Saultech Technology Co Beneish M-Score Historical Data
The historical data trend for Saultech Technology Co'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.
Saultech Technology Co Beneish M-Score Chart
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Saultech Technology Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.79 |
-2.35 |
-2.18 |
-1.98 |
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Saultech Technology Co Semi-Annual Data
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Dec16 |
Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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- |
-2.18 |
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-1.98 |
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Competitive Comparison of Saultech Technology Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Saultech Technology Co'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.
Saultech Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Saultech Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saultech Technology Co's Beneish M-Score falls into.
Saultech Technology Co 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 Saultech Technology Co 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 * 3.1212 | + | 0.528 * 1.0825 | + | 0.404 * 0.5157 | + | 0.892 * 0.3489 | + | 0.115 * 1.2061 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.3379 | + | 4.679 * -0.039108 | - | 0.327 * 2.0194 |
| = | -1.98 |
* 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$20.4 Mil.
Revenue was NT$160.0 Mil.
Gross Profit was NT$83.8 Mil.
Total Current Assets was NT$744.6 Mil.
Total Assets was NT$1,154.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$391.9 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$26.3 Mil.
Selling, General, & Admin. Expense(SGA) was NT$99.9 Mil.
Total Current Liabilities was NT$227.3 Mil.
Long-Term Debt & Capital Lease Obligation was NT$124.0 Mil.
Net Income was NT$-160.4 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$-115.2 Mil.
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Total Receivables was NT$18.7 Mil.
Revenue was NT$458.4 Mil.
Gross Profit was NT$260.0 Mil.
Total Current Assets was NT$817.0 Mil.
Total Assets was NT$1,132.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$281.7 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$23.1 Mil.
Selling, General, & Admin. Expense(SGA) was NT$122.4 Mil.
Total Current Liabilities was NT$164.9 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5.8 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) |
| = | (20.35 / 159.961) | / | (18.685 / 458.425) |
| = | 0.127219 | / | 0.040759 |
| | = | 3.1212 |
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) |
| = | (259.966 / 458.425) | / | (83.802 / 159.961) |
| = | 0.567085 | / | 0.52389 |
| | = | 1.0825 |
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 - (744.562 + 391.927) / 1153.995) | / | (1 - (817.025 + 281.678) / 1132) |
| = | 0.01517 | / | 0.029414 |
| | = | 0.5157 |
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 |
| = | 159.961 | / | 458.425 |
| | = | 0.3489 |
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)) |
| = | (23.139 / (23.139 + 281.678)) | / | (26.325 / (26.325 + 391.927)) |
| = | 0.075911 | / | 0.062941 |
| | = | 1.2061 |
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) |
| = | (99.855 / 159.961) | / | (122.404 / 458.425) |
| = | 0.624246 | / | 0.26701 |
| | = | 2.3379 |
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) |
| = | ((123.972 + 227.306) / 1153.995) | / | ((5.783 + 164.852) / 1132) |
| = | 0.304402 | / | 0.150738 |
| | = | 2.0194 |
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 |
| = | (-160.378 - 0 | - | -115.248) | / | 1153.995 |
| | = | -0.039108 |
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.
Saultech Technology Co has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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