Gloria Material Technology (ROCO:5009) Beneish M-Score : -1.57 (As of Jun. 09, 2024)

View and export this data going back to 1998. Start your Free Trial

What is Gloria Material Technology 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.

Warning Sign:

Beneish M-Score -1.57 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Gloria Material Technology's Beneish M-Score or its related term are showing as below:

ROCO:5009' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58 Med: -2.42 Max: -1.31
Current: -1.57

During the past 13 years, the highest Beneish M-Score of Gloria Material Technology was -1.31. The lowest was -3.58. And the median was -2.42.

Gloria Material Technology Beneish M-Score Historical Data

The historical data trend for Gloria Material Technology'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.

Gloria Material Technology Beneish M-Score Chart

Gloria Material Technology Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

Get a 7-Day Free Trial

-2.33

-2.64

-3.17

-1.45

-2.29

Gloria Material Technology Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.29	-2.28	-2.30	-2.40	-1.57

Competitive Comparison of Gloria Material Technology's Beneish M-Score

For the Steel subindustry, Gloria Material Technology'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.

Gloria Material Technology's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Gloria Material Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gloria Material Technology's Beneish M-Score falls into.

Gloria Material Technology 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 Gloria Material Technology 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 * 1.1291

0.528 * 1.1555

0.404 * 2.1735

0.892 * 1.1037

0.115 * 0.9493

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7447

4.679 * 0.015428

0.327 * 0.9097

-1.57

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was NT$3,299 Mil.
Revenue was 3413.139 + 3294.891 + 3621.638 + 3317.519 = NT$13,647 Mil.
Gross Profit was 923.661 + 935.605 + 991.487 + 927.513 = NT$3,778 Mil.
Total Current Assets was NT$17,497 Mil.
Total Assets was NT$34,677 Mil.
Property, Plant and Equipment(Net PPE) was NT$12,619 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$485 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,234 Mil.
Total Current Liabilities was NT$4,814 Mil.
Long-Term Debt & Capital Lease Obligation was NT$11,807 Mil.
Net Income was 571.405 + 523.747 + 602.234 + 552.297 = NT$2,250 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 586.133 + 971.815 + 142.879 + 13.858 = NT$1,715 Mil.

Total Receivables was NT$2,647 Mil.
Revenue was 3330.797 + 3256.175 + 3134.983 + 2643.362 = NT$12,365 Mil.
Gross Profit was 1013.339 + 1019.578 + 1083.77 + 838.943 = NT$3,956 Mil.
Total Current Assets was NT$11,977 Mil.
Total Assets was NT$25,259 Mil.
Property, Plant and Equipment(Net PPE) was NT$11,753 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$428 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,502 Mil.
Total Current Liabilities was NT$4,897 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,412 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)
	=	(3298.776 / 13647.187)	/	(2647.152 / 12365.317)
	=	0.241718	/	0.214079
	=	1.1291

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)
	=	(3955.63 / 12365.317)	/	(3778.266 / 13647.187)
	=	0.319897	/	0.276853
	=	1.1555

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 - (17497.477 + 12618.701) / 34677.402)	/	(1 - (11977.337 + 11753.086) / 25258.995)
	=	0.131533	/	0.060516
	=	2.1735

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
	=	13647.187	/	12365.317
	=	1.1037

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))
	=	(427.548 / (427.548 + 11753.086))	/	(484.511 / (484.511 + 12618.701))
	=	0.035101	/	0.036977
	=	0.9493

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)
	=	(1234.124 / 13647.187)	/	(1501.641 / 12365.317)
	=	0.090431	/	0.12144
	=	0.7447

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)
	=	((11806.778 + 4813.971) / 34677.402)	/	((8411.875 + 4897.028) / 25258.995)
	=	0.479296	/	0.526898
	=	0.9097

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
	=	(2249.683 - 0	-	1714.685)	/	34677.402
	=	0.015428

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.

Gloria Material Technology has a M-score of -1.57 signals that the company is likely to be a manipulator.

Gloria Material Technology Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Gloria Material Technology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Gloria Material Technology (ROCO:5009) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Gloria Material Technology Corp (ROCO:5009) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 35 Xinzhong Road, Xinying District, Tainan, TWN

Website

https://www.gmtc.com.tw

Gloria Material Technology Corp is mainly engaged in the production and sale of special steel, carbon steel, alloy steel, super alloy and smelting of the raw materials of these products. GMTC provides various quality materials at such as Superalloy, Titanium Alloy, High Speed Steel, Tool Steel, Stainless Steel, various ESR, VAR materials and Quenched-Tempered Steel and has various steel grades. Its product shapes are focused on Round bars and Square bars. The company's products include cold work tool steel, hot work tool steel, and carbon tool steel.

Gloria Material Technology (ROCO:5009) Headlines

No Headlines