Ardentec (ROCO:3264) Beneish M-Score : -2.97 (As of Dec. 13, 2024)

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What is Ardentec 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:3264' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.99 Max: -1.58
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Ardentec was -1.58. The lowest was -3.34. And the median was -2.99.

Ardentec Beneish M-Score Historical Data

The historical data trend for Ardentec'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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Ardentec Beneish M-Score Chart

Ardentec Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.08

-2.99

-2.94

-2.83

-2.84

Ardentec Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.06	-2.84	-2.85	-2.84	-2.97

Competitive Comparison of Ardentec's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, Ardentec'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.

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

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

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

Ardentec 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 Ardentec 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 * 0.92

0.528 * 1.2455

0.404 * 1.0654

0.892 * 0.9405

0.115 * 0.9824

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9107

4.679 * -0.115502

0.327 * 0.9783

-2.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$3,459 Mil.
Revenue was 3369.187 + 3307.167 + 3267.566 + 3542.909 = NT$13,487 Mil.
Gross Profit was 992.833 + 864.156 + 949.956 + 1181.095 = NT$3,988 Mil.
Total Current Assets was NT$8,375 Mil.
Total Assets was NT$33,651 Mil.
Property, Plant and Equipment(Net PPE) was NT$23,764 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$4,174 Mil.
Selling, General, & Admin. Expense(SGA) was NT$865 Mil.
Total Current Liabilities was NT$5,263 Mil.
Long-Term Debt & Capital Lease Obligation was NT$10,044 Mil.
Net Income was 562.446 + 551.403 + 546.962 + 599.839 = NT$2,261 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1719.343 + 424.128 + 2199.277 + 1804.654 = NT$6,147 Mil.

Total Receivables was NT$3,997 Mil.
Revenue was 3760.57 + 3403.425 + 3345.331 + 3830.398 = NT$14,340 Mil.
Gross Profit was 1402.863 + 1116.815 + 1172.76 + 1588.796 = NT$5,281 Mil.
Total Current Assets was NT$8,611 Mil.
Total Assets was NT$32,742 Mil.
Property, Plant and Equipment(Net PPE) was NT$22,750 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3,914 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,010 Mil.
Total Current Liabilities was NT$4,715 Mil.
Long-Term Debt & Capital Lease Obligation was NT$10,508 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)
	=	(3458.826 / 13486.829)	/	(3997.456 / 14339.724)
	=	0.25646	/	0.278768
	=	0.92

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)
	=	(5281.234 / 14339.724)	/	(3988.04 / 13486.829)
	=	0.368294	/	0.295699
	=	1.2455

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 - (8375.094 + 23764.052) / 33650.905)	/	(1 - (8611.232 + 22750.004) / 32741.881)
	=	0.044925	/	0.042168
	=	1.0654

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
	=	13486.829	/	14339.724
	=	0.9405

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))
	=	(3913.604 / (3913.604 + 22750.004))	/	(4174.142 / (4174.142 + 23764.052))
	=	0.146777	/	0.149406
	=	0.9824

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)
	=	(865.303 / 13486.829)	/	(1010.244 / 14339.724)
	=	0.064159	/	0.070451
	=	0.9107

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)
	=	((10043.619 + 5263.308) / 33650.905)	/	((10508.17 + 4715.134) / 32741.881)
	=	0.454874	/	0.464949
	=	0.9783

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
	=	(2260.65 - 0	-	6147.402)	/	33650.905
	=	-0.115502

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.

Ardentec has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Ardentec Beneish M-Score Related Terms

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Ardentec Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Ardentec Corp (ROCO:3264) » Definitions » Beneish M-Score

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Address

303036 No. 3, Gungye 3rd Road, Shengli Vil, Hukou, Hsinchu, TWN, 30351

Website

https://www.ardentec.com

Ardentec Corp is engaged in provision of integrated circuit testing services. It provides semiconductor testing solutions in memory, logic, and mixed-signal ICs to integrated device manufacturers (IDMs), pure play wafer foundry companies, and fabless design companies.

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