Thai Kin Co Beneish M-Score Historical Data
The historical data trend for Thai Kin Co'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.
Thai Kin Co Beneish M-Score Chart
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Thai Kin Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.62 |
-3.04 |
-2.62 |
-2.13 |
-2.64 |
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Thai Kin Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.84 |
-2.83 |
-2.76 |
-2.64 |
-1.73 |
Competitive Comparison of Thai Kin Co's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Thai Kin Co'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 Kin Co's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Thai Kin Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Kin Co's Beneish M-Score falls into.
Thai Kin Co 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 Kin Co 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 * 1.6966 | + | 0.528 * 0.7279 | + | 0.404 * 0.9215 | + | 0.892 * 1.0872 | + | 0.115 * 0.8687 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9548 | + | 4.679 * 0.025585 | - | 0.327 * 0.698 |
| = | -1.73 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$332 Mil.
Revenue was 421.666 + 333.162 + 323.292 + 295.933 = NT$1,374 Mil.
Gross Profit was 154.224 + 73.525 + 90.898 + 64.768 = NT$383 Mil.
Total Current Assets was NT$980 Mil.
Total Assets was NT$1,470 Mil.
Property, Plant and Equipment(Net PPE) was NT$445 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$63 Mil.
Selling, General, & Admin. Expense(SGA) was NT$76 Mil.
Total Current Liabilities was NT$338 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
Net Income was 130.704 + 29.675 + 64.046 + 49.289 = NT$274 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 72.741 + 101.961 + 33.621 + 27.769 = NT$236 Mil.
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Total Receivables was NT$180 Mil.
Revenue was 232.195 + 282.305 + 391.367 + 357.964 = NT$1,264 Mil.
Gross Profit was 49.046 + 47.324 + 103.328 + 56.988 = NT$257 Mil.
Total Current Assets was NT$939 Mil.
Total Assets was NT$1,480 Mil.
Property, Plant and Equipment(Net PPE) was NT$491 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$59 Mil.
Selling, General, & Admin. Expense(SGA) was NT$74 Mil.
Total Current Liabilities was NT$489 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 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) |
| = | (331.509 / 1374.053) | / | (179.72 / 1263.831) |
| = | 0.241264 | / | 0.142203 |
| | = | 1.6966 |
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) |
| = | (256.686 / 1263.831) | / | (383.415 / 1374.053) |
| = | 0.203102 | / | 0.279039 |
| | = | 0.7279 |
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 - (979.699 + 445.074) / 1470.473) | / | (1 - (939.002 + 490.813) / 1479.721) |
| = | 0.031078 | / | 0.033727 |
| | = | 0.9215 |
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 |
| = | 1374.053 | / | 1263.831 |
| | = | 1.0872 |
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)) |
| = | (58.879 / (58.879 + 490.813)) | / | (62.599 / (62.599 + 445.074)) |
| = | 0.107113 | / | 0.123306 |
| | = | 0.8687 |
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) |
| = | (76.497 / 1374.053) | / | (73.69 / 1263.831) |
| = | 0.055673 | / | 0.058307 |
| | = | 0.9548 |
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) |
| = | ((0.45 + 338.493) / 1470.473) | / | ((0 + 488.661) / 1479.721) |
| = | 0.230499 | / | 0.330239 |
| | = | 0.698 |
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 |
| = | (273.714 - 0 | - | 236.092) | / | 1470.473 |
| | = | 0.025585 |
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 Kin Co has a M-score of -1.73 signals that the company is likely to be a manipulator.
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