Speed Tech Beneish M-Score Historical Data
The historical data trend for Speed Tech'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.
Speed Tech Beneish M-Score Chart
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Speed Tech Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.51 |
-2.74 |
-2.49 |
-1.86 |
-3.28 |
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Speed Tech Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.86 |
-2.84 |
-3.14 |
-3.84 |
-3.28 |
Competitive Comparison of Speed Tech's Beneish M-Score
For the Electronic Components subindustry, Speed Tech'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.
Speed Tech's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Speed Tech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Speed Tech's Beneish M-Score falls into.
Speed Tech 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 Speed Tech 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 * 1.0024 | + | 0.528 * 1.0393 | + | 0.404 * 1.4213 | + | 0.892 * 0.8692 | + | 0.115 * 1.0136 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2438 | + | 4.679 * -0.176408 | - | 0.327 * 1.0292 |
| = | -3.28 |
* 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$8,512 Mil.
Revenue was 4310.641 + 4773.548 + 4253.632 + 3403.275 = NT$16,741 Mil.
Gross Profit was 881.652 + 1155.778 + 825.441 + 486.769 = NT$3,350 Mil.
Total Current Assets was NT$15,241 Mil.
Total Assets was NT$24,066 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,600 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$963 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,210 Mil.
Total Current Liabilities was NT$12,440 Mil.
Long-Term Debt & Capital Lease Obligation was NT$705 Mil.
Net Income was 22.05 + 222.788 + 1.275 + -68.926 = NT$177 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -133.45 + 1910.106 + 488.437 + 2157.465 = NT$4,423 Mil.
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Total Receivables was NT$9,768 Mil.
Revenue was 4475.039 + 5827.34 + 4630.06 + 4326.841 = NT$19,259 Mil.
Gross Profit was 1032.285 + 1276.59 + 875.337 + 820.604 = NT$4,005 Mil.
Total Current Assets was NT$14,896 Mil.
Total Assets was NT$22,381 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,374 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$939 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,119 Mil.
Total Current Liabilities was NT$11,093 Mil.
Long-Term Debt & Capital Lease Obligation was NT$786 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) |
| = | (8511.658 / 16741.096) | / | (9768.331 / 19259.28) |
| = | 0.508429 | / | 0.507201 |
| | = | 1.0024 |
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) |
| = | (4004.816 / 19259.28) | / | (3349.64 / 16741.096) |
| = | 0.207942 | / | 0.200085 |
| | = | 1.0393 |
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 - (15241.179 + 5599.573) / 24065.638) | / | (1 - (14896.478 + 5374.077) / 22380.737) |
| = | 0.134004 | / | 0.094286 |
| | = | 1.4213 |
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 |
| = | 16741.096 | / | 19259.28 |
| | = | 0.8692 |
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)) |
| = | (939.21 / (939.21 + 5374.077)) | / | (963.191 / (963.191 + 5599.573)) |
| = | 0.148767 | / | 0.146766 |
| | = | 1.0136 |
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) |
| = | (1210.097 / 16741.096) | / | (1119.222 / 19259.28) |
| = | 0.072283 | / | 0.058113 |
| | = | 1.2438 |
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) |
| = | ((705.025 + 12440.112) / 24065.638) | / | ((785.898 + 11092.531) / 22380.737) |
| = | 0.54622 | / | 0.530743 |
| | = | 1.0292 |
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 |
| = | (177.187 - 0 | - | 4422.558) | / | 24065.638 |
| | = | -0.176408 |
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.
Speed Tech has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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