Truelight (ROCO:3234) Beneish M-Score : 35.54 (As of May. 22, 2024)

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What is Truelight 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.

Warning Sign:

Beneish M-Score 35.54 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ROCO:3234' s Beneish M-Score Range Over the Past 10 Years
Min: -78.24 Med: -3.25 Max: 134.11
Current: 35.54

During the past 13 years, the highest Beneish M-Score of Truelight was 134.11. The lowest was -78.24. And the median was -3.25.

Truelight Beneish M-Score Historical Data

The historical data trend for Truelight'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.

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Truelight Beneish M-Score Chart

Truelight Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.87

-3.76

-3.26

-3.41

-0.51

Truelight 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															-3.60	-3.23	-2.82	-0.51	35.54

Competitive Comparison of Truelight's Beneish M-Score

For the Semiconductors subindustry, Truelight'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.

Truelight's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Truelight's Beneish M-Score distribution charts can be found below:

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

Truelight 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 Truelight 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 * 1.5429

0.528 * 74.166

0.404 * 0.6209

0.892 * 0.7721

0.115 * 1.0406

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5278

4.679 * -0.170383

0.327 * 0.6081

35.54

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$93.1 Mil.
Revenue was 148.198 + 178.004 + 162.436 + 154.387 = NT$643.0 Mil.
Gross Profit was -14.498 + -8.693 + 10.986 + 14.254 = NT$2.0 Mil.
Total Current Assets was NT$1,011.0 Mil.
Total Assets was NT$1,613.8 Mil.
Property, Plant and Equipment(Net PPE) was NT$532.1 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$126.1 Mil.
Selling, General, & Admin. Expense(SGA) was NT$148.2 Mil.
Total Current Liabilities was NT$354.0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$186.5 Mil.
Net Income was -82.68 + -176.025 + -94.406 + -53.099 = NT$-406.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0.0 Mil.
Cash Flow from Operations was -10.083 + -17.011 + -86.277 + -17.882 = NT$-131.3 Mil.

Total Receivables was NT$78.2 Mil.
Revenue was 135.439 + 197.566 + 228.734 + 271.059 = NT$832.8 Mil.
Gross Profit was 7.431 + 42.654 + 63.133 + 83.628 = NT$196.8 Mil.
Total Current Assets was NT$764.3 Mil.
Total Assets was NT$1,546.3 Mil.
Property, Plant and Equipment(Net PPE) was NT$672.9 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$167.6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$125.6 Mil.
Total Current Liabilities was NT$554.4 Mil.
Long-Term Debt & Capital Lease Obligation was NT$297.3 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)
	=	(93.145 / 643.025)	/	(78.187 / 832.798)
	=	0.144854	/	0.093885
	=	1.5429

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)
	=	(196.846 / 832.798)	/	(2.049 / 643.025)
	=	0.236367	/	0.003187
	=	74.166

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 - (1010.957 + 532.086) / 1613.76)	/	(1 - (764.273 + 672.909) / 1546.312)
	=	0.043821	/	0.070574
	=	0.6209

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
	=	643.025	/	832.798
	=	0.7721

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))
	=	(167.573 / (167.573 + 672.909))	/	(126.11 / (126.11 + 532.086))
	=	0.199377	/	0.191599
	=	1.0406

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)
	=	(148.165 / 643.025)	/	(125.597 / 832.798)
	=	0.230419	/	0.150813
	=	1.5278

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)
	=	((186.47 + 354.012) / 1613.76)	/	((297.283 + 554.388) / 1546.312)
	=	0.334921	/	0.550776
	=	0.6081

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
	=	(-406.21 - 0	-	-131.253)	/	1613.76
	=	-0.170383

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.

Truelight has a M-score of 35.54 signals that the company is likely to be a manipulator.

Truelight Beneish M-Score Related Terms

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Truelight (ROCO:3234) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Truelight Corp (ROCO:3234) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No.21, Prosperity Road I, Hsinchu Science Park, Hsinchu, TWN, 300

Website

https://www.truelight.com.tw

Truelight Corp engages in manufacturing and supply of components for local area network, storage area network, fiber to the home, and, metro area network. The business items of the company are design, research and development, Production and sales are applied to optical fiber communication, mobile communication base station interconnection, cloud data center, 3D Sensing/Near-Field Sensing/Flood Illumination Vertical Cavity Surface Emitting Laser, Edge laser, photodiode, including components, sub-modules, Light engine/AOC and other types of products. The products of the company include VCSELs chips, FP-LD chips, DFB-LD chips, and PIN chips.

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