Titan Invo Technology Beneish M-Score Historical Data
The historical data trend for Titan Invo Technology'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.
Titan Invo Technology Beneish M-Score Chart
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Titan Invo Technology Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-1.90 |
-2.38 |
-2.35 |
-3.23 |
-5.83 |
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Titan Invo Technology Semi-Annual Data
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Jun12 |
Dec12 |
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Dec13 |
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Dec15 |
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Dec16 |
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Dec17 |
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Jun20 |
Dec20 |
Jun21 |
Dec21 |
| Beneish M-Score |
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-2.35 |
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-3.23 |
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-5.83 |
Competitive Comparison of Titan Invo Technology's Beneish M-Score
For the Auto Parts subindustry, Titan Invo Technology'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.
Titan Invo Technology's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Titan Invo Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Titan Invo Technology's Beneish M-Score falls into.
Titan Invo Technology 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 Titan Invo Technology 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 * 1.3279 | + | 0.528 * 0.5975 | + | 0.404 * 0.9882 | + | 0.892 * 0.6399 | + | 0.115 * 0.771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3145 | + | 4.679 * -0.608472 | - | 0.327 * 1.5667 |
| = | -5.83 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was HK$155.8 Mil.
Revenue was HK$273.1 Mil.
Gross Profit was HK$68.9 Mil.
Total Current Assets was HK$202.1 Mil.
Total Assets was HK$820.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$29.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$68.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$98.6 Mil.
Total Current Liabilities was HK$919.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$117.0 Mil.
Net Income was HK$-499.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$0.0 Mil.
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Total Receivables was HK$183.4 Mil.
Revenue was HK$426.8 Mil.
Gross Profit was HK$64.3 Mil.
Total Current Assets was HK$356.6 Mil.
Total Assets was HK$1,674.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$102.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$118.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$117.2 Mil.
Total Current Liabilities was HK$1,239.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$111.3 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) |
| = | (155.802 / 273.111) | / | (183.361 / 426.83) |
| = | 0.570471 | / | 0.429588 |
| | = | 1.3279 |
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) |
| = | (64.314 / 426.83) | / | (68.872 / 273.111) |
| = | 0.150678 | / | 0.252176 |
| | = | 0.5975 |
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 - (202.096 + 29.86) / 820.02) | / | (1 - (356.591 + 102.653) / 1674.188) |
| = | 0.717134 | / | 0.725691 |
| | = | 0.9882 |
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 |
| = | 273.111 | / | 426.83 |
| | = | 0.6399 |
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)) |
| = | (118.596 / (118.596 + 102.653)) | / | (68.132 / (68.132 + 29.86)) |
| = | 0.53603 | / | 0.695281 |
| | = | 0.771 |
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) |
| = | (98.567 / 273.111) | / | (117.193 / 426.83) |
| = | 0.360905 | / | 0.274566 |
| | = | 1.3145 |
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) |
| = | ((117.028 + 919.427) / 820.02) | / | ((111.302 + 1239.336) / 1674.188) |
| = | 1.263939 | / | 0.806742 |
| | = | 1.5667 |
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 |
| = | (-498.959 - 0 | - | 0) | / | 820.02 |
| | = | -0.608472 |
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.
Titan Invo Technology has a M-score of -5.83 suggests that the company is unlikely to be a manipulator.
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