Advanced International Multitech Co (ROCO:8938) Beneish M-Score : -3.86 (As of Apr. 29, 2024)

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What is Advanced International Multitech 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 -3.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:8938' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86 Med: -2.75 Max: -2.14
Current: -3.86

During the past 13 years, the highest Beneish M-Score of Advanced International Multitech Co was -2.14. The lowest was -3.86. And the median was -2.75.

Advanced International Multitech Co Beneish M-Score Historical Data

The historical data trend for Advanced International Multitech 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.

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Advanced International Multitech Co Beneish M-Score Chart

Advanced International Multitech Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.89

-2.68

-2.14

-2.26

-3.86

Advanced International Multitech Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.26	-2.88	-3.88	-4.02	-3.86

Competitive Comparison of Advanced International Multitech Co's Beneish M-Score

For the Leisure subindustry, Advanced International Multitech 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.

Advanced International Multitech Co's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Advanced International Multitech Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Advanced International Multitech Co's Beneish M-Score falls into.

Advanced International Multitech 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 Advanced International Multitech Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8989

0.528 * 1.2586

0.404 * 1.0067

0.892 * 0.6675

0.115 * 0.8314

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3158

4.679 * -0.228937

0.327 * 0.9434

-3.86

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was NT$3,059 Mil.
Revenue was 3627.014 + 2580.373 + 3108.328 + 4984.134 = NT$14,300 Mil.
Gross Profit was 551.402 + 485.828 + 435.834 + 836.633 = NT$2,310 Mil.
Total Current Assets was NT$8,795 Mil.
Total Assets was NT$13,445 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,372 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$813 Mil.
Selling, General, & Admin. Expense(SGA) was NT$795 Mil.
Total Current Liabilities was NT$5,269 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,346 Mil.
Net Income was 44.363 + -385.275 + 156.063 + 253.818 = NT$69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -500.625 + 413.591 + 2108.823 + 1125.325 = NT$3,147 Mil.

Total Receivables was NT$5,098 Mil.
Revenue was 5939.679 + 4981.604 + 5520.29 + 4981.212 = NT$21,423 Mil.
Gross Profit was 1395.975 + 996.184 + 1047.544 + 915.131 = NT$4,355 Mil.
Total Current Assets was NT$11,768 Mil.
Total Assets was NT$16,817 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,704 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$705 Mil.
Selling, General, & Admin. Expense(SGA) was NT$906 Mil.
Total Current Liabilities was NT$6,838 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,933 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)
	=	(3058.807 / 14299.849)	/	(5097.703 / 21422.785)
	=	0.213905	/	0.237957
	=	0.8989

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)
	=	(4354.834 / 21422.785)	/	(2309.697 / 14299.849)
	=	0.20328	/	0.161519
	=	1.2586

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 - (8794.789 + 4372.498) / 13445.364)	/	(1 - (11767.53 + 4704.349) / 16817.395)
	=	0.020682	/	0.020545
	=	1.0067

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
	=	14299.849	/	21422.785
	=	0.6675

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))
	=	(705.011 / (705.011 + 4704.349))	/	(812.892 / (812.892 + 4372.498))
	=	0.130332	/	0.156766
	=	0.8314

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)
	=	(795.404 / 14299.849)	/	(905.586 / 21422.785)
	=	0.055623	/	0.042272
	=	1.3158

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)
	=	((1345.962 + 5269.272) / 13445.364)	/	((1932.656 + 6838.185) / 16817.395)
	=	0.492009	/	0.521534
	=	0.9434

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
	=	(68.969 - 0	-	3147.114)	/	13445.364
	=	-0.228937

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.

Advanced International Multitech Co has a M-score of -3.86 suggests that the company is unlikely to be a manipulator.

Advanced International Multitech Co Beneish M-Score Related Terms

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Advanced International Multitech Co (ROCO:8938) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Advanced International Multitech Co Ltd (ROCO:8938) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 26 , Zhonglin Road, Lin Hai Industrial District, Xiaogang District, Kaohsiung City, TWN

Website

https://www.adgroup.com.tw

Advanced International Multitech Co Ltd is a Taiwan-based company. Along with its subsidiaries, the firm is engaged in the manufacturing, processing, trading, import, and export of carbon fiber prepackaged materials, and carbon fiber products, golf ball, composites, and bicycle parts. Its product portfolio includes golf club heads, graphite shafts, golf club sets, golf balls, putters, and carbon fiber components for bicycles, such as forks, frames, aviation products, and composite materials. It also manufactures carbon fiber bicycles under its own brand DIZO.

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