Soft-World International Beneish M-Score Historical Data
The historical data trend for Soft-World International'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.
Soft-World International Beneish M-Score Chart
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Soft-World International Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.64 |
-2.69 |
-2.92 |
-2.36 |
-1.80 |
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Soft-World International Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.36 |
-1.72 |
-1.97 |
-1.50 |
-1.80 |
Competitive Comparison of Soft-World International's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Soft-World International'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.
Soft-World International's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Soft-World International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Soft-World International's Beneish M-Score falls into.
Soft-World International 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 Soft-World International 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 * 0.8783 | + | 0.528 * 0.9689 | + | 0.404 * 2.7593 | + | 0.892 * 1.084 | + | 0.115 * 1.1623 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0102 | + | 4.679 * -0.009654 | - | 0.327 * 0.838 |
| = | -1.80 |
* 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$1,878 Mil.
Revenue was 1579.139 + 1818.101 + 1652.47 + 1724.632 = NT$6,774 Mil.
Gross Profit was 805.794 + 927.318 + 925.158 + 940.02 = NT$3,598 Mil.
Total Current Assets was NT$14,551 Mil.
Total Assets was NT$19,474 Mil.
Property, Plant and Equipment(Net PPE) was NT$389 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,084 Mil.
Total Current Liabilities was NT$8,186 Mil.
Long-Term Debt & Capital Lease Obligation was NT$21 Mil.
Net Income was 213.835 + 275.53 + 393.995 + 256.072 = NT$1,139 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 179.193 + -386.971 + 575.475 + 959.741 = NT$1,327 Mil.
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Total Receivables was NT$1,973 Mil.
Revenue was 1555.234 + 1434.189 + 1600.397 + 1659.573 = NT$6,249 Mil.
Gross Profit was 785.187 + 729.397 + 810.91 + 890.616 = NT$3,216 Mil.
Total Current Assets was NT$15,089 Mil.
Total Assets was NT$16,926 Mil.
Property, Plant and Equipment(Net PPE) was NT$408 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$106 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,903 Mil.
Total Current Liabilities was NT$8,496 Mil.
Long-Term Debt & Capital Lease Obligation was NT$17 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) |
| = | (1878.487 / 6774.342) | / | (1973.002 / 6249.393) |
| = | 0.277294 | / | 0.315711 |
| | = | 0.8783 |
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) |
| = | (3216.11 / 6249.393) | / | (3598.29 / 6774.342) |
| = | 0.514628 | / | 0.531165 |
| | = | 0.9689 |
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 - (14550.652 + 388.724) / 19473.735) | / | (1 - (15089.414 + 407.952) / 16925.677) |
| = | 0.232845 | / | 0.084387 |
| | = | 2.7593 |
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 |
| = | 6774.342 | / | 6249.393 |
| | = | 1.084 |
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)) |
| = | (106.267 / (106.267 + 407.952)) | / | (84.063 / (84.063 + 388.724)) |
| = | 0.206657 | / | 0.177803 |
| | = | 1.1623 |
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) |
| = | (2084.006 / 6774.342) | / | (1903.03 / 6249.393) |
| = | 0.307632 | / | 0.304514 |
| | = | 1.0102 |
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) |
| = | ((21.37 + 8186.401) / 19473.735) | / | ((17.403 + 8495.956) / 16925.677) |
| = | 0.421479 | / | 0.502985 |
| | = | 0.838 |
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 |
| = | (1139.432 - 0 | - | 1327.438) | / | 19473.735 |
| | = | -0.009654 |
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.
Soft-World International has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.
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