Trinidad Cement (TRN:TCL) Beneish M-Score : -3.92 (As of Mar. 05, 2025)

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What is Trinidad Cement 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 -3.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TRN:TCL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92 Med: -2.88 Max: -1.66
Current: -3.92

During the past 13 years, the highest Beneish M-Score of Trinidad Cement was -1.66. The lowest was -3.92. And the median was -2.88.

Trinidad Cement Beneish M-Score Historical Data

The historical data trend for Trinidad Cement'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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Trinidad Cement Beneish M-Score Chart

Trinidad Cement Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.87

-3.69

-2.63

-2.87

-2.85

Trinidad Cement Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.60	-2.85	-3.48	-3.70	-3.92

Competitive Comparison of Trinidad Cement's Beneish M-Score

For the Building Materials subindustry, Trinidad Cement'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.

Trinidad Cement's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Trinidad Cement's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Trinidad Cement's Beneish M-Score falls into.

Trinidad Cement 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 Trinidad Cement 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 * 0.305

0.528 * 0.9342

0.404 * 0.8549

0.892 * 1.0088

0.115 * 0.9516

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.035

4.679 * -0.153821

0.327 * 0.9618

-3.92

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was TTD99 Mil.
Revenue was 522.417 + 607.48 + 573.391 + 527.096 = TTD2,230 Mil.
Gross Profit was 142.282 + 227.683 + 202.858 + 173.787 = TTD747 Mil.
Total Current Assets was TTD918 Mil.
Total Assets was TTD2,664 Mil.
Property, Plant and Equipment(Net PPE) was TTD1,624 Mil.
Depreciation, Depletion and Amortization(DDA) was TTD143 Mil.
Selling, General, & Admin. Expense(SGA) was TTD321 Mil.
Total Current Liabilities was TTD822 Mil.
Long-Term Debt & Capital Lease Obligation was TTD281 Mil.
Net Income was 27.278 + 71.518 + 57.046 + -12.674 = TTD143 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = TTD0 Mil.
Cash Flow from Operations was 129.061 + 215.315 + 126.662 + 81.863 = TTD553 Mil.

Total Receivables was TTD322 Mil.
Revenue was 553.252 + 594.564 + 554.69 + 508.514 = TTD2,211 Mil.
Gross Profit was 205.728 + 234.197 + 103.299 + 148.196 = TTD691 Mil.
Total Current Assets was TTD805 Mil.
Total Assets was TTD2,472 Mil.
Property, Plant and Equipment(Net PPE) was TTD1,534 Mil.
Depreciation, Depletion and Amortization(DDA) was TTD128 Mil.
Selling, General, & Admin. Expense(SGA) was TTD307 Mil.
Total Current Liabilities was TTD591 Mil.
Long-Term Debt & Capital Lease Obligation was TTD474 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)
	=	(99.096 / 2230.384)	/	(322.039 / 2211.02)
	=	0.04443	/	0.145652
	=	0.305

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)
	=	(691.42 / 2211.02)	/	(746.61 / 2230.384)
	=	0.312715	/	0.334745
	=	0.9342

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 - (917.664 + 1623.548) / 2663.701)	/	(1 - (804.998 + 1534.35) / 2472.333)
	=	0.045985	/	0.053789
	=	0.8549

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
	=	2230.384	/	2211.02
	=	1.0088

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))
	=	(128.267 / (128.267 + 1534.35))	/	(143.23 / (143.23 + 1623.548))
	=	0.077148	/	0.081068
	=	0.9516

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)
	=	(320.56 / 2230.384)	/	(307.022 / 2211.02)
	=	0.143724	/	0.13886
	=	1.035

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)
	=	((281.445 + 822.152) / 2663.701)	/	((473.772 + 591.268) / 2472.333)
	=	0.41431	/	0.430783
	=	0.9618

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
	=	(143.168 - 0	-	552.901)	/	2663.701
	=	-0.153821

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.

Trinidad Cement has a M-score of -3.92 suggests that the company is unlikely to be a manipulator.

Trinidad Cement Beneish M-Score Related Terms

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Trinidad Cement Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » Trinidad Cement Ltd (TRN:TCL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Southern Main Road, Claxton Bay, Trinidad, TTO

Website

https://www.tclgroup.com

Trinidad Cement Ltd is engaged in the manufacture and sale of cement, concrete, and aggregates. The company's operations are organized into three operating segments, Cement, Concrete, and Packaging. The firm offers Portland-pozzolan cement, ordinary Portland cement, and Class G high sulfate-resistant oilwell cement. The company has operations in Trinidad and Tobago, Jamaica, Barbados, Guyana, and others. Geographically the company receives maximum revenue from Jamaica.

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