Chaheng Precision Co Beneish M-Score Historical Data
The historical data trend for Chaheng Precision 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.
Chaheng Precision Co Beneish M-Score Chart
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Chaheng Precision Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.39 |
-0.54 |
-4.20 |
-2.99 |
-2.51 |
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Chaheng Precision Co Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-4.20 |
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-2.99 |
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-2.51 |
Competitive Comparison of Chaheng Precision Co's Beneish M-Score
For the Aerospace & Defense subindustry, Chaheng Precision 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.
Chaheng Precision Co's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Chaheng Precision Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chaheng Precision Co's Beneish M-Score falls into.
Chaheng Precision 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 Chaheng Precision 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 * 0.9672 | + | 0.528 * 0.6859 | + | 0.404 * 0.9325 | + | 0.892 * 1.3447 | + | 0.115 * 0.9615 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9403 | + | 4.679 * -0.027722 | - | 0.327 * 0.9734 |
| = | -2.51 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$392 Mil.
Revenue was NT$1,209 Mil.
Gross Profit was NT$355 Mil.
Total Current Assets was NT$1,237 Mil.
Total Assets was NT$3,399 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,845 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$186 Mil.
Selling, General, & Admin. Expense(SGA) was NT$143 Mil.
Total Current Liabilities was NT$1,172 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,063 Mil.
Net Income was NT$107 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$201 Mil.
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Total Receivables was NT$301 Mil.
Revenue was NT$899 Mil.
Gross Profit was NT$181 Mil.
Total Current Assets was NT$1,055 Mil.
Total Assets was NT$3,269 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,886 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$182 Mil.
Selling, General, & Admin. Expense(SGA) was NT$113 Mil.
Total Current Liabilities was NT$885 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,323 Mil.
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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) |
| = | (392.051 / 1209.394) | / | (301.451 / 899.37) |
| = | 0.324171 | / | 0.33518 |
| | = | 0.9672 |
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) |
| = | (181.032 / 899.37) | / | (354.916 / 1209.394) |
| = | 0.201288 | / | 0.293466 |
| | = | 0.6859 |
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 - (1236.763 + 1845.406) / 3399.49) | / | (1 - (1055.061 + 1886.487) / 3268.76) |
| = | 0.093344 | / | 0.100103 |
| | = | 0.9325 |
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 |
| = | 1209.394 | / | 899.37 |
| | = | 1.3447 |
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)) |
| = | (181.945 / (181.945 + 1886.487)) | / | (185.832 / (185.832 + 1845.406)) |
| = | 0.087963 | / | 0.091487 |
| | = | 0.9615 |
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) |
| = | (143.011 / 1209.394) | / | (113.105 / 899.37) |
| = | 0.11825 | / | 0.12576 |
| | = | 0.9403 |
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) |
| = | ((1063.291 + 1172.078) / 3399.49) | / | ((1322.801 + 885.33) / 3268.76) |
| = | 0.65756 | / | 0.675526 |
| | = | 0.9734 |
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 |
| = | (107.019 - 0 | - | 201.259) | / | 3399.49 |
| | = | -0.027722 |
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.
Chaheng Precision Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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