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Surapon Foods PCL (BKK:SSF) Beneish M-Score : -3.31 (As of May. 12, 2024)


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What is Surapon Foods PCL 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 -3.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:SSF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -3.22   Max: -2.07
Current: -3.31

During the past 13 years, the highest Beneish M-Score of Surapon Foods PCL was -2.07. The lowest was -3.57. And the median was -3.22.


Surapon Foods PCL Beneish M-Score Historical Data

The historical data trend for Surapon 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.

* Premium members only.

Surapon Foods PCL Beneish M-Score Chart

Surapon Foods PCL Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.23 -3.52 -2.96 -2.60 -3.31

Surapon Foods PCL Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 -2.60 -2.77 -3.05 -3.04 -3.31

Competitive Comparison of Surapon Foods PCL's Beneish M-Score

For the Packaged Foods subindustry, Surapon 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.


Surapon Foods PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Surapon Foods PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Surapon Foods PCL's Beneish M-Score falls into.



Surapon 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 Surapon 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 * 0.9822+0.528 * 0.7834+0.404 * 1.089+0.892 * 0.8975+0.115 * 0.941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9031+4.679 * -0.141735-0.327 * 0.9754
=-3.31

* 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 ฿311 Mil.
Revenue was 1327.322 + 1296.85 + 1319.125 + 1305.539 = ฿5,249 Mil.
Gross Profit was 169.562 + 175.162 + 180.597 + 176.544 = ฿702 Mil.
Total Current Assets was ฿1,425 Mil.
Total Assets was ฿4,156 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,499 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿330 Mil.
Selling, General, & Admin. Expense(SGA) was ฿461 Mil.
Total Current Liabilities was ฿1,280 Mil.
Long-Term Debt & Capital Lease Obligation was ฿222 Mil.
Net Income was 36.482 + 35.24 + 30.594 + 28.105 = ฿130 Mil.
Non Operating Income was -13.12 + 27.174 + 26.045 + 35.298 = ฿75 Mil.
Cash Flow from Operations was 250.366 + 117.143 + 194.437 + 82.147 = ฿644 Mil.
Total Receivables was ฿352 Mil.
Revenue was 1318.624 + 1639.729 + 1434.028 + 1456.111 = ฿5,848 Mil.
Gross Profit was 143.404 + 201.725 + 112.406 + 155.122 = ฿613 Mil.
Total Current Assets was ฿1,331 Mil.
Total Assets was ฿4,226 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,678 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿330 Mil.
Selling, General, & Admin. Expense(SGA) was ฿569 Mil.
Total Current Liabilities was ฿1,340 Mil.
Long-Term Debt & Capital Lease Obligation was ฿226 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)
=(310.699 / 5248.836) / (352.46 / 5848.492)
=0.059194 / 0.060265
=0.9822

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)
=(612.657 / 5848.492) / (701.865 / 5248.836)
=0.104755 / 0.133718
=0.7834

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 - (1424.999 + 2498.682) / 4156.118) / (1 - (1330.668 + 2677.861) / 4225.537)
=0.055926 / 0.051356
=1.089

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
=5248.836 / 5848.492
=0.8975

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))
=(329.765 / (329.765 + 2677.861)) / (329.532 / (329.532 + 2498.682))
=0.109643 / 0.116516
=0.941

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)
=(461.293 / 5248.836) / (569.165 / 5848.492)
=0.087885 / 0.097318
=0.9031

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)
=((222.262 + 1280.264) / 4156.118) / ((226.415 + 1339.758) / 4225.537)
=0.361521 / 0.370645
=0.9754

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
=(130.421 - 75.397 - 644.093) / 4156.118
=-0.141735

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.

Surapon Foods PCL has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.


Surapon Foods PCL Beneish M-Score Related Terms

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Surapon Foods PCL (BKK:SSF) Business Description

Traded in Other Exchanges
N/A
Address
247 Moo 1, Teparak Road, Amphur Muang, Tambon Teparak, Samutprakarn Province, Samutprakarn, THA, 10270
Surapon Foods PCL is the manufacturer and distributor of seafood, finished and semi-finished frozen foods, including ready-to-cook and ready-to-eat. The group operates in two business segments: the manufacturing & distribution of seafood, and finished & semi-finished frozen foods; and Cold storage warehouse & logistic service. The diversity of its products includes the main ingredients (boiled shrimp, sushi shrimp, fish, squid, etc.), ready-to-eat (dim sum, deep-fried food, and processed chicken), as well as Halal products under the Farhana brand (dim sum and deep-fried food).

Surapon Foods PCL (BKK:SSF) Headlines

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