Acter Group Beneish M-Score Historical Data
The historical data trend for Acter Group'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.
Acter Group Beneish M-Score Chart
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Acter Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.17 |
-2.11 |
-1.74 |
-2.11 |
-2.89 |
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Acter Group 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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-2.53 |
-2.71 |
-2.68 |
-2.89 |
-2.83 |
Competitive Comparison of Acter Group's Beneish M-Score
For the Engineering & Construction subindustry, Acter Group'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.
Acter Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Acter Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acter Group's Beneish M-Score falls into.
Acter Group 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 Acter Group 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 * 1.0214 | + | 0.528 * 0.8772 | + | 0.404 * 1.6379 | + | 0.892 * 0.8763 | + | 0.115 * 0.9054 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3254 | + | 4.679 * -0.088422 | - | 0.327 * 0.9232 |
| = | -2.83 |
* 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$10,996 Mil.
Revenue was 5476.735 + 6624.026 + 6463.08 + 6396.961 = NT$24,961 Mil.
Gross Profit was 1137.263 + 1227.454 + 1237.725 + 1347.487 = NT$4,950 Mil.
Total Current Assets was NT$24,631 Mil.
Total Assets was NT$27,740 Mil.
Property, Plant and Equipment(Net PPE) was NT$946 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$179 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,360 Mil.
Total Current Liabilities was NT$13,841 Mil.
Long-Term Debt & Capital Lease Obligation was NT$68 Mil.
Net Income was 427.808 + 343.539 + 507.61 + 539.938 = NT$1,819 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 621.8 + 1725.388 + 709.815 + 1214.727 = NT$4,272 Mil.
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Total Receivables was NT$12,286 Mil.
Revenue was 5576.674 + 8025.86 + 8337.961 + 6543.367 = NT$28,484 Mil.
Gross Profit was 1105.082 + 1507.577 + 1297.914 + 1044.359 = NT$4,955 Mil.
Total Current Assets was NT$23,359 Mil.
Total Assets was NT$25,476 Mil.
Property, Plant and Equipment(Net PPE) was NT$904 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$152 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,171 Mil.
Total Current Liabilities was NT$12,975 Mil.
Long-Term Debt & Capital Lease Obligation was NT$862 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) |
| = | (10996.065 / 24960.802) | / | (12285.701 / 28483.862) |
| = | 0.440533 | / | 0.431321 |
| | = | 1.0214 |
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) |
| = | (4954.932 / 28483.862) | / | (4949.929 / 24960.802) |
| = | 0.173956 | / | 0.198308 |
| | = | 0.8772 |
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 - (24630.527 + 945.735) / 27740.103) | / | (1 - (23358.555 + 904.481) / 25476.36) |
| = | 0.078004 | / | 0.047625 |
| | = | 1.6379 |
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 |
| = | 24960.802 | / | 28483.862 |
| | = | 0.8763 |
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)) |
| = | (152.14 / (152.14 + 904.481)) | / | (178.835 / (178.835 + 945.735)) |
| = | 0.143987 | / | 0.159025 |
| | = | 0.9054 |
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) |
| = | (1360.052 / 24960.802) | / | (1171.014 / 28483.862) |
| = | 0.054488 | / | 0.041111 |
| | = | 1.3254 |
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) |
| = | ((68.348 + 13841.143) / 27740.103) | / | ((861.97 + 12975.368) / 25476.36) |
| = | 0.501422 | / | 0.543144 |
| | = | 0.9232 |
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 |
| = | (1818.895 - 0 | - | 4271.73) | / | 27740.103 |
| | = | -0.088422 |
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.
Acter Group has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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