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.
Thai Beverage Beneish M-Score Chart
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Thai Beverage Annual Data
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Trend |
Dec14 |
Dec15 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.67 |
-2.67 |
-2.57 |
-1.37 |
-2.56 |
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Thai Beverage Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
Jun16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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-2.57 |
-1.97 |
-1.37 |
-1.89 |
-2.56 |
Competitive Comparison of Thai Beverage's Beneish M-Score
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's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
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 * 1.0971 | + | 0.528 * 0.9773 | + | 0.404 * 0.8871 | + | 0.892 * 1.103 | + | 0.115 * 0.9703 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0063 | + | 4.679 * -0.020591 | - | 0.327 * 1.1528 |
| = | -2.51 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $630 Mil.
Revenue was $10,233 Mil.
Gross Profit was $3,104 Mil.
Total Current Assets was $4,364 Mil.
Total Assets was $15,866 Mil.
Property, Plant and Equipment(Net PPE) was $2,926 Mil.
Depreciation, Depletion and Amortization(DDA) was $307 Mil.
Selling, General, & Admin. Expense(SGA) was $971 Mil.
Total Current Liabilities was $3,271 Mil.
Long-Term Debt & Capital Lease Obligation was $5,322 Mil.
Net Income was $818 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,145 Mil.
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Total Receivables was $521 Mil.
Revenue was $9,278 Mil.
Gross Profit was $2,750 Mil.
Total Current Assets was $3,912 Mil.
Total Assets was $17,065 Mil.
Property, Plant and Equipment(Net PPE) was $2,756 Mil.
Depreciation, Depletion and Amortization(DDA) was $279 Mil.
Selling, General, & Admin. Expense(SGA) was $875 Mil.
Total Current Liabilities was $3,350 Mil.
Long-Term Debt & Capital Lease Obligation was $4,667 Mil.
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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) |
| = | (630.185 / 10233.019) | / | (520.787 / 9277.713) |
| = | 0.061583 | / | 0.056133 |
| | = | 1.0971 |
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) |
| = | (2750.098 / 9277.713) | / | (3103.63 / 10233.019) |
| = | 0.29642 | / | 0.303296 |
| | = | 0.9773 |
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 - (4364.473 + 2926.445) / 15865.547) | / | (1 - (3912.111 + 2756.11) / 17065.488) |
| = | 0.540456 | / | 0.609257 |
| | = | 0.8871 |
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 |
| = | 10233.019 | / | 9277.713 |
| | = | 1.103 |
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)) |
| = | (279.458 / (279.458 + 2756.11)) | / | (306.748 / (306.748 + 2926.445)) |
| = | 0.092061 | / | 0.094875 |
| | = | 0.9703 |
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) |
| = | (970.842 / 10233.019) | / | (874.695 / 9277.713) |
| = | 0.094873 | / | 0.094279 |
| | = | 1.0063 |
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) |
| = | ((5321.691 + 3271.2) / 15865.547) | / | ((4667.136 + 3350.267) / 17065.488) |
| = | 0.541607 | / | 0.469802 |
| | = | 1.1528 |
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 |
| = | (818.417 - 0 | - | 1145.109) | / | 15865.547 |
| | = | -0.020591 |
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 -2.51 suggests that the company is unlikely to be a manipulator.
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