Thai Nam Plastic PCL (BKK:TNPC) Beneish M-Score : -2.69 (As of Jun. 09, 2024)

View and export this data going back to 1992. Start your Free Trial

What is Thai Nam Plastic 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TNPC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.34 Med: -2.65 Max: -1.34
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Thai Nam Plastic PCL was -1.34. The lowest was -4.34. And the median was -2.65.

Thai Nam Plastic PCL Beneish M-Score Historical Data

The historical data trend for Thai Nam Plastic 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.

Thai Nam Plastic PCL Beneish M-Score Chart

Thai Nam Plastic PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.89

-2.85

-1.84

-1.81

-2.75

Thai Nam Plastic 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															-1.95	-1.91	-2.18	-2.75	-2.69

Competitive Comparison of Thai Nam Plastic PCL's Beneish M-Score

For the Auto Parts subindustry, Thai Nam Plastic 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.

Thai Nam Plastic PCL's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Thai Nam Plastic PCL's Beneish M-Score distribution charts can be found below:

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

Thai Nam Plastic 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 Thai Nam Plastic 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 * 0.8189

0.528 * 0.8304

0.404 * 0.8632

0.892 * 1.0534

0.115 * 1.4964

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9695

4.679 * -0.011673

0.327 * 0.8669

-2.69

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿285 Mil.
Revenue was 347.863 + 383.897 + 435.516 + 378.073 = ฿1,545 Mil.
Gross Profit was 39.234 + 85.78 + 78.509 + 93.31 = ฿297 Mil.
Total Current Assets was ฿909 Mil.
Total Assets was ฿1,461 Mil.
Property, Plant and Equipment(Net PPE) was ฿463 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿52 Mil.
Selling, General, & Admin. Expense(SGA) was ฿243 Mil.
Total Current Liabilities was ฿533 Mil.
Long-Term Debt & Capital Lease Obligation was ฿131 Mil.
Net Income was -13.231 + -3.395 + 31.371 + 21.698 = ฿36 Mil.
Non Operating Income was 15.415 + -22.208 + 14.387 + -5.141 = ฿2 Mil.
Cash Flow from Operations was -22.074 + 85.109 + -11.123 + -0.873 = ฿51 Mil.

Total Receivables was ฿330 Mil.
Revenue was 388.957 + 403.89 + 377.039 + 297.113 = ฿1,467 Mil.
Gross Profit was 58.798 + 48.885 + 76.472 + 49.842 = ฿234 Mil.
Total Current Assets was ฿856 Mil.
Total Assets was ฿1,249 Mil.
Property, Plant and Equipment(Net PPE) was ฿306 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿54 Mil.
Selling, General, & Admin. Expense(SGA) was ฿238 Mil.
Total Current Liabilities was ฿466 Mil.
Long-Term Debt & Capital Lease Obligation was ฿189 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)
	=	(284.663 / 1545.349)	/	(330.01 / 1466.999)
	=	0.184206	/	0.224956
	=	0.8189

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)
	=	(233.997 / 1466.999)	/	(296.833 / 1545.349)
	=	0.159507	/	0.192082
	=	0.8304

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 - (909.467 + 462.809) / 1460.532)	/	(1 - (855.519 + 305.584) / 1248.506)
	=	0.060427	/	0.070006
	=	0.8632

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
	=	1545.349	/	1466.999
	=	1.0534

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))
	=	(54.197 / (54.197 + 305.584))	/	(51.804 / (51.804 + 462.809))
	=	0.150639	/	0.100666
	=	1.4964

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)
	=	(243.363 / 1545.349)	/	(238.29 / 1466.999)
	=	0.157481	/	0.162434
	=	0.9695

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)
	=	((131.052 + 533.27) / 1460.532)	/	((189.086 + 466.016) / 1248.506)
	=	0.454849	/	0.524709
	=	0.8669

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
	=	(36.443 - 2.453	-	51.039)	/	1460.532
	=	-0.011673

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.

Thai Nam Plastic PCL has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

Thai Nam Plastic PCL Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Thai Nam Plastic PCL's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Thai Nam Plastic PCL (BKK:TNPC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Thai Nam Plastic PCL (BKK:TNPC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

40 Moo 7, Petchakasem Road, KM.23, Omnoi, Kratumban, Samutsakorn, THA, 74130

Website

https://www.thainam.com

Thai Nam Plastic PCL engages in the production and distribution of flexible plastic, synthetic leather, and car mat. The company produces both Polyvinyl chloride (PVC) and Non-PVC plastic products, such as Solid sheets and Synthetic leather used for making automotive interior parts, Sports shoes, Furniture, and Stationery. It operates through the Manufacturing of Plastic Parts of Automobile Industry Group and Other segments. The Manufacturing of Plastic Parts of Automobile Industry Group segment, which accounts for the majority of revenue, manufactures artificial leather and automobile rubber flooring. The Other segment produces various types of plastics both soft and rigid, rolls and plate. The group has a business presence in Thailand and other countries.

Thai Nam Plastic PCL (BKK:TNPC) Headlines

No Headlines