Taiwan Advanced Nanotech Beneish M-Score Historical Data
The historical data trend for Taiwan Advanced Nanotech'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.
Taiwan Advanced Nanotech Beneish M-Score Chart
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Taiwan Advanced Nanotech Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
9.53 |
-3.16 |
-2.76 |
-5.89 |
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Taiwan Advanced Nanotech Semi-Annual Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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-2.59 |
-2.76 |
-3.13 |
-5.89 |
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Competitive Comparison of Taiwan Advanced Nanotech's Beneish M-Score
For the Medical Devices subindustry, Taiwan Advanced Nanotech'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.
Taiwan Advanced Nanotech's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Taiwan Advanced Nanotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taiwan Advanced Nanotech's Beneish M-Score falls into.
Taiwan Advanced Nanotech 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 Taiwan Advanced Nanotech 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 * 1.1384 | + | 0.528 * -3.8668 | + | 0.404 * 1.0242 | + | 0.892 * 0.1852 | + | 0.115 * 0.7594 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 4.0378 | + | 4.679 * 0.060888 | - | 0.327 * 0.9427 |
| = | -5.89 |
* 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$26.8 Mil.
Revenue was NT$245.6 Mil.
Gross Profit was NT$-31.1 Mil.
Total Current Assets was NT$1,295.6 Mil.
Total Assets was NT$1,791.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$452.7 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$120.7 Mil.
Selling, General, & Admin. Expense(SGA) was NT$147.3 Mil.
Total Current Liabilities was NT$378.0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$193.2 Mil.
Net Income was NT$-208.2 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$-317.2 Mil.
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Total Receivables was NT$126.9 Mil.
Revenue was NT$1,326.5 Mil.
Gross Profit was NT$649.7 Mil.
Total Current Assets was NT$1,691.9 Mil.
Total Assets was NT$2,330.4 Mil.
Property, Plant and Equipment(Net PPE) was NT$584.3 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$111.2 Mil.
Selling, General, & Admin. Expense(SGA) was NT$197.1 Mil.
Total Current Liabilities was NT$500.9 Mil.
Long-Term Debt & Capital Lease Obligation was NT$287.5 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) |
| = | (26.754 / 245.612) | / | (126.933 / 1326.531) |
| = | 0.108928 | / | 0.095688 |
| | = | 1.1384 |
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) |
| = | (649.675 / 1326.531) | / | (-31.108 / 245.612) |
| = | 0.489755 | / | -0.126655 |
| | = | -3.8668 |
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 - (1295.646 + 452.721) / 1791.005) | / | (1 - (1691.949 + 584.324) / 2330.444) |
| = | 0.023807 | / | 0.023245 |
| | = | 1.0242 |
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 |
| = | 245.612 | / | 1326.531 |
| | = | 0.1852 |
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)) |
| = | (111.153 / (111.153 + 584.324)) | / | (120.672 / (120.672 + 452.721)) |
| = | 0.159823 | / | 0.210453 |
| | = | 0.7594 |
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) |
| = | (147.317 / 245.612) | / | (197.052 / 1326.531) |
| = | 0.599796 | / | 0.148547 |
| | = | 4.0378 |
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) |
| = | ((193.183 + 378) / 1791.005) | / | ((287.517 + 500.875) / 2330.444) |
| = | 0.318918 | / | 0.338301 |
| | = | 0.9427 |
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 |
| = | (-208.186 - 0 | - | -317.236) | / | 1791.005 |
| | = | 0.060888 |
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.
Taiwan Advanced Nanotech has a M-score of -5.89 suggests that the company is unlikely to be a manipulator.
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