Sixxon Tech Co Beneish M-Score Historical Data
The historical data trend for Sixxon Tech 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.
Sixxon Tech Co Beneish M-Score Chart
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Sixxon Tech Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.49 |
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Sixxon Tech Co Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-2.49 |
-2.83 |
Competitive Comparison of Sixxon Tech Co's Beneish M-Score
For the Metal Fabrication subindustry, Sixxon Tech 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.
Sixxon Tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Sixxon Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sixxon Tech Co's Beneish M-Score falls into.
Sixxon Tech 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 Sixxon Tech 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 * 1.338 | + | 0.528 * 1.22 | + | 0.404 * 0.5831 | + | 0.892 * 0.9853 | + | 0.115 * 0.8446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1354 | + | 4.679 * -0.051815 | - | 0.327 * 1.9608 |
| = | -2.83 |
* 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$374 Mil.
Revenue was 350.345 + 342.043 + 296.616 + 277.462 = NT$1,266 Mil.
Gross Profit was 78.681 + 66.552 + 48.501 + 59.169 = NT$253 Mil.
Total Current Assets was NT$1,872 Mil.
Total Assets was NT$2,906 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,017 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$174 Mil.
Selling, General, & Admin. Expense(SGA) was NT$130 Mil.
Total Current Liabilities was NT$266 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
Net Income was 91.867 + -18.457 + 37.257 + 47.882 = NT$159 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 115.583 + -1.123 + 105.362 + 89.293 = NT$309 Mil.
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Total Receivables was NT$283 Mil.
Revenue was 300.087 + 300.859 + 373.589 + 310.871 = NT$1,285 Mil.
Gross Profit was 58.145 + 61.088 + 117.059 + 76.869 = NT$313 Mil.
Total Current Assets was NT$1,464 Mil.
Total Assets was NT$2,571 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,081 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$152 Mil.
Selling, General, & Admin. Expense(SGA) was NT$116 Mil.
Total Current Liabilities was NT$120 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 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) |
| = | (373.69 / 1266.466) | / | (283.457 / 1285.406) |
| = | 0.295065 | / | 0.220519 |
| | = | 1.338 |
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) |
| = | (313.161 / 1285.406) | / | (252.903 / 1266.466) |
| = | 0.243628 | / | 0.199692 |
| | = | 1.22 |
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 - (1871.897 + 1017.265) / 2905.834) | / | (1 - (1464.475 + 1081.478) / 2571.249) |
| = | 0.005737 | / | 0.009838 |
| | = | 0.5831 |
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 |
| = | 1266.466 | / | 1285.406 |
| | = | 0.9853 |
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)) |
| = | (151.758 / (151.758 + 1081.478)) | / | (173.501 / (173.501 + 1017.265)) |
| = | 0.123057 | / | 0.145705 |
| | = | 0.8446 |
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) |
| = | (129.558 / 1266.466) | / | (115.81 / 1285.406) |
| = | 0.102299 | / | 0.090096 |
| | = | 1.1354 |
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) |
| = | ((0.402 + 266) / 2905.834) | / | ((0 + 120.22) / 2571.249) |
| = | 0.091678 | / | 0.046755 |
| | = | 1.9608 |
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 |
| = | (158.549 - 0 | - | 309.115) | / | 2905.834 |
| | = | -0.051815 |
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.
Sixxon Tech Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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