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Singtex Industrial Co (ROCO:4433) Beneish M-Score : -2.30 (As of Mar. 17, 2025)


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What is Singtex Industrial 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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:4433' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.27   Max: 1.98
Current: -2.3

During the past 13 years, the highest Beneish M-Score of Singtex Industrial Co was 1.98. The lowest was -2.93. And the median was -2.27.


Singtex Industrial Co Beneish M-Score Historical Data

The historical data trend for Singtex Industrial 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.

* Premium members only.

Singtex Industrial Co Beneish M-Score Chart

Singtex Industrial Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.78 -2.08 -2.23 -2.60 -2.30

Singtex Industrial Co 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.60 -2.72 -2.42 -2.17 -2.30

Competitive Comparison of Singtex Industrial Co's Beneish M-Score

For the Textile Manufacturing subindustry, Singtex Industrial 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.


Singtex Industrial Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Singtex Industrial Co's Beneish M-Score distribution charts can be found below:

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



Singtex Industrial 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 Singtex Industrial Co 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 * 1.0478+0.528 * 1.0453+0.404 * 0.8613+0.892 * 1.0794+0.115 * 0.9237
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9871+4.679 * 0.023394-0.327 * 1.028
=-2.30

* 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$344 Mil.
Revenue was 1011.549 + 841.793 + 754.003 + 613.248 = NT$3,221 Mil.
Gross Profit was 197.487 + 142.348 + 197.468 + 133.913 = NT$671 Mil.
Total Current Assets was NT$2,254 Mil.
Total Assets was NT$6,764 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,002 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$174 Mil.
Selling, General, & Admin. Expense(SGA) was NT$562 Mil.
Total Current Liabilities was NT$2,169 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,418 Mil.
Net Income was 42.648 + -7.228 + 32.559 + -24.321 = NT$44 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 198.623 + -133.844 + -59.831 + -119.517 = NT$-115 Mil.
Total Receivables was NT$304 Mil.
Revenue was 962.592 + 754.444 + 552.394 + 714.209 = NT$2,984 Mil.
Gross Profit was 212.578 + 184.417 + 89.592 + 163.431 = NT$650 Mil.
Total Current Assets was NT$2,067 Mil.
Total Assets was NT$6,412 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,787 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$152 Mil.
Selling, General, & Admin. Expense(SGA) was NT$527 Mil.
Total Current Liabilities was NT$2,828 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,402 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)
=(344.125 / 3220.593) / (304.259 / 2983.639)
=0.106851 / 0.101976
=1.0478

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)
=(650.018 / 2983.639) / (671.216 / 3220.593)
=0.217861 / 0.208414
=1.0453

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 - (2253.56 + 4002.482) / 6763.567) / (1 - (2066.728 + 3786.741) / 6412.124)
=0.075038 / 0.087125
=0.8613

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
=3220.593 / 2983.639
=1.0794

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))
=(151.521 / (151.521 + 3786.741)) / (173.955 / (173.955 + 4002.482))
=0.038474 / 0.041652
=0.9237

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)
=(561.891 / 3220.593) / (527.332 / 2983.639)
=0.174468 / 0.176741
=0.9871

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)
=((2417.904 + 2168.74) / 6763.567) / ((1401.769 + 2828.27) / 6412.124)
=0.67814 / 0.659694
=1.028

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
=(43.658 - 0 - -114.569) / 6763.567
=0.023394

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.

Singtex Industrial Co has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.


Singtex Industrial Co Beneish M-Score Related Terms

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Singtex Industrial Co Business Description

Traded in Other Exchanges
N/A
Address
No.10, Wuquan 2nd Road, Xinzhuang District, New Taipei City, TWN, 24892
Singtex Industrial Co Ltd is engaged in the manufacturing and trading of all types of fibers, yarns and functional and eco-friendly raw materials, semi-finished products, and finished products of functional fabric and garment. Geographically the company operates in Asia which is also its key revenue-generating market, America, Europe, and other regions.

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