Tanachira Retail PCL Beneish M-Score Historical Data
The historical data trend for Tanachira Retail 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.
Tanachira Retail PCL Beneish M-Score Chart
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Tanachira Retail PCL Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.63 |
-2.42 |
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Tanachira Retail PCL Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.63 |
- |
-2.42 |
Competitive Comparison of Tanachira Retail PCL's Beneish M-Score
For the Luxury Goods subindustry, Tanachira Retail 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.
Tanachira Retail PCL's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Tanachira Retail PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tanachira Retail PCL's Beneish M-Score falls into.
Tanachira Retail 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 Tanachira Retail 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 * 0.97 | + | 0.528 * 0.9328 | + | 0.404 * 0.8699 | + | 0.892 * 1.1174 | + | 0.115 * 1.1838 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0331 | + | 4.679 * -0.031708 | - | 0.327 * 0.3815 |
| = | -2.42 |
* 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 ฿87 Mil.
Revenue was ฿1,415 Mil.
Gross Profit was ฿907 Mil.
Total Current Assets was ฿816 Mil.
Total Assets was ฿2,303 Mil.
Property, Plant and Equipment(Net PPE) was ฿521 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿213 Mil.
Selling, General, & Admin. Expense(SGA) was ฿667 Mil.
Total Current Liabilities was ฿493 Mil.
Long-Term Debt & Capital Lease Obligation was ฿210 Mil.
Net Income was ฿167 Mil.
Gross Profit was ฿0 Mil.
Cash Flow from Operations was ฿240 Mil.
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Total Receivables was ฿80 Mil.
Revenue was ฿1,266 Mil.
Gross Profit was ฿757 Mil.
Total Current Assets was ฿607 Mil.
Total Assets was ฿1,866 Mil.
Property, Plant and Equipment(Net PPE) was ฿359 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿188 Mil.
Selling, General, & Admin. Expense(SGA) was ฿577 Mil.
Total Current Liabilities was ฿985 Mil.
Long-Term Debt & Capital Lease Obligation was ฿508 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) |
| = | (86.53 / 1414.558) | / | (79.832 / 1265.951) |
| = | 0.061171 | / | 0.063061 |
| | = | 0.97 |
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) |
| = | (756.977 / 1265.951) | / | (906.775 / 1414.558) |
| = | 0.597951 | / | 0.641031 |
| | = | 0.9328 |
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 - (815.965 + 520.556) / 2302.542) | / | (1 - (606.646 + 359.379) / 1866.036) |
| = | 0.419545 | / | 0.482312 |
| | = | 0.8699 |
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 |
| = | 1414.558 | / | 1265.951 |
| | = | 1.1174 |
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)) |
| = | (187.907 / (187.907 + 359.379)) | / | (212.669 / (212.669 + 520.556)) |
| = | 0.343343 | / | 0.290046 |
| | = | 1.1838 |
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) |
| = | (666.601 / 1414.558) | / | (577.438 / 1265.951) |
| = | 0.471243 | / | 0.45613 |
| | = | 1.0331 |
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) |
| = | ((209.538 + 493.225) / 2302.542) | / | ((508.414 + 984.553) / 1866.036) |
| = | 0.305212 | / | 0.800074 |
| | = | 0.3815 |
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 |
| = | (166.793 - 0 | - | 239.803) | / | 2302.542 |
| | = | -0.031708 |
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.
Tanachira Retail PCL has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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