TSG Star Travel Beneish M-Score Historical Data
The historical data trend for TSG Star Travel'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.
TSG Star Travel Beneish M-Score Chart
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TSG Star Travel Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.84 |
-1.81 |
-170.04 |
7.66 |
-0.59 |
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TSG Star Travel Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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7.66 |
3.32 |
1.01 |
-0.38 |
-0.59 |
Competitive Comparison of TSG Star Travel's Beneish M-Score
For the Travel Services subindustry, TSG Star Travel'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.
TSG Star Travel's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, TSG Star Travel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TSG Star Travel's Beneish M-Score falls into.
TSG Star Travel 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 TSG Star Travel 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 * 0.6283 | + | 0.528 * 2.3757 | + | 0.404 * 1.1001 | + | 0.892 * 2.0842 | + | 0.115 * 0.3747 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6251 | + | 4.679 * 0.113647 | - | 0.327 * 1.0888 |
| = | -0.59 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$39 Mil.
Revenue was 479.351 + 738.064 + 523.491 + 546.025 = NT$2,287 Mil.
Gross Profit was -11.779 + 31.961 + 16.398 + 64.164 = NT$101 Mil.
Total Current Assets was NT$760 Mil.
Total Assets was NT$1,172 Mil.
Property, Plant and Equipment(Net PPE) was NT$162 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$15 Mil.
Selling, General, & Admin. Expense(SGA) was NT$200 Mil.
Total Current Liabilities was NT$364 Mil.
Long-Term Debt & Capital Lease Obligation was NT$95 Mil.
Net Income was -43.958 + 3.81 + 98.87 + 28.141 = NT$87 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -123.794 + -0.295 + 6.446 + 71.352 = NT$-46 Mil.
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Total Receivables was NT$30 Mil.
Revenue was 351.103 + 391.971 + 244.666 + 109.522 = NT$1,097 Mil.
Gross Profit was 27.568 + 49.162 + 20.168 + 17.934 = NT$115 Mil.
Total Current Assets was NT$620 Mil.
Total Assets was NT$967 Mil.
Property, Plant and Equipment(Net PPE) was NT$159 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5 Mil.
Selling, General, & Admin. Expense(SGA) was NT$153 Mil.
Total Current Liabilities was NT$241 Mil.
Long-Term Debt & Capital Lease Obligation was NT$107 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) |
| = | (39 / 2286.931) | / | (29.782 / 1097.262) |
| = | 0.017053 | / | 0.027142 |
| | = | 0.6283 |
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) |
| = | (114.832 / 1097.262) | / | (100.744 / 2286.931) |
| = | 0.104653 | / | 0.044052 |
| | = | 2.3757 |
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 - (759.661 + 161.679) / 1171.642) | / | (1 - (620 + 159.289) / 967.101) |
| = | 0.213634 | / | 0.194201 |
| | = | 1.1001 |
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 |
| = | 2286.931 | / | 1097.262 |
| | = | 2.0842 |
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)) |
| = | (5.394 / (5.394 + 159.289)) | / | (15.485 / (15.485 + 161.679)) |
| = | 0.032754 | / | 0.087405 |
| | = | 0.3747 |
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) |
| = | (199.785 / 2286.931) | / | (153.344 / 1097.262) |
| = | 0.087359 | / | 0.139751 |
| | = | 0.6251 |
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) |
| = | ((95.198 + 363.847) / 1171.642) | / | ((106.849 + 241.143) / 967.101) |
| = | 0.391796 | / | 0.35983 |
| | = | 1.0888 |
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 |
| = | (86.863 - 0 | - | -46.291) | / | 1171.642 |
| | = | 0.113647 |
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.
TSG Star Travel has a M-score of -0.59 signals that the company is likely to be a manipulator.
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