True PCL (BKK:TRUE) Beneish M-Score : -2.99 (As of May. 11, 2024)

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What is True 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TRUE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.63 Max: -1.88
Current: -2.99

During the past 13 years, the highest Beneish M-Score of True PCL was -1.88. The lowest was -3.13. And the median was -2.63.

True PCL Beneish M-Score Historical Data

The historical data trend for True 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.

True PCL Beneish M-Score Chart

True PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-3.07

-2.75

-2.90

-2.64

True PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-2.71	-2.81	-2.64	-2.99

Competitive Comparison of True PCL's Beneish M-Score

For the Telecom Services subindustry, True 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.

True PCL's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, True PCL's Beneish M-Score distribution charts can be found below:

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

True 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 True 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 * 0.6353

0.528 * 0.8522

0.404 * 1.0134

0.892 * 1.429

0.115 * 0.5495

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8423

4.679 * -0.096828

0.327 * 1.0315

-2.99

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿60,213 Mil.
Revenue was 51346.741 + 0 + 49932.246 + 66794.227 = ฿168,073 Mil.
Gross Profit was 14557.959 + 0 + 13743.607 + 19216.504 = ฿47,518 Mil.
Total Current Assets was ฿100,837 Mil.
Total Assets was ฿724,034 Mil.
Property, Plant and Equipment(Net PPE) was ฿312,629 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿85,699 Mil.
Selling, General, & Admin. Expense(SGA) was ฿31,976 Mil.
Total Current Liabilities was ฿202,098 Mil.
Long-Term Debt & Capital Lease Obligation was ฿373,510 Mil.
Net Income was -769.251 + 0 + -1598.022 + -1704.209 = ฿-4,071 Mil.
Non Operating Income was -845.564 + 0 + 667.633 + 2378.558 = ฿2,201 Mil.
Cash Flow from Operations was 21784.254 + 0 + 28220.268 + 13830.078 = ฿63,835 Mil.

Total Receivables was ฿66,323 Mil.
Revenue was 17681.292 + 33274.185 + 32608.438 + 34054.835 = ฿117,619 Mil.
Gross Profit was 4997.559 + 5906.462 + 9134.921 + 8300.035 = ฿28,339 Mil.
Total Current Assets was ฿108,270 Mil.
Total Assets was ฿788,873 Mil.
Property, Plant and Equipment(Net PPE) was ฿346,702 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿46,487 Mil.
Selling, General, & Admin. Expense(SGA) was ฿26,565 Mil.
Total Current Liabilities was ฿239,462 Mil.
Long-Term Debt & Capital Lease Obligation was ฿368,527 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)
	=	(60213.191 / 168073.214)	/	(66323.074 / 117618.75)
	=	0.358256	/	0.563882
	=	0.6353

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)
	=	(28338.977 / 117618.75)	/	(47518.07 / 168073.214)
	=	0.240939	/	0.282722
	=	0.8522

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 - (100836.701 + 312628.931) / 724034.396)	/	(1 - (108269.672 + 346701.66) / 788873.488)
	=	0.428942	/	0.423265
	=	1.0134

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
	=	168073.214	/	117618.75
	=	1.429

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))
	=	(46487.115 / (46487.115 + 346701.66))	/	(85699.45 / (85699.45 + 312628.931))
	=	0.118231	/	0.215148
	=	0.5495

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)
	=	(31976.142 / 168073.214)	/	(26565.204 / 117618.75)
	=	0.190251	/	0.225859
	=	0.8423

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)
	=	((373510.368 + 202097.896) / 724034.396)	/	((368526.701 + 239462.031) / 788873.488)
	=	0.795001	/	0.770705
	=	1.0315

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
	=	(-4071.482 - 2200.627	-	63834.6)	/	724034.396
	=	-0.096828

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.

True PCL has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.

True PCL Beneish M-Score Related Terms

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True PCL (BKK:TRUE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » True Corp PCL (BKK:TRUE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TCPFF:USA TAF1:Germany

Address

18 True Tower, Ratchadaphisek Road, Huai Khwang, Bangkok, THA, 10310

Website

https://www.truecorp.co.th

True Corp PCL is a triple-play telecommunications company. It operates through three business segments: TrueOnline, TrueMove H, and TrueVisions. The majority of revenue is derived from TrueMove H, the company's mobile services product offering. The majority of the company's customer base in its mobile services division is considered prepaid. TrueOnline comprises the company's fixed-line telephone and public phone services, Internet, and business data services. TrueVisions is the group's pay-TV service. It is delivered via digital direct-to-home satellite and hybrid fibre-coaxial cable network platforms. It operates in a single geographical area, which is Thailand.