Tansun Technology Co Beneish M-Score Historical Data
The historical data trend for Tansun Technology 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.
Tansun Technology Co Beneish M-Score Chart
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Tansun Technology Co Annual Data
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-0.88 |
-1.53 |
-1.65 |
-3.03 |
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Tansun Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar24 |
| Beneish M-Score |
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-2.48 |
-2.60 |
-2.72 |
-3.03 |
-2.09 |
Competitive Comparison of Tansun Technology Co's Beneish M-Score
For the Information Technology Services subindustry, Tansun Technology 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.
Tansun Technology Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Tansun Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tansun Technology Co's Beneish M-Score falls into.
Tansun Technology 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 Tansun Technology Co 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 * 1.0438 | + | 0.528 * 0.9286 | + | 0.404 * 2.3126 | + | 0.892 * 0.9657 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0505 | + | 4.679 * -0.0228 | - | 0.327 * 0.9914 |
| = | -2.09 |
* 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 ¥1,818 Mil.
Revenue was 487.726 + 504.529 + 491.931 + 458.172 = ¥1,942 Mil.
Gross Profit was 156.533 + 131.403 + 155.728 + 127.175 = ¥571 Mil.
Total Current Assets was ¥3,186 Mil.
Total Assets was ¥4,139 Mil.
Property, Plant and Equipment(Net PPE) was ¥273 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥130 Mil.
Total Current Liabilities was ¥554 Mil.
Long-Term Debt & Capital Lease Obligation was ¥913 Mil.
Net Income was 91.023 + 55.219 + 38.952 + -5.38 = ¥180 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -268.121 + 355.169 + 135.008 + 52.125 = ¥274 Mil.
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Total Receivables was ¥1,803 Mil.
Revenue was 481.17 + 622.638 + 454.569 + 453.021 = ¥2,011 Mil.
Gross Profit was 140.725 + 103.899 + 146.625 + 157.684 = ¥549 Mil.
Total Current Assets was ¥3,689 Mil.
Total Assets was ¥4,099 Mil.
Property, Plant and Equipment(Net PPE) was ¥119 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥128 Mil.
Total Current Liabilities was ¥747 Mil.
Long-Term Debt & Capital Lease Obligation was ¥718 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) |
| = | (1817.75 / 1942.358) | / | (1803.369 / 2011.398) |
| = | 0.935847 | / | 0.896575 |
| | = | 1.0438 |
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) |
| = | (548.933 / 2011.398) | / | (570.839 / 1942.358) |
| = | 0.272911 | / | 0.29389 |
| | = | 0.9286 |
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 - (3186.064 + 272.619) / 4138.853) | / | (1 - (3689.098 + 118.641) / 4099.018) |
| = | 0.164338 | / | 0.071061 |
| | = | 2.3126 |
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 |
| = | 1942.358 | / | 2011.398 |
| | = | 0.9657 |
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)) |
| = | (0 / (0 + 118.641)) | / | (0 / (0 + 272.619)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (129.761 / 1942.358) | / | (127.916 / 2011.398) |
| = | 0.066806 | / | 0.063596 |
| | = | 1.0505 |
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) |
| = | ((912.981 + 553.629) / 4138.853) | / | ((717.968 + 747.059) / 4099.018) |
| = | 0.354352 | / | 0.357409 |
| | = | 0.9914 |
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 |
| = | (179.814 - 0 | - | 274.181) | / | 4138.853 |
| | = | -0.0228 |
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.
Tansun Technology Co has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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