Cubtek Beneish M-Score Historical Data
The historical data trend for Cubtek'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.
Cubtek Beneish M-Score Chart
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Cubtek Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
4.50 |
-2.02 |
-2.53 |
-3.12 |
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Cubtek Semi-Annual Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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|
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-2.02 |
- |
-2.53 |
- |
-3.12 |
Competitive Comparison of Cubtek's Beneish M-Score
For the Auto Parts subindustry, Cubtek'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.
Cubtek's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cubtek's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cubtek's Beneish M-Score falls into.
Cubtek 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 Cubtek 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 * 0.7865 | + | 0.528 * 0.6842 | + | 0.404 * 0.5839 | + | 0.892 * 1.8705 | + | 0.115 * 0.8255 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6 | + | 4.679 * -0.194409 | - | 0.327 * 1.0625 |
| = | -3.12 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$182.6 Mil.
Revenue was NT$613.1 Mil.
Gross Profit was NT$93.8 Mil.
Total Current Assets was NT$672.4 Mil.
Total Assets was NT$1,039.7 Mil.
Property, Plant and Equipment(Net PPE) was NT$82.0 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$80.0 Mil.
Selling, General, & Admin. Expense(SGA) was NT$143.6 Mil.
Total Current Liabilities was NT$479.3 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0.1 Mil.
Net Income was NT$-284.6 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$-82.5 Mil.
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Total Receivables was NT$124.1 Mil.
Revenue was NT$327.8 Mil.
Gross Profit was NT$34.3 Mil.
Total Current Assets was NT$498.5 Mil.
Total Assets was NT$1,170.3 Mil.
Property, Plant and Equipment(Net PPE) was NT$121.9 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$83.9 Mil.
Selling, General, & Admin. Expense(SGA) was NT$127.9 Mil.
Total Current Liabilities was NT$341.2 Mil.
Long-Term Debt & Capital Lease Obligation was NT$166.7 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) |
| = | (182.611 / 613.118) | / | (124.132 / 327.775) |
| = | 0.29784 | / | 0.378711 |
| | = | 0.7865 |
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) |
| = | (34.303 / 327.775) | / | (93.778 / 613.118) |
| = | 0.104654 | / | 0.152953 |
| | = | 0.6842 |
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 - (672.446 + 81.951) / 1039.678) | / | (1 - (498.454 + 121.857) / 1170.323) |
| = | 0.274394 | / | 0.469966 |
| | = | 0.5839 |
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 |
| = | 613.118 | / | 327.775 |
| | = | 1.8705 |
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)) |
| = | (83.939 / (83.939 + 121.857)) | / | (80.04 / (80.04 + 81.951)) |
| = | 0.407875 | / | 0.494102 |
| | = | 0.8255 |
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) |
| = | (143.591 / 613.118) | / | (127.934 / 327.775) |
| = | 0.234198 | / | 0.39031 |
| | = | 0.6 |
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) |
| = | ((0.099 + 479.317) / 1039.678) | / | ((166.696 + 341.224) / 1170.323) |
| = | 0.46112 | / | 0.434 |
| | = | 1.0625 |
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 |
| = | (-284.594 - 0 | - | -82.471) | / | 1039.678 |
| | = | -0.194409 |
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.
Cubtek has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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