Sensortek Technology (ROCO:6732) Beneish M-Score : -1.97 (As of Dec. 13, 2024)

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What is Sensortek 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.

Good Sign:

Beneish M-Score -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:6732' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46 Med: -1.73 Max: 13.78
Current: -1.97

During the past 8 years, the highest Beneish M-Score of Sensortek Technology was 13.78. The lowest was -2.46. And the median was -1.73.

Sensortek Technology Beneish M-Score Historical Data

The historical data trend for Sensortek 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.

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Sensortek Technology Beneish M-Score Chart

Sensortek Technology Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.26

2.92

-0.97

-2.16

-1.92

Sensortek Technology Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.04	-1.92	-1.91	-1.73	-1.97

Competitive Comparison of Sensortek Technology's Beneish M-Score

For the Electronic Components subindustry, Sensortek 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.

Sensortek Technology's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Sensortek Technology's Beneish M-Score distribution charts can be found below:

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

Sensortek 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 Sensortek 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 * 0.8854

0.528 * 1.1392

0.404 * 1.096

0.892 * 1.2692

0.115 * 0.9562

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8796

4.679 * 0.053497

0.327 * 0.9957

-1.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$761 Mil.
Revenue was 1318.243 + 1125.029 + 1272.56 + 1350.835 = NT$5,067 Mil.
Gross Profit was 255.297 + 258.287 + 395.564 + 393.867 = NT$1,303 Mil.
Total Current Assets was NT$4,103 Mil.
Total Assets was NT$5,607 Mil.
Property, Plant and Equipment(Net PPE) was NT$561 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$115 Mil.
Selling, General, & Admin. Expense(SGA) was NT$200 Mil.
Total Current Liabilities was NT$1,216 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9 Mil.
Net Income was 101.961 + 116.128 + 215.461 + 202.867 = NT$636 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 363.006 + -200.521 + 81.208 + 92.788 = NT$336 Mil.

Total Receivables was NT$677 Mil.
Revenue was 1211.006 + 1109.146 + 871.83 + 800.126 = NT$3,992 Mil.
Gross Profit was 358.021 + 317.182 + 245.296 + 249.094 = NT$1,170 Mil.
Total Current Assets was NT$4,255 Mil.
Total Assets was NT$5,661 Mil.
Property, Plant and Equipment(Net PPE) was NT$538 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$105 Mil.
Selling, General, & Admin. Expense(SGA) was NT$179 Mil.
Total Current Liabilities was NT$1,242 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 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)
	=	(761.102 / 5066.667)	/	(677.308 / 3992.108)
	=	0.150217	/	0.169662
	=	0.8854

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)
	=	(1169.593 / 3992.108)	/	(1303.015 / 5066.667)
	=	0.292976	/	0.257174
	=	1.1392

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 - (4103.162 + 561.326) / 5606.589)	/	(1 - (4254.989 + 537.988) / 5660.925)
	=	0.168035	/	0.153323
	=	1.096

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
	=	5066.667	/	3992.108
	=	1.2692

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))
	=	(104.633 / (104.633 + 537.988))	/	(115.198 / (115.198 + 561.326))
	=	0.162822	/	0.170279
	=	0.9562

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)
	=	(200.056 / 5066.667)	/	(179.212 / 3992.108)
	=	0.039485	/	0.044892
	=	0.8796

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)
	=	((9.024 + 1215.598) / 5606.589)	/	((0.172 + 1241.613) / 5660.925)
	=	0.218425	/	0.219361
	=	0.9957

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
	=	(636.417 - 0	-	336.481)	/	5606.589
	=	0.053497

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.

Sensortek Technology has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.

Sensortek Technology Beneish M-Score Related Terms

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Sensortek Technology Business Description

Industry

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Address

Taiyuan 2nd Street, 11th Floor, No. 6, Hsinchu County, Jhubei, TWN, 302

Website

https://www.sensortek.com.tw

Sensortek Technology Corp is a Taiwan-based company engaged in research and development, design, and sales of sensor integrated circuit products. Its products include optical sensors, MEMS sensors, and capacitive sensing sensors among others. Geographically, the company generates a majority of its revenue from Taiwan and the rest from Hong Kong, and other regions.

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