Sri Trang Gloves Thailand PCL (SGX:STG) Beneish M-Score : -1.56 (As of Mar. 26, 2025)

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What is Sri Trang Gloves Thailand 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.

Warning Sign:

Beneish M-Score -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Sri Trang Gloves Thailand PCL's Beneish M-Score or its related term are showing as below:

SGX:STG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.06 Med: -1.52 Max: -0.95
Current: -1.56

During the past 10 years, the highest Beneish M-Score of Sri Trang Gloves Thailand PCL was -0.95. The lowest was -2.06. And the median was -1.52.

Sri Trang Gloves Thailand PCL Beneish M-Score Historical Data

The historical data trend for Sri Trang Gloves Thailand 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.

Sri Trang Gloves Thailand PCL Beneish M-Score Chart

Sri Trang Gloves Thailand PCL Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.95

-2.06

-1.52

-1.32

-1.56

Sri Trang Gloves Thailand 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															-1.32	-1.63	-1.77	-2.04	-1.56

Competitive Comparison of Sri Trang Gloves Thailand PCL's Beneish M-Score

For the Specialty Chemicals subindustry, Sri Trang Gloves Thailand 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.

Sri Trang Gloves Thailand PCL's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Sri Trang Gloves Thailand PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sri Trang Gloves Thailand PCL's Beneish M-Score falls into.

Sri Trang Gloves Thailand 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 Sri Trang Gloves Thailand 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 * 1.3366

0.528 * 1.2678

0.404 * 1.797

0.892 * 1.2665

0.115 * 0.8279

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6152

4.679 * -0.015985

0.327 * 1.012

-1.50

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was S$170.0 Mil.
Revenue was 267.877 + 251.049 + 211.192 + 225.639 = S$955.8 Mil.
Gross Profit was 21.945 + 12.874 + 28.485 + 19.039 = S$82.3 Mil.
Total Current Assets was S$575.2 Mil.
Total Assets was S$1,934.8 Mil.
Property, Plant and Equipment(Net PPE) was S$947.0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$78.2 Mil.
Selling, General, & Admin. Expense(SGA) was S$66.2 Mil.
Total Current Liabilities was S$297.0 Mil.
Long-Term Debt & Capital Lease Obligation was S$100.7 Mil.
Net Income was 22.017 + -3.371 + 13.933 + 5.474 = S$38.1 Mil.
Non Operating Income was 18.81 + -1.021 + 1.716 + 2.205 = S$21.7 Mil.
Cash Flow from Operations was 5.743 + 32.392 + -0.875 + 10.01 = S$47.3 Mil.

Total Receivables was S$100.5 Mil.
Revenue was 202.064 + 180.164 + 194.229 + 178.186 = S$754.6 Mil.
Gross Profit was 20.883 + 22.625 + 20.116 + 18.803 = S$82.4 Mil.
Total Current Assets was S$610.6 Mil.
Total Assets was S$1,773.9 Mil.
Property, Plant and Equipment(Net PPE) was S$952.7 Mil.
Depreciation, Depletion and Amortization(DDA) was S$64.2 Mil.
Selling, General, & Admin. Expense(SGA) was S$85.0 Mil.
Total Current Liabilities was S$168.2 Mil.
Long-Term Debt & Capital Lease Obligation was S$192.1 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)
	=	(170.046 / 955.757)	/	(100.453 / 754.643)
	=	0.177918	/	0.133113
	=	1.3366

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)
	=	(82.427 / 754.643)	/	(82.343 / 955.757)
	=	0.109226	/	0.086155
	=	1.2678

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 - (575.187 + 946.961) / 1934.79)	/	(1 - (610.621 + 952.725) / 1773.879)
	=	0.213275	/	0.118685
	=	1.797

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
	=	955.757	/	754.643
	=	1.2665

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))
	=	(64.236 / (64.236 + 952.725))	/	(78.211 / (78.211 + 946.961))
	=	0.063165	/	0.076291
	=	0.8279

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)
	=	(66.216 / 955.757)	/	(84.983 / 754.643)
	=	0.069281	/	0.112614
	=	0.6152

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)
	=	((100.702 + 296.999) / 1934.79)	/	((192.083 + 168.23) / 1773.879)
	=	0.205553	/	0.203122
	=	1.012

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
	=	(38.053 - 21.71	-	47.27)	/	1934.79
	=	-0.015985

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.

Sri Trang Gloves Thailand PCL has a M-score of -1.50 signals that the company is likely to be a manipulator.

Sri Trang Gloves Thailand PCL Beneish M-Score Related Terms

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Sri Trang Gloves Thailand PCL Business Description

Industry

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Traded in Other Exchanges

STGT:Thailand STGT-R:Thailand

Address

No. 110 Kanjanavanit Road, Pahtong, Hat Yai, Songkhla, THA, 90230

Website

https://www.sritranggloves.com

Sri Trang Gloves Thailand PCL manufactures and distributes rubber gloves. The company manufactures natural latex and nitrile examination gloves as well as general-purpose disposable gloves, both powdered and powder-free. There are two reportable segments such as Gloves and Other businesses. Gloves segment which also generates the majority of the revenue, manufactures and sells powdered, powder-free, and nitrile latex gloves. The other businesses segment includes the Engineering business which is engaged in the engineering services including research and development of machinery and production processes, and also providing information system services and the Financial asset management and financial investment. Operates in Asia, North America, South America, Europe.