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TBVPF (Thai Beverage) Beneish M-Score : -2.56 (As of Mar. 17, 2025)


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What is Thai Beverage 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TBVPF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.56   Max: -1.37
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Thai Beverage was -1.37. The lowest was -2.67. And the median was -2.56.


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.

* Premium members only.

Thai Beverage Beneish M-Score Chart

Thai Beverage Annual Data
Trend Dec14 Dec15 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.67 -2.67 -2.57 -1.37 -2.56

Thai Beverage Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.
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.




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.


Thai Beverage Beneish M-Score Related Terms

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Thai Beverage Business Description

Traded in Other Exchanges
Address
14 Vibhavadi Rangsit Road, Chomphon Sub-District, Chatuchak District, Bangkok, THA, 10900
Thai Beverage PLC is a Thailand-based company engaged in producing and distributing alcoholic and non-alcoholic beverages and food. The company's operating Into 5 segments that includes Spirits; Production and sales of branded spirits products and soda. Beer: Production and sales of raw materials, branded beer products, Chang soda and Chang water. Non-alcoholic beverages: Production and sales of branded water, ready-to-drink coffee, energy drink, green tea, fruit flavored drinks and dairies product. Food: Restaurants and distribution of foods and beverages; and Others: Publishing and printing. Key revenue is generated from Spirits.

Thai Beverage Headlines

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