NSL Foods PCL Beneish M-Score Historical Data
The historical data trend for NSL Foods 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.
NSL Foods PCL Beneish M-Score Chart
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NSL Foods PCL Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.34 |
-2.48 |
-1.52 |
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NSL Foods PCL Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.54 |
-2.52 |
-1.64 |
-1.52 |
Competitive Comparison of NSL Foods PCL's Beneish M-Score
For the Packaged Foods subindustry, NSL Foods 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.
NSL Foods PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, NSL Foods PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NSL Foods PCL's Beneish M-Score falls into.
NSL Foods 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 NSL Foods PCL 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 * 1.036 | + | 0.528 * 1.007 | + | 0.404 * 3.2382 | + | 0.892 * 1.1978 | + | 0.115 * 0.9282 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0471 | + | 4.679 * -0.035064 | - | 0.327 * 0.9382 |
| = | -1.52 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ฿719 Mil.
Revenue was 1333.474 + 1200.664 + 1163.366 + 1095.306 = ฿4,793 Mil.
Gross Profit was 252.713 + 212.198 + 214.3 + 203.528 = ฿883 Mil.
Total Current Assets was ฿1,361 Mil.
Total Assets was ฿2,500 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,067 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿120 Mil.
Selling, General, & Admin. Expense(SGA) was ฿462 Mil.
Total Current Liabilities was ฿859 Mil.
Long-Term Debt & Capital Lease Obligation was ฿14 Mil.
Net Income was 102.389 + 73.192 + 84.325 + 75.339 = ฿335 Mil.
Non Operating Income was -2.679 + -3.7 + 0 + -0.719 = ฿-7 Mil.
Cash Flow from Operations was 127.871 + 84.439 + 131.215 + 86.463 = ฿430 Mil.
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Total Receivables was ฿580 Mil.
Revenue was 1063.238 + 1018.297 + 988.277 + 931.66 = ฿4,001 Mil.
Gross Profit was 193.72 + 187.649 + 189.643 + 171.114 = ฿742 Mil.
Total Current Assets was ฿1,281 Mil.
Total Assets was ฿2,290 Mil.
Property, Plant and Equipment(Net PPE) was ฿988 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿102 Mil.
Selling, General, & Admin. Expense(SGA) was ฿369 Mil.
Total Current Liabilities was ฿774 Mil.
Long-Term Debt & Capital Lease Obligation was ฿80 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) |
| = | (719.32 / 4792.81) | / | (579.657 / 4001.472) |
| = | 0.150083 | / | 0.144861 |
| | = | 1.036 |
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) |
| = | (742.126 / 4001.472) | / | (882.739 / 4792.81) |
| = | 0.185463 | / | 0.18418 |
| | = | 1.007 |
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 - (1361.161 + 1067.243) / 2499.601) | / | (1 - (1281.407 + 988.109) / 2289.655) |
| = | 0.028483 | / | 0.008796 |
| | = | 3.2382 |
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 |
| = | 4792.81 | / | 4001.472 |
| | = | 1.1978 |
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)) |
| = | (102.202 / (102.202 + 988.109)) | / | (119.881 / (119.881 + 1067.243)) |
| = | 0.093737 | / | 0.100984 |
| | = | 0.9282 |
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) |
| = | (462.147 / 4792.81) | / | (368.504 / 4001.472) |
| = | 0.096425 | / | 0.092092 |
| | = | 1.0471 |
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) |
| = | ((14.412 + 859.309) / 2499.601) | / | ((79.529 + 773.56) / 2289.655) |
| = | 0.349544 | / | 0.372584 |
| | = | 0.9382 |
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 |
| = | (335.245 - -7.098 | - | 429.988) | / | 2499.601 |
| | = | -0.035064 |
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.
NSL Foods PCL has a M-score of -1.52 signals that the company is likely to be a manipulator.
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