Thai Rung Union Car PCL (BKK:TRU) Beneish M-Score : -3.10 (As of Apr. 01, 2025)

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What is Thai Rung Union Car 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 -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Thai Rung Union Car PCL's Beneish M-Score or its related term are showing as below:

BKK:TRU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.75 Max: -2.31
Current: -3.1

During the past 13 years, the highest Beneish M-Score of Thai Rung Union Car PCL was -2.31. The lowest was -3.10. And the median was -2.75.

Thai Rung Union Car PCL Beneish M-Score Historical Data

The historical data trend for Thai Rung Union Car 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 Rung Union Car PCL Beneish M-Score Chart

Thai Rung Union Car PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.74

-2.93

-2.45

-2.39

-3.10

Thai Rung Union Car 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															-2.39	-2.06	-	-2.70	-3.10

Competitive Comparison of Thai Rung Union Car PCL's Beneish M-Score

For the Auto Parts subindustry, Thai Rung Union Car 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 Rung Union Car PCL's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Thai Rung Union Car PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thai Rung Union Car PCL's Beneish M-Score falls into.

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Thai Rung Union Car 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 Rung Union Car 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 * 0.7869

0.528 * 0.9083

0.404 * 0.9007

0.892 * 0.9425

0.115 * 1.1111

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1071

4.679 * -0.072735

0.327 * 0.8087

-3.10

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ฿397 Mil.
Revenue was 590.39 + 578.155 + 520.36 + 583.376 = ฿2,272 Mil.
Gross Profit was 77.808 + 89.86 + 76.565 + 82.878 = ฿327 Mil.
Total Current Assets was ฿2,162 Mil.
Total Assets was ฿4,533 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,071 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿111 Mil.
Selling, General, & Admin. Expense(SGA) was ฿273 Mil.
Total Current Liabilities was ฿467 Mil.
Long-Term Debt & Capital Lease Obligation was ฿6 Mil.
Net Income was 193.468 + 74.374 + 42.473 + 69.854 = ฿380 Mil.
Non Operating Income was 187.47 + 50.867 + 43.8 + 62.274 = ฿344 Mil.
Cash Flow from Operations was 194.674 + 127.541 + 75.507 + -32.265 = ฿365 Mil.

Total Receivables was ฿536 Mil.
Revenue was 580.472 + 556.041 + 575.305 + 698.998 = ฿2,411 Mil.
Gross Profit was 59.396 + 61.295 + 70.407 + 124.145 = ฿315 Mil.
Total Current Assets was ฿1,851 Mil.
Total Assets was ฿4,368 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,126 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿132 Mil.
Selling, General, & Admin. Expense(SGA) was ฿262 Mil.
Total Current Liabilities was ฿553 Mil.
Long-Term Debt & Capital Lease Obligation was ฿11 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)
	=	(397.448 / 2272.281)	/	(535.847 / 2410.816)
	=	0.174911	/	0.222268
	=	0.7869

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)
	=	(315.243 / 2410.816)	/	(327.111 / 2272.281)
	=	0.130762	/	0.143957
	=	0.9083

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 - (2161.764 + 1070.593) / 4532.849)	/	(1 - (1851.101 + 1125.687) / 4368.219)
	=	0.286904	/	0.318535
	=	0.9007

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
	=	2272.281	/	2410.816
	=	0.9425

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))
	=	(131.648 / (131.648 + 1125.687))	/	(111.379 / (111.379 + 1070.593))
	=	0.104704	/	0.094232
	=	1.1111

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)
	=	(273.218 / 2272.281)	/	(261.828 / 2410.816)
	=	0.12024	/	0.108606
	=	1.1071

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)
	=	((6.275 + 466.662) / 4532.849)	/	((11.013 + 552.571) / 4368.219)
	=	0.104335	/	0.129019
	=	0.8087

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
	=	(380.169 - 344.411	-	365.457)	/	4532.849
	=	-0.072735

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 Rung Union Car PCL has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.

Thai Rung Union Car PCL Beneish M-Score Related Terms

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Thai Rung Union Car PCL Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Thai Rung Union Car PCL (BKK:TRU) » Definitions » Beneish M-Score

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Traded in Other Exchanges

TRU-R:Thailand

Address

304, Marcharoen Road, Nong Khaem Subdistrict, Nong Khaem District, Bangkok, THA, 10160

Website

https://www.thairung.co.th

Thai Rung Union Car PCL is engaged in car assembly and modification, and the manufacture and distribution of parts and molds. It operates in the segments of Car assembly and other related car services; Manufacture of equipment for the production of car accessories (comprising the manufacture of molds and jigs and manufacture and sales of car accessories and spare parts), which is the key revenue generating segment; and Sales of cars, and a car service centre business.