M-Power Information Co Beneish M-Score Historical Data
The historical data trend for M-Power Information 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.
M-Power Information Co Beneish M-Score Chart
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M-Power Information Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.96 |
-2.28 |
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M-Power Information Co Quarterly Data
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Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.58 |
-2.10 |
-2.28 |
-1.61 |
-1.49 |
Competitive Comparison of M-Power Information Co's Beneish M-Score
For the Software - Application subindustry, M-Power Information 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.
M-Power Information Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, M-Power Information Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M-Power Information Co's Beneish M-Score falls into.
M-Power Information 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 M-Power Information 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 * 0.9669 | + | 0.528 * 1.2127 | + | 0.404 * 1.9785 | + | 0.892 * 1.2254 | + | 0.115 * 0.7739 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9353 | + | 4.679 * 0.072667 | - | 0.327 * 1.0497 |
| = | -1.49 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was NT$978 Mil.
Revenue was 562.788 + 691.918 + 293.091 + 236.67 = NT$1,784 Mil.
Gross Profit was 63.851 + 70.705 + 59.63 + 46.688 = NT$241 Mil.
Total Current Assets was NT$1,237 Mil.
Total Assets was NT$1,430 Mil.
Property, Plant and Equipment(Net PPE) was NT$19 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$8 Mil.
Selling, General, & Admin. Expense(SGA) was NT$101 Mil.
Total Current Liabilities was NT$950 Mil.
Long-Term Debt & Capital Lease Obligation was NT$18 Mil.
Net Income was 25.664 + 30.836 + 20.756 + 14.239 = NT$91 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 19.543 + -315.031 + 243.717 + 39.358 = NT$-12 Mil.
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Total Receivables was NT$826 Mil.
Revenue was 498.565 + 570.453 + 210.976 + 176.247 = NT$1,456 Mil.
Gross Profit was 59.111 + 65.473 + 70.802 + 42.985 = NT$238 Mil.
Total Current Assets was NT$1,175 Mil.
Total Assets was NT$1,279 Mil.
Property, Plant and Equipment(Net PPE) was NT$26 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$8 Mil.
Selling, General, & Admin. Expense(SGA) was NT$88 Mil.
Total Current Liabilities was NT$789 Mil.
Long-Term Debt & Capital Lease Obligation was NT$35 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) |
| = | (978.449 / 1784.467) | / | (825.792 / 1456.241) |
| = | 0.548314 | / | 0.567071 |
| | = | 0.9669 |
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) |
| = | (238.371 / 1456.241) | / | (240.874 / 1784.467) |
| = | 0.163689 | / | 0.134984 |
| | = | 1.2127 |
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 - (1237.271 + 18.78) / 1429.92) | / | (1 - (1175.281 + 25.514) / 1279.427) |
| = | 0.121594 | / | 0.061459 |
| | = | 1.9785 |
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 |
| = | 1784.467 | / | 1456.241 |
| | = | 1.2254 |
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)) |
| = | (7.786 / (7.786 + 25.514)) | / | (8.13 / (8.13 + 18.78)) |
| = | 0.233814 | / | 0.302118 |
| | = | 0.7739 |
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) |
| = | (100.673 / 1784.467) | / | (87.84 / 1456.241) |
| = | 0.056416 | / | 0.06032 |
| | = | 0.9353 |
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) |
| = | ((17.667 + 949.543) / 1429.92) | / | ((35.43 + 788.973) / 1279.427) |
| = | 0.676408 | / | 0.644353 |
| | = | 1.0497 |
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 |
| = | (91.495 - 0 | - | -12.413) | / | 1429.92 |
| | = | 0.072667 |
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.
M-Power Information Co has a M-score of -1.49 signals that the company is likely to be a manipulator.
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