Charoen Pokphand Enterprise(Taiwan) Co (TPE:1215) Beneish M-Score : -2.69 (As of Mar. 30, 2025)

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What is Charoen Pokphand Enterprise(Taiwan) Co 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Charoen Pokphand Enterprise(Taiwan) Co's Beneish M-Score or its related term are showing as below:

TPE:1215' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.69 Max: -2.01
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Charoen Pokphand Enterprise(Taiwan) Co was -2.01. The lowest was -2.99. And the median was -2.69.

Charoen Pokphand Enterprise(Taiwan) Co Beneish M-Score Historical Data

The historical data trend for Charoen Pokphand Enterprise(Taiwan) Co'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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Charoen Pokphand Enterprise(Taiwan) Co Beneish M-Score Chart

Charoen Pokphand Enterprise(Taiwan) Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.72

-2.01

-2.35

-2.99

-2.69

Charoen Pokphand Enterprise(Taiwan) Co 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															-2.99	-2.68	-2.56	-2.64	-2.69

Competitive Comparison of Charoen Pokphand Enterprise(Taiwan) Co's Beneish M-Score

For the Packaged Foods subindustry, Charoen Pokphand Enterprise(Taiwan) Co'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.

Charoen Pokphand Enterprise(Taiwan) Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Charoen Pokphand Enterprise(Taiwan) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Charoen Pokphand Enterprise(Taiwan) Co's Beneish M-Score falls into.

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Charoen Pokphand Enterprise(Taiwan) Co 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 Charoen Pokphand Enterprise(Taiwan) Co 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 * 0.9555

0.528 * 1.0433

0.404 * 1.2341

0.892 * 0.9588

0.115 * 1.0176

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1686

4.679 * -0.048396

0.327 * 0.9925

-2.69

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$2,777 Mil.
Revenue was 7326.196 + 7013.97 + 6704.985 + 6912.107 = NT$27,957 Mil.
Gross Profit was 1407.271 + 1038.057 + 1061.647 + 1089.703 = NT$4,597 Mil.
Total Current Assets was NT$7,607 Mil.
Total Assets was NT$29,464 Mil.
Property, Plant and Equipment(Net PPE) was NT$17,028 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,134 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,340 Mil.
Total Current Liabilities was NT$9,300 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,949 Mil.
Net Income was 670.836 + 513.327 + 376.59 + 369.093 = NT$1,930 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1553.953 + 1216.654 + 9.682 + 575.48 = NT$3,356 Mil.

Total Receivables was NT$3,031 Mil.
Revenue was 7209.305 + 7306.357 + 7412.017 + 7232.07 = NT$29,160 Mil.
Gross Profit was 1343.752 + 1307.922 + 1325.382 + 1024.948 = NT$5,002 Mil.
Total Current Assets was NT$8,048 Mil.
Total Assets was NT$27,370 Mil.
Property, Plant and Equipment(Net PPE) was NT$15,687 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,064 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,089 Mil.
Total Current Liabilities was NT$8,104 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,975 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)
	=	(2776.631 / 27957.258)	/	(3030.81 / 29159.749)
	=	0.099317	/	0.103938
	=	0.9555

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)
	=	(5002.004 / 29159.749)	/	(4596.678 / 27957.258)
	=	0.171538	/	0.164418
	=	1.0433

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 - (7607.427 + 17028.126) / 29463.806)	/	(1 - (8048.171 + 15687.383) / 27369.797)
	=	0.163871	/	0.132783
	=	1.2341

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
	=	27957.258	/	29159.749
	=	0.9588

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))
	=	(1063.876 / (1063.876 + 15687.383))	/	(1133.517 / (1133.517 + 17028.126))
	=	0.06351	/	0.062413
	=	1.0176

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)
	=	(2340.327 / 27957.258)	/	(2088.846 / 29159.749)
	=	0.083711	/	0.071635
	=	1.1686

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)
	=	((8948.718 + 9299.721) / 29463.806)	/	((8975.169 + 8103.762) / 27369.797)
	=	0.619351	/	0.624006
	=	0.9925

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
	=	(1929.846 - 0	-	3355.769)	/	29463.806
	=	-0.048396

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.

Charoen Pokphand Enterprise(Taiwan) Co has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

Charoen Pokphand Enterprise(Taiwan) Co Beneish M-Score Related Terms

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Charoen Pokphand Enterprise(Taiwan) Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Charoen Pokphand Enterprise(Taiwan) Co Ltd (TPE:1215) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No. 87, Songjiang Road, 17th Floor, Taipei, TWN, 104

Website

https://www.cptwn.com.tw

Charoen Pokphand Enterprise(Taiwan) Co Ltd is a poultry processing company based in Taiwan. Its products include processed meat products, feedstuff, and processed cooked feedstuff, including chicken floss, hams, chicken nuggets, chicken chops, bacon, and others. It has four reportable segments. Feeds business that manufactures and sells animal feeds and wholesale of the commodity; Meat processing business; Food processing business; Husbandry business that includes management of chickens to produce eggs and meat. Its geographical segments are Domestic and Asia, of which the majority of its revenue comes from the domestic market.

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