Comtrend Beneish M-Score Historical Data
The historical data trend for Comtrend'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.
Comtrend Beneish M-Score Chart
|
Comtrend Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
- |
-3.21 |
0.13 |
-2.53 |
-2.78 |
|
Comtrend Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.11 |
-2.03 |
-2.24 |
-2.78 |
16.54 |
Competitive Comparison of Comtrend's Beneish M-Score
For the Communication Equipment subindustry, Comtrend'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.
Comtrend's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Comtrend's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comtrend's Beneish M-Score falls into.
Comtrend 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 Comtrend 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 * 20.444 | + | 0.528 * 0.9411 | + | 0.404 * 5.4709 | + | 0.892 * 0.7781 | + | 0.115 * 1.6702 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2434 | + | 4.679 * -0.045715 | - | 0.327 * 1.8028 |
| = | 16.54 |
* 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$2,463 Mil.
Revenue was 1724.632 + 173.104 + 279.47 + 240.289 = NT$2,417 Mil.
Gross Profit was 940.02 + 37.182 + 90.376 + 27.921 = NT$1,095 Mil.
Total Current Assets was NT$16,826 Mil.
Total Assets was NT$21,418 Mil.
Property, Plant and Equipment(Net PPE) was NT$400 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$42 Mil.
Selling, General, & Admin. Expense(SGA) was NT$833 Mil.
Total Current Liabilities was NT$10,961 Mil.
Long-Term Debt & Capital Lease Obligation was NT$12 Mil.
Net Income was 256.072 + -111.783 + -37.476 + -89.672 = NT$17 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 959.741 + -148.351 + -88.869 + 273.717 = NT$996 Mil.
|
Total Receivables was NT$155 Mil.
Revenue was 1659.573 + 484.09 + 552.303 + 410.782 = NT$3,107 Mil.
Gross Profit was 890.616 + 151.996 + 166.033 + 116.23 = NT$1,325 Mil.
Total Current Assets was NT$1,257 Mil.
Total Assets was NT$1,624 Mil.
Property, Plant and Equipment(Net PPE) was NT$309 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$59 Mil.
Selling, General, & Admin. Expense(SGA) was NT$861 Mil.
Total Current Liabilities was NT$251 Mil.
Long-Term Debt & Capital Lease Obligation was NT$210 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) |
| = | (2462.712 / 2417.495) | / | (154.807 / 3106.748) |
| = | 1.018704 | / | 0.049829 |
| | = | 20.444 |
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) |
| = | (1324.875 / 3106.748) | / | (1095.499 / 2417.495) |
| = | 0.426451 | / | 0.453155 |
| | = | 0.9411 |
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 - (16826.043 + 399.799) / 21417.511) | / | (1 - (1257.41 + 308.839) / 1624.357) |
| = | 0.195712 | / | 0.035773 |
| | = | 5.4709 |
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 |
| = | 2417.495 | / | 3106.748 |
| | = | 0.7781 |
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)) |
| = | (58.95 / (58.95 + 308.839)) | / | (42.441 / (42.441 + 399.799)) |
| = | 0.160282 | / | 0.095968 |
| | = | 1.6702 |
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) |
| = | (832.883 / 2417.495) | / | (860.828 / 3106.748) |
| = | 0.344523 | / | 0.277083 |
| | = | 1.2434 |
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) |
| = | ((12.194 + 10960.9) / 21417.511) | / | ((210.302 + 251.328) / 1624.357) |
| = | 0.512342 | / | 0.284192 |
| | = | 1.8028 |
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 |
| = | (17.141 - 0 | - | 996.238) | / | 21417.511 |
| | = | -0.045715 |
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.
Comtrend has a M-score of 16.54 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ROCO:8089 has been successfully added to your