneish M-Score Related Terms

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Thai Metal Drum Manufacturing PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Thai Metal Drum Manufacturing PCL (BKK:TMD) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

193/142 Rachadapisek Road, 35th Floor, Lake Rajada Office Complex, Klongtoey, Bangkok, THA, 10110

Website

https://www.thaimetaldrum.com

Thai Metal Drum Manufacturing PCL is a Thailand-based metal drum manufacturing company. The firm is mainly engaged in the manufacturing and distribution of nearly 200-litre steel drums, and plastic products, and providing office buildings for rent. Its products include Steel drums, tight-head drums, and open-head drums. It is also engaged in the manufacturing and distribution of Preform tubes, PET bottles, and Polypropylene (PP) corrugated sheets. The business operating segment includes the Production and Sales of Metal drums, the Production and Sales of Plastic Products, Rental and service income, and Others. The majority of revenue is generated from the Production and Sales of Metal drums and geographically from Thailand.

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