Unitech Printed Circuit Board (TPE:2367) Beneish M-Score : -2.58 (As of Jun. 04, 2024)

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What is Unitech Printed Circuit Board 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Unitech Printed Circuit Board's Beneish M-Score or its related term are showing as below:

TPE:2367' s Beneish M-Score Range Over the Past 10 Years
Min: -489.19 Med: -2.84 Max: -1.4
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Unitech Printed Circuit Board was -1.40. The lowest was -489.19. And the median was -2.84.

Unitech Printed Circuit Board Beneish M-Score Historical Data

The historical data trend for Unitech Printed Circuit Board'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.

* Premium members only.

Unitech Printed Circuit Board Beneish M-Score Chart

Unitech Printed Circuit Board Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.01

-489.19

-2.92

-3.06

-2.74

Unitech Printed Circuit Board 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															-3.22	-3.11	-3.19	-2.74	-2.58

Competitive Comparison of Unitech Printed Circuit Board's Beneish M-Score

For the Electronic Components subindustry, Unitech Printed Circuit Board'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.

Unitech Printed Circuit Board's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Unitech Printed Circuit Board's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Unitech Printed Circuit Board's Beneish M-Score falls into.

Unitech Printed Circuit Board 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 Unitech Printed Circuit Board 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 * 1.2859

0.528 * 0.9898

0.404 * 0.904

0.892 * 0.9081

0.115 * 0.987

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.008

4.679 * -0.052004

0.327 * 0.9865

-2.58

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$4,682 Mil.
Revenue was 4163.299 + 3629.456 + 3836.971 + 4031.496 = NT$15,661 Mil.
Gross Profit was 680.925 + 375.117 + 440.005 + 452.308 = NT$1,948 Mil.
Total Current Assets was NT$8,191 Mil.
Total Assets was NT$22,960 Mil.
Property, Plant and Equipment(Net PPE) was NT$12,856 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,602 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,589 Mil.
Total Current Liabilities was NT$8,425 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,904 Mil.
Net Income was 275.801 + -232.25 + 12.422 + 271.129 = NT$327 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 42.844 + 375.861 + 612.287 + 490.121 = NT$1,521 Mil.

Total Receivables was NT$4,010 Mil.
Revenue was 3462.899 + 3927.002 + 5529.495 + 4326.499 = NT$17,246 Mil.
Gross Profit was 86.569 + 439.944 + 955.029 + 642.013 = NT$2,124 Mil.
Total Current Assets was NT$8,086 Mil.
Total Assets was NT$23,145 Mil.
Property, Plant and Equipment(Net PPE) was NT$12,926 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,587 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,736 Mil.
Total Current Liabilities was NT$8,362 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,236 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)
	=	(4682.385 / 15661.222)	/	(4009.877 / 17245.895)
	=	0.29898	/	0.232512
	=	1.2859

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)
	=	(2123.555 / 17245.895)	/	(1948.355 / 15661.222)
	=	0.123134	/	0.124406
	=	0.9898

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 - (8190.704 + 12856.338) / 22959.808)	/	(1 - (8085.715 + 12925.885) / 23144.569)
	=	0.083309	/	0.092159
	=	0.904

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
	=	15661.222	/	17245.895
	=	0.9081

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))
	=	(1587.289 / (1587.289 + 12925.885))	/	(1602.149 / (1602.149 + 12856.338))
	=	0.109369	/	0.11081
	=	0.987

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)
	=	(1588.679 / 15661.222)	/	(1735.595 / 17245.895)
	=	0.10144	/	0.100638
	=	1.008

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)
	=	((3903.71 + 8425.423) / 22959.808)	/	((4236.255 + 8361.822) / 23144.569)
	=	0.536988	/	0.544321
	=	0.9865

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
	=	(327.102 - 0	-	1521.113)	/	22959.808
	=	-0.052004

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.

Unitech Printed Circuit Board has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Unitech Printed Circuit Board Beneish M-Score Related Terms

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Unitech Printed Circuit Board (TPE:2367) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Unitech Printed Circuit Board Corp (TPE:2367) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No. 3, Lane 4, Zhongshan Road, Tucheng district, New Taipei, TWN, 23680

Website

https://www.pcbut.com.tw

Unitech Printed Circuit Board Corp is a manufacturer of printed circuit boards and solar cells. The company provides double-sided PCBs and multi-layer PCBs as well as mono-crystalline silicon solar cells, rigid-Flex PCBs and multi-crystalline silicon solar cells.

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