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Jet Optoelectronics Co (ROCO:2255) Beneish M-Score : -2.26 (As of May. 25, 2024)


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What is Jet Optoelectronics 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.

Good Sign:

Beneish M-Score -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:2255' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.19   Max: -1.67
Current: -2.26

During the past 6 years, the highest Beneish M-Score of Jet Optoelectronics Co was -1.67. The lowest was -2.87. And the median was -2.19.


Jet Optoelectronics Co Beneish M-Score Historical Data

The historical data trend for Jet Optoelectronics 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.

* Premium members only.

Jet Optoelectronics Co Beneish M-Score Chart

Jet Optoelectronics Co Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - -2.11 -1.67 -2.87 -2.26

Jet Optoelectronics Co Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.67 - -2.87 - -2.26

Competitive Comparison of Jet Optoelectronics Co's Beneish M-Score

For the Auto Parts subindustry, Jet Optoelectronics 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.


Jet Optoelectronics Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Jet Optoelectronics Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jet Optoelectronics Co's Beneish M-Score falls into.



Jet Optoelectronics 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 Jet Optoelectronics 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 * 0.9379+0.528 * 1.2861+0.404 * 1.1994+0.892 * 0.8953+0.115 * 0.6506
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0825+4.679 * 0.039456-0.327 * 0.9694
=-2.26

* 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$191 Mil.
Revenue was NT$2,743 Mil.
Gross Profit was NT$508 Mil.
Total Current Assets was NT$1,932 Mil.
Total Assets was NT$2,918 Mil.
Property, Plant and Equipment(Net PPE) was NT$955 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$138 Mil.
Selling, General, & Admin. Expense(SGA) was NT$298 Mil.
Total Current Liabilities was NT$1,210 Mil.
Long-Term Debt & Capital Lease Obligation was NT$389 Mil.
Net Income was NT$44 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$-71 Mil.
Total Receivables was NT$227 Mil.
Revenue was NT$3,064 Mil.
Gross Profit was NT$730 Mil.
Total Current Assets was NT$2,091 Mil.
Total Assets was NT$3,021 Mil.
Property, Plant and Equipment(Net PPE) was NT$903 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81 Mil.
Selling, General, & Admin. Expense(SGA) was NT$307 Mil.
Total Current Liabilities was NT$1,371 Mil.
Long-Term Debt & Capital Lease Obligation was NT$336 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)
=(190.544 / 2743.414) / (226.918 / 3064.132)
=0.069455 / 0.074056
=0.9379

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)
=(729.969 / 3064.132) / (508.169 / 2743.414)
=0.23823 / 0.185232
=1.2861

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 - (1931.681 + 955.425) / 2918.321) / (1 - (2090.954 + 902.698) / 3020.591)
=0.010696 / 0.008918
=1.1994

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
=2743.414 / 3064.132
=0.8953

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))
=(80.649 / (80.649 + 902.698)) / (137.806 / (137.806 + 955.425))
=0.082015 / 0.126054
=0.6506

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)
=(297.917 / 2743.414) / (307.376 / 3064.132)
=0.108594 / 0.100314
=1.0825

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)
=((388.956 + 1210.01) / 2918.321) / ((336.33 + 1370.964) / 3020.591)
=0.547906 / 0.565219
=0.9694

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
=(43.68 - 0 - -71.464) / 2918.321
=0.039456

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.

Jet Optoelectronics Co has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.


Jet Optoelectronics Co Beneish M-Score Related Terms

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Jet Optoelectronics Co (ROCO:2255) Business Description

Traded in Other Exchanges
N/A
Address
300 Yangguang Street, Neihu District, 7th Floor, Taipei, TWN, 11491
Jet Optoelectronics Co Ltd is engaged in the automotive electronics industry. It is focused on manufacturing in-car display and rear-seat entertainment systems. The product portfolio of the company includes Seat Top systems, Gooseneck systems, Headrest systems. Connected cars and In-car cam among others.

Jet Optoelectronics Co (ROCO:2255) Headlines

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