Tatung System Technologies Beneish M-Score Historical Data
The historical data trend for Tatung System Technologies'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.
Tatung System Technologies Beneish M-Score Chart
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Tatung System Technologies Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.20 |
-2.79 |
-2.16 |
-2.56 |
-2.14 |
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Tatung System Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Mar24 |
| Beneish M-Score |
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-2.14 |
-2.45 |
-3.38 |
-2.95 |
-3.11 |
Competitive Comparison of Tatung System Technologies's Beneish M-Score
For the Information Technology Services subindustry, Tatung System Technologies'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.
Tatung System Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Tatung System Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tatung System Technologies's Beneish M-Score falls into.
Tatung System Technologies 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 Tatung System Technologies 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 * 0.8481 | + | 0.528 * 0.9343 | + | 0.404 * 0.9416 | + | 0.892 * 0.9123 | + | 0.115 * 1.0903 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1299 | + | 4.679 * -0.085367 | - | 0.327 * 0.8347 |
| = | -3.11 |
* 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 (Dec22) TTM: |
Total Receivables was NT$891 Mil.
Revenue was 906.212 + 1017.803 + 985.35 + 1056.141 = NT$3,966 Mil.
Gross Profit was 209.495 + 219.344 + 227.98 + 214.008 = NT$871 Mil.
Total Current Assets was NT$2,287 Mil.
Total Assets was NT$2,979 Mil.
Property, Plant and Equipment(Net PPE) was NT$246 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$140 Mil.
Selling, General, & Admin. Expense(SGA) was NT$633 Mil.
Total Current Liabilities was NT$1,235 Mil.
Long-Term Debt & Capital Lease Obligation was NT$116 Mil.
Net Income was 49.794 + 41.181 + 39.677 + 30.374 = NT$161 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 88.571 + -13.2 + 301.666 + 38.324 = NT$415 Mil.
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Total Receivables was NT$1,151 Mil.
Revenue was 1193.991 + 1035.81 + 998.875 + 1117.964 = NT$4,347 Mil.
Gross Profit was 269.979 + 208.147 + 208.861 + 204.86 = NT$892 Mil.
Total Current Assets was NT$2,641 Mil.
Total Assets was NT$3,409 Mil.
Property, Plant and Equipment(Net PPE) was NT$227 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$148 Mil.
Selling, General, & Admin. Expense(SGA) was NT$614 Mil.
Total Current Liabilities was NT$1,792 Mil.
Long-Term Debt & Capital Lease Obligation was NT$60 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) |
| = | (890.692 / 3965.506) | / | (1151.146 / 4346.64) |
| = | 0.22461 | / | 0.264836 |
| | = | 0.8481 |
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) |
| = | (891.847 / 4346.64) | / | (870.827 / 3965.506) |
| = | 0.205181 | / | 0.2196 |
| | = | 0.9343 |
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 - (2287.28 + 246.265) / 2979.312) | / | (1 - (2640.51 + 227.18) / 3409.474) |
| = | 0.149621 | / | 0.158905 |
| | = | 0.9416 |
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 |
| = | 3965.506 | / | 4346.64 |
| | = | 0.9123 |
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)) |
| = | (148.366 / (148.366 + 227.18)) | / | (139.937 / (139.937 + 246.265)) |
| = | 0.395067 | / | 0.362341 |
| | = | 1.0903 |
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) |
| = | (632.871 / 3965.506) | / | (613.93 / 4346.64) |
| = | 0.159594 | / | 0.141242 |
| | = | 1.1299 |
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) |
| = | ((116.316 + 1234.522) / 2979.312) | / | ((59.772 + 1792.275) / 3409.474) |
| = | 0.453406 | / | 0.543206 |
| | = | 0.8347 |
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 |
| = | (161.026 - 0 | - | 415.361) | / | 2979.312 |
| | = | -0.085367 |
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.
Tatung System Technologies has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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