Siliconware Precision Industries Co (Siliconware Precision Industries Co) Beneish M-Score : 0.00 (As of May. 14, 2024)

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What is Siliconware Precision Industries Co 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.

The historical rank and industry rank for Siliconware Precision Industries Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Siliconware Precision Industries Co was 0.00. The lowest was 0.00. And the median was 0.00.

Siliconware Precision Industries Co Beneish M-Score Historical Data

The historical data trend for Siliconware Precision Industries 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.

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Siliconware Precision Industries Co Beneish M-Score Chart

Siliconware Precision Industries Co Annual Data

Trend

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Beneish M-Score

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-2.96

-2.95

-3.27

-2.87

-2.82

Siliconware Precision Industries Co Quarterly Data
	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18
Beneish M-Score	Get a 7-Day Free Trial															-2.84	-2.93	-2.87	-2.82	-2.97

Competitive Comparison of Siliconware Precision Industries Co's Beneish M-Score

For the Semiconductors subindustry, Siliconware Precision Industries 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.

Siliconware Precision Industries Co's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Siliconware Precision Industries Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Siliconware Precision Industries Co's Beneish M-Score falls into.

Siliconware Precision Industries 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 Siliconware Precision Industries Co 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 * 0.9533

0.528 * 1.1577

0.404 * 1.0036

0.892 * 1.0271

0.115 * 0.8739

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9665

4.679 * -0.109984

0.327 * 0.9292

-2.91

This Year (Mar18) TTM:

Last Year (Mar17) TTM:

Total Receivables was $496 Mil.
Revenue was 647.716 + 721.854 + 728.676 + 674.983 = $2,773 Mil.
Gross Profit was 102.559 + 149.735 + 159.797 + 124.171 = $536 Mil.
Total Current Assets was $1,879 Mil.
Total Assets was $4,352 Mil.
Property, Plant and Equipment(Net PPE) was $2,158 Mil.
Depreciation, Depletion and Amortization(DDA) was $503 Mil.
Selling, General, & Admin. Expense(SGA) was $138 Mil.
Total Current Liabilities was $1,362 Mil.
Long-Term Debt & Capital Lease Obligation was $402 Mil.
Net Income was 9.058 + 45.238 + 88.342 + 71.321 = $214 Mil.
Non Operating Income was -25.198 + -16.429 + 6.436 + 35.551 = $0 Mil.
Cash Flow from Operations was 145.627 + 210.717 + 189.16 + 146.706 = $692 Mil.

Total Receivables was $507 Mil.
Revenue was 637.925 + 693.036 + 697.961 + 671.205 = $2,700 Mil.
Gross Profit was 122.574 + 163.366 + 160.649 + 157.852 = $604 Mil.
Total Current Assets was $1,551 Mil.
Total Assets was $3,990 Mil.
Property, Plant and Equipment(Net PPE) was $2,152 Mil.
Depreciation, Depletion and Amortization(DDA) was $426 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $1,239 Mil.
Long-Term Debt & Capital Lease Obligation was $501 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)
	=	(496.205 / 2773.229)	/	(506.808 / 2700.127)
	=	0.178927	/	0.187698
	=	0.9533

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)
	=	(604.441 / 2700.127)	/	(536.262 / 2773.229)
	=	0.223857	/	0.193371
	=	1.1577

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 - (1879.048 + 2158.016) / 4351.635)	/	(1 - (1550.818 + 2152.199) / 3990.436)
	=	0.072288	/	0.072027
	=	1.0036

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
	=	2773.229	/	2700.127
	=	1.0271

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))
	=	(425.983 / (425.983 + 2152.199))	/	(503.133 / (503.133 + 2158.016))
	=	0.165226	/	0.189066
	=	0.8739

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)
	=	(138.458 / 2773.229)	/	(139.487 / 2700.127)
	=	0.049927	/	0.051659
	=	0.9665

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)
	=	((401.643 + 1361.559) / 4351.635)	/	((500.511 + 1239.446) / 3990.436)
	=	0.405182	/	0.436032
	=	0.9292

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
	=	(213.959 - 0.36	-	692.21)	/	4351.635
	=	-0.109984

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.

Siliconware Precision Industries Co has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.

Siliconware Precision Industries Co Beneish M-Score Related Terms

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Siliconware Precision Industries Co (Siliconware Precision Industries Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Siliconware Precision Industries Co Ltd (NAS:SPIL) » Definitions » Beneish M-Score

Comparable Companies

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Address

Website

http://www.spil.com.tw

Siliconware Precision Industries is a leading subcontractor of outsourced assembly and testing services for the semiconductor industry. The company was founded in Taiwan in 1984 and went public in the U.S. through the issuance of ADRs in 2000. Its cost management, disciplined capital spending, and strong balance sheet have set it apart from most of its peers.

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