Sun-Sea Construction Beneish M-Score Historical Data
The historical data trend for Sun-Sea Construction'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.
Sun-Sea Construction Beneish M-Score Chart
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Sun-Sea Construction Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-1.12 |
-1.33 |
-1.77 |
-0.38 |
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Sun-Sea Construction Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.45 |
-1.66 |
-12.00 |
-0.38 |
-0.09 |
Competitive Comparison of Sun-Sea Construction's Beneish M-Score
For the Engineering & Construction subindustry, Sun-Sea Construction'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.
Sun-Sea Construction's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Sun-Sea Construction's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sun-Sea Construction's Beneish M-Score falls into.
Sun-Sea Construction 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 Sun-Sea Construction 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 * 0.926 | + | 0.528 * -1.0528 | + | 0.404 * 11.0671 | + | 0.892 * 0.9619 | + | 0.115 * 0.9816 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4958 | + | 4.679 * -0.077784 | - | 0.327 * 1.1343 |
| = | -0.09 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$1,857 Mil.
Revenue was 280.356 + 851.7 + 553.377 + 824.423 = NT$2,510 Mil.
Gross Profit was -41.871 + -47.374 + -192.222 + 33.238 = NT$-248 Mil.
Total Current Assets was NT$2,910 Mil.
Total Assets was NT$3,329 Mil.
Property, Plant and Equipment(Net PPE) was NT$346 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3 Mil.
Selling, General, & Admin. Expense(SGA) was NT$29 Mil.
Total Current Liabilities was NT$2,625 Mil.
Long-Term Debt & Capital Lease Obligation was NT$119 Mil.
Net Income was -54.773 + -21.794 + -202.656 + 4.476 = NT$-275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -199.515 + 389.794 + -190.217 + -15.839 = NT$-16 Mil.
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Total Receivables was NT$2,085 Mil.
Revenue was 551.936 + 900.292 + 625.382 + 531.672 = NT$2,609 Mil.
Gross Profit was 61.95 + 81.479 + 77.115 + 51.139 = NT$272 Mil.
Total Current Assets was NT$2,874 Mil.
Total Assets was NT$3,229 Mil.
Property, Plant and Equipment(Net PPE) was NT$348 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3 Mil.
Selling, General, & Admin. Expense(SGA) was NT$20 Mil.
Total Current Liabilities was NT$2,290 Mil.
Long-Term Debt & Capital Lease Obligation was NT$55 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) |
| = | (1856.962 / 2509.856) | / | (2084.739 / 2609.282) |
| = | 0.739868 | / | 0.79897 |
| | = | 0.926 |
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) |
| = | (271.683 / 2609.282) | / | (-248.229 / 2509.856) |
| = | 0.104122 | / | -0.098902 |
| | = | -1.0528 |
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 - (2909.993 + 346.336) / 3329.36) | / | (1 - (2874.345 + 347.934) / 3228.678) |
| = | 0.021935 | / | 0.001982 |
| | = | 11.0671 |
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 |
| = | 2509.856 | / | 2609.282 |
| | = | 0.9619 |
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)) |
| = | (2.803 / (2.803 + 347.934)) | / | (2.843 / (2.843 + 346.336)) |
| = | 0.007992 | / | 0.008142 |
| | = | 0.9816 |
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) |
| = | (28.644 / 2509.856) | / | (19.909 / 2609.282) |
| = | 0.011413 | / | 0.00763 |
| | = | 1.4958 |
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) |
| = | ((118.529 + 2625.119) / 3329.36) | / | ((55.281 + 2290.466) / 3228.678) |
| = | 0.824077 | / | 0.726535 |
| | = | 1.1343 |
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 |
| = | (-274.747 - 0 | - | -15.777) | / | 3329.36 |
| | = | -0.077784 |
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.
Sun-Sea Construction has a M-score of -0.09 signals that the company is likely to be a manipulator.
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