S-Tech Beneish M-Score Historical Data
The historical data trend for S-Tech'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.
S-Tech Beneish M-Score Chart
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S-Tech Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.16 |
-1.84 |
-3.13 |
-0.92 |
-1.36 |
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S-Tech Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Mar24 |
| Beneish M-Score |
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-1.36 |
-0.90 |
-1.47 |
-1.64 |
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Competitive Comparison of S-Tech's Beneish M-Score
For the Metal Fabrication subindustry, S-Tech'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.
S-Tech's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, S-Tech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where S-Tech's Beneish M-Score falls into.
S-Tech 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 S-Tech 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 * 1.3803 | + | 0.528 * 1.0741 | + | 0.404 * 0.8142 | + | 0.892 * 1.443 | + | 0.115 * 1.4689 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0314 | + | 4.679 * 0.037248 | - | 0.327 * 0.5957 |
| = | -1.42 |
* 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 (Dec22) TTM: |
Total Receivables was NT$820 Mil.
Revenue was 592.832 + 679.449 + 659.151 + 624.399 = NT$2,556 Mil.
Gross Profit was 89.683 + 96.208 + 90.656 + 61.22 = NT$338 Mil.
Total Current Assets was NT$3,271 Mil.
Total Assets was NT$5,417 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,777 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$118 Mil.
Selling, General, & Admin. Expense(SGA) was NT$154 Mil.
Total Current Liabilities was NT$533 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,034 Mil.
Net Income was 58.485 + 85.551 + 78.848 + 50.445 = NT$273 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 42.146 + -125.566 + 93.593 + 61.371 = NT$72 Mil.
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Total Receivables was NT$412 Mil.
Revenue was 587.957 + 434.819 + 415.862 + 332.586 = NT$1,771 Mil.
Gross Profit was 62.032 + 69.216 + 69.967 + 50.199 = NT$251 Mil.
Total Current Assets was NT$2,769 Mil.
Total Assets was NT$4,080 Mil.
Property, Plant and Equipment(Net PPE) was NT$970 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$98 Mil.
Selling, General, & Admin. Expense(SGA) was NT$104 Mil.
Total Current Liabilities was NT$892 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,088 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) |
| = | (819.978 / 2555.831) | / | (411.694 / 1771.224) |
| = | 0.320826 | / | 0.232435 |
| | = | 1.3803 |
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) |
| = | (251.414 / 1771.224) | / | (337.767 / 2555.831) |
| = | 0.141944 | / | 0.132155 |
| | = | 1.0741 |
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 - (3271.187 + 1777.437) / 5417.386) | / | (1 - (2768.988 + 969.608) / 4079.669) |
| = | 0.06807 | / | 0.083603 |
| | = | 0.8142 |
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 |
| = | 2555.831 | / | 1771.224 |
| | = | 1.443 |
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)) |
| = | (97.941 / (97.941 + 969.608)) | / | (118.411 / (118.411 + 1777.437)) |
| = | 0.091744 | / | 0.062458 |
| | = | 1.4689 |
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) |
| = | (154.38 / 2555.831) | / | (103.727 / 1771.224) |
| = | 0.060403 | / | 0.058562 |
| | = | 1.0314 |
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) |
| = | ((1033.614 + 532.775) / 5417.386) | / | ((1088.268 + 891.766) / 4079.669) |
| = | 0.289141 | / | 0.485342 |
| | = | 0.5957 |
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 |
| = | (273.329 - 0 | - | 71.544) | / | 5417.386 |
| | = | 0.037248 |
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.
S-Tech has a M-score of -1.42 signals that the company is likely to be a manipulator.
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