Thai Beverage Beneish M-Score Historical Data
The historical data trend for Thai Beverage'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 Beverage Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.55
[6] => -2.53
[7] => -2.61
[8] => -2.20
[9] => -2.10
)
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|
|
|
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-2.55 |
-2.53 |
-2.61 |
-2.20 |
-2.10 |
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Thai Beverage Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
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|
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-2.61 |
-2.45 |
-2.20 |
-1.97 |
-2.10 |
Competitive Comparison
For the Beverages - Wineries & Distilleries subindustry, Thai Beverage'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 Beverage Beneish M-Score Distribution
For the Beverages - Alcoholic industry and Consumer Defensive sector, Thai Beverage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Beverage's Beneish M-Score falls into.
Thai Beverage 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 Beverage for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.718 | + | 0.528 * 1.0006 | + | 0.404 * 0.9861 | + | 0.892 * 0.6316 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0329 | + | 4.679 * 0.03077 | - | 0.327 * 0.9012 |
| = | -1.98 |
* 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.
| This Year (Mar23) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $274 Mil.
Revenue was 1955.547 + 0 + 1980.095 + 0 = $3,936 Mil.
Gross Profit was 592.212 + 0 + 589.017 + 0 = $1,181 Mil.
Total Current Assets was $3,081 Mil.
Total Assets was $13,893 Mil.
Property, Plant and Equipment(Net PPE) was $1,958 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $631 Mil.
Total Current Liabilities was $2,755 Mil.
Long-Term Debt & Capital Lease Obligation was $4,305 Mil.
Net Income was 213.467 + 0 + 214.014 + 0 = $427 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
|
Total Receivables was $253 Mil.
Revenue was 1930.952 + 2386.569 + 0 + 1913.456 = $6,231 Mil.
Gross Profit was 583.523 + 707.416 + 0 + 580.291 = $1,871 Mil.
Total Current Assets was $2,860 Mil.
Total Assets was $14,492 Mil.
Property, Plant and Equipment(Net PPE) was $2,266 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General, & Admin. Expense(SGA) was $967 Mil.
Total Current Liabilities was $3,319 Mil.
Long-Term Debt & Capital Lease Obligation was $4,853 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) |
| = | (274.137 / 3935.642) | / | (252.628 / 6230.977) |
| = | 0.069655 | / | 0.040544 |
| | = | 1.718 |
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) |
| = | (1871.23 / 6230.977) | / | (1181.229 / 3935.642) |
| = | 0.300311 | / | 0.300136 |
| | = | 1.0006 |
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 - (3080.997 + 1958.069) / 13892.569) | / | (1 - (2860.137 + 2265.973) / 14492.256) |
| = | 0.637283 | / | 0.646286 |
| | = | 0.9861 |
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 |
| = | 3935.642 | / | 6230.977 |
| | = | 0.6316 |
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)) |
| = | (178.58 / (178.58 + 2265.973)) | / | (0 / (0 + 1958.069)) |
| = | 0.073052 | / | 0 |
| | = | 1 |
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) |
| = | (631.111 / 3935.642) | / | (967.34 / 6230.977) |
| = | 0.160358 | / | 0.155247 |
| | = | 1.0329 |
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) |
| = | ((4305.481 + 2754.564) / 13892.569) | / | ((4852.579 + 3319.425) / 14492.256) |
| = | 0.508189 | / | 0.563888 |
| | = | 0.9012 |
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 |
| = | (427.481 - 0 | - | 0) | / | 13892.569 |
| | = | 0.03077 |
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 Beverage has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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