Thai Steel Cable PCL (BKK:TSC) Beneish M-Score : -3.02 (As of May. 23, 2024)

View and export this data going back to 2005. Start your Free Trial

What is Thai Steel Cable 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TSC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.55 Med: -2.72 Max: -1.9
Current: -3.02

During the past 13 years, the highest Beneish M-Score of Thai Steel Cable PCL was -1.90. The lowest was -4.55. And the median was -2.72.

Thai Steel Cable PCL Beneish M-Score Historical Data

The historical data trend for Thai Steel Cable 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.

Thai Steel Cable PCL Beneish M-Score Chart

Thai Steel Cable PCL Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

Get a 7-Day Free Trial

-2.84

-2.55

-2.68

-2.35

-2.77

Thai Steel Cable PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.32	-2.53	-2.77	-2.70	-3.02

Competitive Comparison of Thai Steel Cable PCL's Beneish M-Score

For the Auto Parts subindustry, Thai Steel Cable 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 Steel Cable PCL's Beneish M-Score Distribution in the Vehicles & Parts Industry

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

* The bar in red indicates where Thai Steel Cable PCL's Beneish M-Score falls into.

Thai Steel Cable 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 Steel Cable 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 * 0.8882

0.528 * 0.9013

0.404 * 1.1361

0.892 * 0.9737

0.115 * 0.9255

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.098

4.679 * -0.091734

0.327 * 0.8969

-3.02

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿485 Mil.
Revenue was 713.176 + 701.096 + 740.442 + 656.716 = ฿2,811 Mil.
Gross Profit was 151.639 + 140.746 + 142.842 + 123.671 = ฿559 Mil.
Total Current Assets was ฿1,077 Mil.
Total Assets was ฿2,169 Mil.
Property, Plant and Equipment(Net PPE) was ฿863 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿114 Mil.
Selling, General, & Admin. Expense(SGA) was ฿273 Mil.
Total Current Liabilities was ฿500 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2 Mil.
Net Income was 88.701 + 83.841 + 62.334 + 69.038 = ฿304 Mil.
Non Operating Income was 14.1 + 6.83 + -1.05 + 6.135 = ฿26 Mil.
Cash Flow from Operations was 130.599 + 85.247 + 132.55 + 128.43 = ฿477 Mil.

Total Receivables was ฿561 Mil.
Revenue was 782.173 + 727.336 + 757.063 + 620.82 = ฿2,887 Mil.
Gross Profit was 139.624 + 118.391 + 148.728 + 110.62 = ฿517 Mil.
Total Current Assets was ฿1,132 Mil.
Total Assets was ฿2,240 Mil.
Property, Plant and Equipment(Net PPE) was ฿901 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿109 Mil.
Selling, General, & Admin. Expense(SGA) was ฿256 Mil.
Total Current Liabilities was ฿575 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2 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)
	=	(484.858 / 2811.43)	/	(560.625 / 2887.392)
	=	0.17246	/	0.194163
	=	0.8882

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)
	=	(517.363 / 2887.392)	/	(558.898 / 2811.43)
	=	0.17918	/	0.198795
	=	0.9013

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 - (1076.911 + 863.234) / 2168.52)	/	(1 - (1131.605 + 900.889) / 2240.15)
	=	0.105314	/	0.092697
	=	1.1361

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
	=	2811.43	/	2887.392
	=	0.9737

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))
	=	(109 / (109 + 900.889))	/	(113.961 / (113.961 + 863.234))
	=	0.107933	/	0.116621
	=	0.9255

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)
	=	(273.18 / 2811.43)	/	(255.525 / 2887.392)
	=	0.097168	/	0.088497
	=	1.098

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)
	=	((2.018 + 499.51) / 2168.52)	/	((2.418 + 575.23) / 2240.15)
	=	0.231277	/	0.257861
	=	0.8969

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
	=	(303.914 - 26.015	-	476.826)	/	2168.52
	=	-0.091734

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 Steel Cable PCL has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.

Thai Steel Cable PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Thai Steel Cable PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Thai Steel Cable PCL (BKK:TSC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Thai Steel Cable PCL (BKK:TSC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

700/737, Moo. 1, Tambol Panthong, Amphur Panthong, Chonburi, THA, 20160

Website

https://www.tscpcl.com

Thai Steel Cable PCL is a Thailand-based company engaged in the manufacture and sales of control cables, parts, and equipment for vehicles and motorcycles. Its products are divided into three categories: Automobile control cables which include products like accelerator cables, door lock cables, fuel lid opener cables, hood release cables, parking brake cables, seat belt cables, transmission cables, and trunk opener cables; Motorcycle control cables which include brake cables, clutch cables, seat lock cables, speedometer cables, tachometer cables, and throttle cables, and Automobile window regulators. The company operates only in Thailand.