Thai Plaspac PCL (BKK:TPAC) Beneish M-Score : -2.68 (As of May. 29, 2024)

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What is Thai Plaspac 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TPAC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.56 Max: -0.46
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Thai Plaspac PCL was -0.46. The lowest was -3.25. And the median was -2.56.

Thai Plaspac PCL Beneish M-Score Historical Data

The historical data trend for Thai Plaspac 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 Plaspac PCL Beneish M-Score Chart

Thai Plaspac PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.79

-3.12

-2.25

-2.61

-2.98

Thai Plaspac 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															-2.83	-3.21	-3.05	-2.98	-2.68

Competitive Comparison of Thai Plaspac PCL's Beneish M-Score

For the Packaging & Containers subindustry, Thai Plaspac 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 Plaspac PCL's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Thai Plaspac PCL's Beneish M-Score distribution charts can be found below:

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

Thai Plaspac 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 Plaspac 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 * 1.2562

0.528 * 0.7973

0.404 * 0.8855

0.892 * 0.968

0.115 * 1.1242

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1828

4.679 * -0.051616

0.327 * 0.9731

-2.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿1,631 Mil.
Revenue was 1841.876 + 1713.942 + 1697.224 + 1644.412 = ฿6,897 Mil.
Gross Profit was 422.883 + 367.618 + 382.016 + 345.815 = ฿1,518 Mil.
Total Current Assets was ฿2,636 Mil.
Total Assets was ฿8,086 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿512 Mil.
Selling, General, & Admin. Expense(SGA) was ฿785 Mil.
Total Current Liabilities was ฿2,403 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,634 Mil.
Net Income was 136.424 + 93.697 + 143.34 + 114.315 = ฿488 Mil.
Non Operating Income was 3.583 + -1.956 + 3.846 + 3.751 = ฿9 Mil.
Cash Flow from Operations was 79.72 + 345.107 + 171.039 + 300.076 = ฿896 Mil.

Total Receivables was ฿1,342 Mil.
Revenue was 1748.542 + 1752.654 + 1834.214 + 1790.301 = ฿7,126 Mil.
Gross Profit was 365.081 + 326.503 + 306.519 + 252.459 = ฿1,251 Mil.
Total Current Assets was ฿2,250 Mil.
Total Assets was ฿7,201 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,478 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿487 Mil.
Selling, General, & Admin. Expense(SGA) was ฿686 Mil.
Total Current Liabilities was ฿1,897 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,797 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)
	=	(1631.205 / 6897.454)	/	(1341.509 / 7125.711)
	=	0.236494	/	0.188263
	=	1.2562

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)
	=	(1250.562 / 7125.711)	/	(1518.332 / 6897.454)
	=	0.1755	/	0.220129
	=	0.7973

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 - (2635.733 + 2991.773) / 8086.439)	/	(1 - (2250.319 + 2478.157) / 7201.377)
	=	0.304081	/	0.343393
	=	0.8855

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
	=	6897.454	/	7125.711
	=	0.968

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))
	=	(486.696 / (486.696 + 2478.157))	/	(511.578 / (511.578 + 2991.773))
	=	0.164155	/	0.146025
	=	1.1242

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)
	=	(784.896 / 6897.454)	/	(685.532 / 7125.711)
	=	0.113795	/	0.096205
	=	1.1828

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)
	=	((1633.749 + 2402.722) / 8086.439)	/	((1797.217 + 1896.709) / 7201.377)
	=	0.499165	/	0.512947
	=	0.9731

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
	=	(487.776 - 9.224	-	895.942)	/	8086.439
	=	-0.051616

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 Plaspac PCL has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

Thai Plaspac PCL Beneish M-Score Related Terms

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Thai Plaspac PCL (BKK:TPAC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Thai Plaspac PCL (BKK:TPAC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Bang Khun Thian-Chay Thalae Road, 3/2 Soi Thian Thalae 15, Thakham, Bang Khun Thian, Bangkok, THA, 10150

Website

http://www.thaiplaspac.com

Thai Plaspac PCL is a Thailand based company that operates in the plastic packaging business. The activity of the group includes the manufacturing and distribution of plastic packaging materials. It offers a wide range of manufacturing capabilities, ranging from packaging design, injection-molding, blow-molding, injection/blow-molding, in-line inspections, and quality assurance. It serves the food, daily products, consumer-household and other sectors. Geographically, the firm has a business presence in Thailand and Other overseas countries.

Thai Plaspac PCL (BKK:TPAC) Headlines

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