Acer Gadget Beneish M-Score Historical Data
The historical data trend for Acer Gadget'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.
Acer Gadget Beneish M-Score Chart
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Acer Gadget Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.75 |
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Acer Gadget Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.35 |
- |
-1.75 |
-2.48 |
Competitive Comparison of Acer Gadget's Beneish M-Score
For the Computer Hardware subindustry, Acer Gadget'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.
Acer Gadget's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Acer Gadget's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acer Gadget's Beneish M-Score falls into.
Acer Gadget 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 Acer Gadget 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 * 1.032 | + | 0.528 * 1.0435 | + | 0.404 * 1.1645 | + | 0.892 * 1.292 | + | 0.115 * 0.7307 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9888 | + | 4.679 * -0.057807 | - | 0.327 * 1.237 |
| = | -2.48 |
* 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$466 Mil.
Revenue was 572.903 + 596.341 + 570.893 + 503.398 = NT$2,244 Mil.
Gross Profit was 66.142 + 111.866 + 75.984 + 75.51 = NT$330 Mil.
Total Current Assets was NT$1,476 Mil.
Total Assets was NT$1,814 Mil.
Property, Plant and Equipment(Net PPE) was NT$5 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$161 Mil.
Total Current Liabilities was NT$531 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
Net Income was 14.5 + 57.753 + 25.307 + 26.249 = NT$124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 8.266 + -37.183 + 141.346 + 116.239 = NT$229 Mil.
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Total Receivables was NT$349 Mil.
Revenue was 415.234 + 383.312 + 516.097 + 421.801 = NT$1,736 Mil.
Gross Profit was 61.959 + 62.709 + 67.877 + 73.567 = NT$266 Mil.
Total Current Assets was NT$1,208 Mil.
Total Assets was NT$1,442 Mil.
Property, Plant and Equipment(Net PPE) was NT$8 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5 Mil.
Selling, General, & Admin. Expense(SGA) was NT$126 Mil.
Total Current Liabilities was NT$339 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 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) |
| = | (465.614 / 2243.535) | / | (349.203 / 1736.444) |
| = | 0.207536 | / | 0.201102 |
| | = | 1.032 |
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) |
| = | (266.112 / 1736.444) | / | (329.502 / 2243.535) |
| = | 0.153251 | / | 0.146867 |
| | = | 1.0435 |
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 - (1476.426 + 5.271) / 1813.963) | / | (1 - (1207.844 + 7.711) / 1442.444) |
| = | 0.183171 | / | 0.157295 |
| | = | 1.1645 |
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 |
| = | 2243.535 | / | 1736.444 |
| | = | 1.292 |
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)) |
| = | (5.017 / (5.017 + 7.711)) | / | (6.173 / (6.173 + 5.271)) |
| = | 0.39417 | / | 0.539409 |
| | = | 0.7307 |
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) |
| = | (161.15 / 2243.535) | / | (126.142 / 1736.444) |
| = | 0.071829 | / | 0.072644 |
| | = | 0.9888 |
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) |
| = | ((0 + 531.112) / 1813.963) | / | ((2.215 + 339.199) / 1442.444) |
| = | 0.292791 | / | 0.236691 |
| | = | 1.237 |
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 |
| = | (123.809 - 0 | - | 228.668) | / | 1813.963 |
| | = | -0.057807 |
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.
Acer Gadget has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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