Ablerex Electronics Co (ROCO:3628) Beneish M-Score : -2.73 (As of Dec. 11, 2024)

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What is Ablerex Electronics Co 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:3628' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.46 Max: -1.56
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Ablerex Electronics Co was -1.56. The lowest was -3.32. And the median was -2.46.

Ablerex Electronics Co Beneish M-Score Historical Data

The historical data trend for Ablerex Electronics Co'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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Ablerex Electronics Co Beneish M-Score Chart

Ablerex Electronics Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.26

-2.74

-1.56

-2.42

-3.13

Ablerex Electronics Co 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															-2.88	-3.13	-2.77	-2.57	-2.73

Competitive Comparison of Ablerex Electronics Co's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Ablerex Electronics Co'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.

Ablerex Electronics Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Ablerex Electronics Co's Beneish M-Score distribution charts can be found below:

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

Ablerex Electronics Co 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 Ablerex Electronics Co 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 * 1.1249

0.528 * 0.972

0.404 * 0.8708

0.892 * 0.968

0.115 * 0.9778

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.096

4.679 * -0.050234

0.327 * 1.0357

-2.73

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$576 Mil.
Revenue was 757.583 + 710.355 + 600.286 + 950.213 = NT$3,018 Mil.
Gross Profit was 213.227 + 187.782 + 152.672 + 227.775 = NT$781 Mil.
Total Current Assets was NT$2,426 Mil.
Total Assets was NT$3,532 Mil.
Property, Plant and Equipment(Net PPE) was NT$789 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$73 Mil.
Selling, General, & Admin. Expense(SGA) was NT$488 Mil.
Total Current Liabilities was NT$1,694 Mil.
Long-Term Debt & Capital Lease Obligation was NT$50 Mil.
Net Income was 28.42 + 5.388 + 5.429 + 34.357 = NT$74 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 42.402 + 23.397 + -14.865 + 200.099 = NT$251 Mil.

Total Receivables was NT$529 Mil.
Revenue was 612.208 + 688.387 + 674.375 + 1143.315 = NT$3,118 Mil.
Gross Profit was 161.232 + 188.718 + 169.713 + 265.04 = NT$785 Mil.
Total Current Assets was NT$2,348 Mil.
Total Assets was NT$3,512 Mil.
Property, Plant and Equipment(Net PPE) was NT$802 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$72 Mil.
Selling, General, & Admin. Expense(SGA) was NT$460 Mil.
Total Current Liabilities was NT$1,660 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13 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)
	=	(575.988 / 3018.437)	/	(528.992 / 3118.285)
	=	0.190823	/	0.169642
	=	1.1249

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)
	=	(784.703 / 3118.285)	/	(781.456 / 3018.437)
	=	0.251646	/	0.258894
	=	0.972

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 - (2426.484 + 788.951) / 3532.257)	/	(1 - (2348.092 + 802.101) / 3511.947)
	=	0.089694	/	0.103007
	=	0.8708

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
	=	3018.437	/	3118.285
	=	0.968

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))
	=	(72.279 / (72.279 + 802.101))	/	(72.861 / (72.861 + 788.951))
	=	0.082663	/	0.084544
	=	0.9778

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)
	=	(487.675 / 3018.437)	/	(459.663 / 3118.285)
	=	0.161565	/	0.147409
	=	1.096

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)
	=	((49.683 + 1693.701) / 3532.257)	/	((13.314 + 1660.267) / 3511.947)
	=	0.493561	/	0.476539
	=	1.0357

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
	=	(73.594 - 0	-	251.033)	/	3532.257
	=	-0.050234

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.

Ablerex Electronics Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Ablerex Electronics Co Beneish M-Score Related Terms

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Ablerex Electronics Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Ablerex Electronics Co Ltd (ROCO:3628) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

No. 3, Lane 7, Baogao Road, 1st Floor, New Taipei, Xindian District, Taipei, TWN, 23144

Website

https://www.ablerex.com.tw

Ablerex Electronics Co Ltd is engaged in developing power supply products. The company manufactures uninterrupted power supplies, and power quality devices. Its operating segment includes First Business Division; Second Business Division; Technical Services Division and Energy Division. The company generates maximum revenue from the Second Business Division segment. Its Second Business Division segment is responsible for international sales and market promotion of self-manufactured products. Geographically, it derives a majority of revenue from Taiwan. The products of the company include an energy storage system, photovoltaic device, automatic transfer switch, monitoring, and management system, and active power filter.

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