Thai Union Group PCL (BKK:TU) Beneish M-Score : -3.29 (As of Jun. 22, 2024)

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What is Thai Union 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 -3.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38 Med: -2.78 Max: -2.15
Current: -3.29

During the past 13 years, the highest Beneish M-Score of Thai Union Group PCL was -2.15. The lowest was -3.38. And the median was -2.78.

Thai Union Group PCL Beneish M-Score Historical Data

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

Thai Union Group PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.98

-2.88

-2.38

-2.29

-3.38

Thai Union Group 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															-2.65	-2.78	-2.77	-3.38	-3.29

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

For the Packaged Foods subindustry, Thai Union 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.

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

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

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

Thai Union 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 Thai Union 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 * 1.1756

0.528 * 0.9639

0.404 * 0.8206

0.892 * 0.8997

0.115 * 1.0668

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9799

4.679 * -0.158981

0.327 * 1.1676

-3.29

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿17,165 Mil.
Revenue was 33219.507 + 35528.858 + 33914.756 + 34057.488 = ฿136,721 Mil.
Gross Profit was 5741.979 + 6327.479 + 6232.792 + 5747.815 = ฿24,050 Mil.
Total Current Assets was ฿81,548 Mil.
Total Assets was ฿162,035 Mil.
Property, Plant and Equipment(Net PPE) was ฿31,782 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿4,209 Mil.
Selling, General, & Admin. Expense(SGA) was ฿16,388 Mil.
Total Current Liabilities was ฿34,786 Mil.
Long-Term Debt & Capital Lease Obligation was ฿52,721 Mil.
Net Income was 1153.069 + -17189.348 + 1205.922 + 1028.648 = ฿-13,802 Mil.
Non Operating Income was 525.699 + 200.805 + -386.624 + -283.648 = ฿56 Mil.
Cash Flow from Operations was 1314.736 + 3761.384 + 2222.095 + 4604.428 = ฿11,903 Mil.

Total Receivables was ฿16,229 Mil.
Revenue was 32651.611 + 39612.7 + 40756.166 + 38945.76 = ฿151,966 Mil.
Gross Profit was 4916.509 + 6868.399 + 7398.739 + 6584.389 = ฿25,768 Mil.
Total Current Assets was ฿84,364 Mil.
Total Assets was ฿181,294 Mil.
Property, Plant and Equipment(Net PPE) was ฿30,524 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿4,351 Mil.
Selling, General, & Admin. Expense(SGA) was ฿18,589 Mil.
Total Current Liabilities was ฿39,373 Mil.
Long-Term Debt & Capital Lease Obligation was ฿44,479 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)
	=	(17164.928 / 136720.609)	/	(16228.539 / 151966.237)
	=	0.125547	/	0.10679
	=	1.1756

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)
	=	(25768.036 / 151966.237)	/	(24050.065 / 136720.609)
	=	0.169564	/	0.175907
	=	0.9639

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 - (81548.11 + 31782.418) / 162035.298)	/	(1 - (84364.077 + 30524.307) / 181293.956)
	=	0.300581	/	0.366287
	=	0.8206

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
	=	136720.609	/	151966.237
	=	0.8997

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))
	=	(4350.775 / (4350.775 + 30524.307))	/	(4208.967 / (4208.967 + 31782.418))
	=	0.124753	/	0.116944
	=	1.0668

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)
	=	(16388.462 / 136720.609)	/	(18589.238 / 151966.237)
	=	0.119868	/	0.122325
	=	0.9799

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)
	=	((52721.312 + 34785.765) / 162035.298)	/	((44479.047 + 39372.948) / 181293.956)
	=	0.540049	/	0.46252
	=	1.1676

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
	=	(-13801.709 - 56.232	-	11902.643)	/	162035.298
	=	-0.158981

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 Union Group PCL has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.

Thai Union Group PCL Beneish M-Score Related Terms

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Thai Union Group PCL (BKK:TU) Business Description

Industry

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

Comparable Companies

Traded in Other Exchanges

TUFBY:USA THFRF:USA TU-F:Thailand THYG:Germany NVAP:Germany THYG:Germany NVAP:Germany

Address

72/1 Moo 7, Sethakit 1 Road, Tambon Tarsrai, Amphur Muangsamutsakorn, Samut sakhon, THA, 74000

Website

https://www.thaiunion.com

Thai Union Group PCL is a global seafood-based food products company. The company sells its products locally in Thailand, as well as in North America and Europe. The business categories are ambient seafood (tuna, salmon, sardine, mackerel); frozen and chilled seafood and related product (shrimp, lobster, salmon); and pet care and value-added. In North America, Thai Union's portfolio contains tuna, salmon, and sardines, sold in different varieties under the Chicken of the Sea and Genova brands. In Europe, the company offers seafood and fish products under brands such as John West, Petit Navire, Parmentier, King Oscar, Mareblum, and Rugen Fisch. In Asia-Pacific, the local brands are Century, Sealect, Fisho, Bellotta, and Marvo.