Acer Synergy Tech Beneish M-Score Historical Data
The historical data trend for Acer Synergy 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.
Acer Synergy Tech Beneish M-Score Chart
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Acer Synergy Tech Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.36 |
-1.13 |
-0.38 |
-2.61 |
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Acer Synergy Tech Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.17 |
-2.05 |
-2.48 |
-2.61 |
-1.79 |
Competitive Comparison of Acer Synergy Tech's Beneish M-Score
For the Information Technology Services subindustry, Acer Synergy 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.
Acer Synergy Tech's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Acer Synergy Tech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acer Synergy Tech's Beneish M-Score falls into.
Acer Synergy 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 Acer Synergy 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 * 1.2702 | + | 0.528 * 1.0095 | + | 0.404 * 0.8047 | + | 0.892 * 1.1505 | + | 0.115 * 0.4299 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3535 | + | 4.679 * 0.100847 | - | 0.327 * 0.8791 |
| = | -1.79 |
* 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$639 Mil.
Revenue was 400.174 + 440.533 + 460.34 + 417.934 = NT$1,719 Mil.
Gross Profit was 53.782 + 83.515 + 77.684 + 75 = NT$290 Mil.
Total Current Assets was NT$1,219 Mil.
Total Assets was NT$1,771 Mil.
Property, Plant and Equipment(Net PPE) was NT$183 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$180 Mil.
Total Current Liabilities was NT$500 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1 Mil.
Net Income was 1.398 + 12.234 + 12.327 + 17.015 = NT$43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -226.953 + 32.753 + 81.302 + -22.699 = NT$-136 Mil.
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Total Receivables was NT$437 Mil.
Revenue was 419.712 + 390.793 + 330.619 + 353.045 = NT$1,494 Mil.
Gross Profit was 90.658 + 70.452 + 46.236 + 47.11 = NT$254 Mil.
Total Current Assets was NT$882 Mil.
Total Assets was NT$1,434 Mil.
Property, Plant and Equipment(Net PPE) was NT$182 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$8 Mil.
Selling, General, & Admin. Expense(SGA) was NT$116 Mil.
Total Current Liabilities was NT$450 Mil.
Long-Term Debt & Capital Lease Obligation was NT$11 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) |
| = | (639.029 / 1718.981) | / | (437.289 / 1494.169) |
| = | 0.371749 | / | 0.292664 |
| | = | 1.2702 |
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) |
| = | (254.456 / 1494.169) | / | (289.981 / 1718.981) |
| = | 0.170299 | / | 0.168694 |
| | = | 1.0095 |
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 - (1219.296 + 183.45) / 1770.714) | / | (1 - (882.058 + 181.87) / 1434.353) |
| = | 0.207808 | / | 0.258252 |
| | = | 0.8047 |
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 |
| = | 1718.981 | / | 1494.169 |
| | = | 1.1505 |
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)) |
| = | (7.836 / (7.836 + 181.87)) | / | (19.501 / (19.501 + 183.45)) |
| = | 0.041306 | / | 0.096087 |
| | = | 0.4299 |
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) |
| = | (180.379 / 1718.981) | / | (115.838 / 1494.169) |
| = | 0.104934 | / | 0.077527 |
| | = | 1.3535 |
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) |
| = | ((1.131 + 499.938) / 1770.714) | / | ((11.372 + 450.316) / 1434.353) |
| = | 0.282976 | / | 0.321879 |
| | = | 0.8791 |
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 |
| = | (42.974 - 0 | - | -135.597) | / | 1770.714 |
| | = | 0.100847 |
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.
Acer Synergy Tech has a M-score of -1.79 suggests that the company is unlikely to be a manipulator.
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