Tropical Canning (Thailand) PCL (BKK:TC) Beneish M-Score : -1.19 (As of May. 10, 2024)

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What is Tropical Canning (Thailand) 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.

Warning Sign:

Beneish M-Score -1.19 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Tropical Canning (Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:TC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.61 Max: -1.19
Current: -1.19

During the past 13 years, the highest Beneish M-Score of Tropical Canning (Thailand) PCL was -1.19. The lowest was -2.94. And the median was -2.61.

Tropical Canning (Thailand) PCL Beneish M-Score Historical Data

The historical data trend for Tropical Canning (Thailand) 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.

Tropical Canning (Thailand) PCL Beneish M-Score Chart

Tropical Canning (Thailand) PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-2.83

-2.94

-2.31

-1.19

Tropical Canning (Thailand) 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															-2.31	-3.11	-3.20	-2.77	-1.19

Competitive Comparison of Tropical Canning (Thailand) PCL's Beneish M-Score

For the Packaged Foods subindustry, Tropical Canning (Thailand) 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.

Tropical Canning (Thailand) PCL's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Tropical Canning (Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tropical Canning (Thailand) PCL's Beneish M-Score falls into.

Tropical Canning (Thailand) 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 Tropical Canning (Thailand) PCL 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 * 1.9203

0.528 * 2.2819

0.404 * 0.916

0.892 * 0.8118

0.115 * 0.945

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9354

4.679 * 0.029307

0.327 * 1.5226

-1.19

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ฿1,119 Mil.
Revenue was 1355.132 + 1261.379 + 1019.104 + 1279.64 = ฿4,915 Mil.
Gross Profit was 86.863 + 97.905 + 50.83 + 19.208 = ฿255 Mil.
Total Current Assets was ฿2,591 Mil.
Total Assets was ฿3,472 Mil.
Property, Plant and Equipment(Net PPE) was ฿690 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿124 Mil.
Selling, General, & Admin. Expense(SGA) was ฿215 Mil.
Total Current Liabilities was ฿829 Mil.
Long-Term Debt & Capital Lease Obligation was ฿72 Mil.
Net Income was 13.483 + 60.003 + 17.339 + -47.343 = ฿43 Mil.
Non Operating Income was -23.931 + 21.431 + 16.409 + 2.348 = ฿16 Mil.
Cash Flow from Operations was -159.192 + -77.482 + -83.014 + 245.172 = ฿-75 Mil.

Total Receivables was ฿718 Mil.
Revenue was 1510.774 + 1651.405 + 1595.736 + 1296.645 = ฿6,055 Mil.
Gross Profit was 148.06 + 260.077 + 197.747 + 110.323 = ฿716 Mil.
Total Current Assets was ฿2,378 Mil.
Total Assets was ฿3,246 Mil.
Property, Plant and Equipment(Net PPE) was ฿674 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿113 Mil.
Selling, General, & Admin. Expense(SGA) was ฿283 Mil.
Total Current Liabilities was ฿470 Mil.
Long-Term Debt & Capital Lease Obligation was ฿84 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)
	=	(1118.726 / 4915.255)	/	(717.598 / 6054.56)
	=	0.227603	/	0.118522
	=	1.9203

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)
	=	(716.207 / 6054.56)	/	(254.806 / 4915.255)
	=	0.118292	/	0.05184
	=	2.2819

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 - (2591.309 + 689.713) / 3471.587)	/	(1 - (2377.517 + 674.195) / 3246.244)
	=	0.054893	/	0.059925
	=	0.916

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
	=	4915.255	/	6054.56
	=	0.8118

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))
	=	(113.315 / (113.315 + 674.195))	/	(123.883 / (123.883 + 689.713))
	=	0.14389	/	0.152266
	=	0.945

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)
	=	(214.911 / 4915.255)	/	(282.995 / 6054.56)
	=	0.043723	/	0.046741
	=	0.9354

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)
	=	((72.12 + 829.454) / 3471.587)	/	((83.689 + 470.02) / 3246.244)
	=	0.259701	/	0.170569
	=	1.5226

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
	=	(43.482 - 16.257	-	-74.516)	/	3471.587
	=	0.029307

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.

Tropical Canning (Thailand) PCL has a M-score of -1.19 signals that the company is likely to be a manipulator.

Tropical Canning (Thailand) PCL Beneish M-Score Related Terms

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Tropical Canning (Thailand) PCL (BKK:TC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Tropical Canning (Thailand) PCL (BKK:TC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1/1 Moo 2, Karnjanavanich Road, P.O. Box 44, Thungyai, Hatyai, Songkhla, THA, 90110

Website

https://www.tropical.co.th

Tropical Canning (Thailand) PCL is engaged in the manufacturing and trading of canned and pouched seafood products. The product portfolio includes Regular tuna products, Canned shellfish products, Ready-to-eat products, and Petfood cans. It has a business presence in the African continent, the European continent, the Asian continent and the American continent, among others.