K.S. Terminals (TPE:3003) Beneish M-Score : -2.74 (As of May. 15, 2024)

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What is K.S. Terminals 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for K.S. Terminals's Beneish M-Score or its related term are showing as below:

TPE:3003' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.36 Max: -1.85
Current: -2.74

During the past 13 years, the highest Beneish M-Score of K.S. Terminals was -1.85. The lowest was -2.87. And the median was -2.36.

K.S. Terminals Beneish M-Score Historical Data

The historical data trend for K.S. Terminals'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.

K.S. Terminals Beneish M-Score Chart

K.S. Terminals Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-1.94

-1.87

-2.87

-2.74

K.S. Terminals 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															-3.07	-2.83	-2.80	-2.74	-

Competitive Comparison of K.S. Terminals's Beneish M-Score

For the Electrical Equipment & Parts subindustry, K.S. Terminals'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.

K.S. Terminals's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, K.S. Terminals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where K.S. Terminals's Beneish M-Score falls into.

K.S. Terminals 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 K.S. Terminals 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 * 0.8802

0.528 * 1.0902

0.404 * 0.9323

0.892 * 0.8775

0.115 * 1.0771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1346

4.679 * 0.033544

0.327 * 1.0165

-2.54

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$915 Mil.
Revenue was 1026.506 + 1011.86 + 978.825 + 1120.718 = NT$4,138 Mil.
Gross Profit was 279.924 + 303.918 + 293.783 + 348.381 = NT$1,226 Mil.
Total Current Assets was NT$6,445 Mil.
Total Assets was NT$8,476 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,559 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$117 Mil.
Selling, General, & Admin. Expense(SGA) was NT$477 Mil.
Total Current Liabilities was NT$1,427 Mil.
Long-Term Debt & Capital Lease Obligation was NT$548 Mil.
Net Income was 145.944 + 91.674 + 154.877 + 164.01 = NT$557 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -12.919 + -19.751 + 228.059 + 76.794 = NT$272 Mil.

Total Receivables was NT$1,184 Mil.
Revenue was 1058.271 + 1105.222 + 1263.479 + 1288.67 = NT$4,716 Mil.
Gross Profit was 335.487 + 346.875 + 389.378 + 451.481 = NT$1,523 Mil.
Total Current Assets was NT$6,155 Mil.
Total Assets was NT$8,108 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,469 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$119 Mil.
Selling, General, & Admin. Expense(SGA) was NT$480 Mil.
Total Current Liabilities was NT$1,472 Mil.
Long-Term Debt & Capital Lease Obligation was NT$387 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)
	=	(914.664 / 4137.909)	/	(1184.205 / 4715.642)
	=	0.221045	/	0.251123
	=	0.8802

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)
	=	(1523.221 / 4715.642)	/	(1226.006 / 4137.909)
	=	0.323015	/	0.296286
	=	1.0902

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 - (6444.987 + 1559.408) / 8476.108)	/	(1 - (6155.143 + 1468.812) / 8107.959)
	=	0.055652	/	0.059695
	=	0.9323

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
	=	4137.909	/	4715.642
	=	0.8775

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))
	=	(118.966 / (118.966 + 1468.812))	/	(116.587 / (116.587 + 1559.408))
	=	0.074926	/	0.069563
	=	1.0771

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)
	=	(477.403 / 4137.909)	/	(479.534 / 4715.642)
	=	0.115373	/	0.10169
	=	1.1346

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)
	=	((548.3 + 1427.093) / 8476.108)	/	((387.167 + 1471.772) / 8107.959)
	=	0.233054	/	0.229273
	=	1.0165

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
	=	(556.505 - 0	-	272.183)	/	8476.108
	=	0.033544

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.

K.S. Terminals has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

K.S. Terminals Beneish M-Score Related Terms

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K.S. Terminals (TPE:3003) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » K.S. Terminals Inc (TPE:3003) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Number 8, Changbin East, Third Road, Shianxi Township, Changhua, TWN

Website

http://www.ksterminals.com.tw

K.S. Terminals Inc manufactures and markets terminals products for electronics & transportation instruments. The Company mainly provides processing services for connectors. It provides terminals, which are applied in the manufacture of computer, communication and consumer electronic products & electrical products.

K.S. Terminals (TPE:3003) Headlines

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