Taiwan Special Chemicals Beneish M-Score Historical Data
The historical data trend for Taiwan Special Chemicals'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.
Taiwan Special Chemicals Beneish M-Score Chart
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Taiwan Special Chemicals Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.99 |
- |
-1.57 |
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Taiwan Special Chemicals Semi-Annual Data
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|
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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|
-2.99 |
- |
- |
- |
-1.57 |
Competitive Comparison of Taiwan Special Chemicals's Beneish M-Score
For the Specialty Chemicals subindustry, Taiwan Special Chemicals'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.
Taiwan Special Chemicals's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Taiwan Special Chemicals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taiwan Special Chemicals's Beneish M-Score falls into.
Taiwan Special Chemicals 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 Taiwan Special Chemicals 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 * 1.616 | + | 0.528 * 1.3052 | + | 0.404 * 1.598 | + | 0.892 * 1.0399 | + | 0.115 * 1.1551 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9125 | + | 4.679 * -0.04292 | - | 0.327 * 0.7749 |
| = | -1.57 |
* 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$120.8 Mil.
Revenue was NT$553.5 Mil.
Gross Profit was NT$210.2 Mil.
Total Current Assets was NT$421.0 Mil.
Total Assets was NT$1,840.3 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,377.1 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$119.4 Mil.
Selling, General, & Admin. Expense(SGA) was NT$54.1 Mil.
Total Current Liabilities was NT$83.6 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0.0 Mil.
Net Income was NT$155.7 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$234.6 Mil.
|
Total Receivables was NT$71.9 Mil.
Revenue was NT$532.3 Mil.
Gross Profit was NT$263.9 Mil.
Total Current Assets was NT$355.2 Mil.
Total Assets was NT$1,800.8 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,419.7 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$144.1 Mil.
Selling, General, & Admin. Expense(SGA) was NT$57.0 Mil.
Total Current Liabilities was NT$105.5 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0.0 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) |
| = | (120.753 / 553.523) | / | (71.854 / 532.279) |
| = | 0.218154 | / | 0.134993 |
| | = | 1.616 |
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) |
| = | (263.867 / 532.279) | / | (210.233 / 553.523) |
| = | 0.495731 | / | 0.379809 |
| | = | 1.3052 |
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 - (420.992 + 1377.051) / 1840.345) | / | (1 - (355.178 + 1419.746) / 1800.828) |
| = | 0.022986 | / | 0.014384 |
| | = | 1.598 |
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 |
| = | 553.523 | / | 532.279 |
| | = | 1.0399 |
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)) |
| = | (144.086 / (144.086 + 1419.746)) | / | (119.365 / (119.365 + 1377.051)) |
| = | 0.092136 | / | 0.079767 |
| | = | 1.1551 |
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) |
| = | (54.121 / 553.523) | / | (57.034 / 532.279) |
| = | 0.097776 | / | 0.107151 |
| | = | 0.9125 |
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) |
| = | ((0 + 83.567) / 1840.345) | / | ((0 + 105.532) / 1800.828) |
| = | 0.045408 | / | 0.058602 |
| | = | 0.7749 |
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 |
| = | (155.653 - 0 | - | 234.641) | / | 1840.345 |
| | = | -0.04292 |
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.
Taiwan Special Chemicals has a M-score of -1.57 signals that the company is likely to be a manipulator.
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