Top High Image Beneish M-Score Historical Data
The historical data trend for Top High Image'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.
Top High Image Beneish M-Score Chart
|
Top High Image Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.38 |
-2.70 |
-2.05 |
-2.31 |
-2.32 |
|
Top High Image Quarterly Data
|
|
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.31 |
-2.15 |
-1.79 |
-2.07 |
-2.32 |
Competitive Comparison of Top High Image's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Top High Image'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.
Top High Image's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Top High Image's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top High Image's Beneish M-Score falls into.
Top High Image 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 Top High Image 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 * 0.7263 | + | 0.528 * 0.6476 | + | 0.404 * 1.3648 | + | 0.892 * 1.3731 | + | 0.115 * 0.9031 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.919 | + | 4.679 * 0.038536 | - | 0.327 * 1.1889 |
| = | -2.32 |
* 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$315 Mil.
Revenue was 159.79 + 371.199 + 311.961 + 214.173 = NT$1,057 Mil.
Gross Profit was 30.613 + 105.746 + 142.445 + 65.702 = NT$345 Mil.
Total Current Assets was NT$1,809 Mil.
Total Assets was NT$2,894 Mil.
Property, Plant and Equipment(Net PPE) was NT$160 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$18 Mil.
Selling, General, & Admin. Expense(SGA) was NT$106 Mil.
Total Current Liabilities was NT$542 Mil.
Long-Term Debt & Capital Lease Obligation was NT$881 Mil.
Net Income was 4.225 + 113.601 + 73.686 + 44.124 = NT$236 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -33.664 + 145.488 + -33.004 + 45.278 = NT$124 Mil.
|
Total Receivables was NT$316 Mil.
Revenue was 225.873 + 191.942 + 202.48 + 149.592 = NT$770 Mil.
Gross Profit was 55.097 + 43.538 + 33.132 + 30.725 = NT$162 Mil.
Total Current Assets was NT$1,390 Mil.
Total Assets was NT$2,053 Mil.
Property, Plant and Equipment(Net PPE) was NT$182 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$18 Mil.
Selling, General, & Admin. Expense(SGA) was NT$84 Mil.
Total Current Liabilities was NT$410 Mil.
Long-Term Debt & Capital Lease Obligation was NT$439 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) |
| = | (315.06 / 1057.123) | / | (315.933 / 769.887) |
| = | 0.298035 | / | 0.410363 |
| | = | 0.7263 |
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) |
| = | (162.492 / 769.887) | / | (344.506 / 1057.123) |
| = | 0.21106 | / | 0.32589 |
| | = | 0.6476 |
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 - (1809.49 + 160.015) / 2894.393) | / | (1 - (1390.103 + 182.493) / 2053.365) |
| = | 0.319545 | / | 0.234137 |
| | = | 1.3648 |
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 |
| = | 1057.123 | / | 769.887 |
| | = | 1.3731 |
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)) |
| = | (17.948 / (17.948 + 182.493)) | / | (17.611 / (17.611 + 160.015)) |
| = | 0.089543 | / | 0.099147 |
| | = | 0.9031 |
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) |
| = | (105.751 / 1057.123) | / | (83.806 / 769.887) |
| = | 0.100037 | / | 0.108855 |
| | = | 0.919 |
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) |
| = | ((880.552 + 541.687) / 2894.393) | / | ((438.602 + 410.07) / 2053.365) |
| = | 0.491377 | / | 0.413308 |
| | = | 1.1889 |
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 |
| = | (235.636 - 0 | - | 124.098) | / | 2894.393 |
| | = | 0.038536 |
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.
Top High Image has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ROCO:3284 has been successfully added to your