ITI International Transportation Beneish M-Score Historical Data
The historical data trend for ITI International Transportation'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.
ITI International Transportation Beneish M-Score Chart
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ITI International Transportation Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-0.94 |
-4.24 |
-1.63 |
|
ITI International Transportation Semi-Annual Data
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|
Dec19 |
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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|
- |
-4.24 |
- |
-1.63 |
- |
Competitive Comparison of ITI International Transportation's Beneish M-Score
For the Integrated Freight & Logistics subindustry, ITI International Transportation'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.
ITI International Transportation's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ITI International Transportation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ITI International Transportation's Beneish M-Score falls into.
ITI International Transportation 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 ITI International Transportation 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 * 1.8697 | + | 0.528 * 0.788 | + | 0.404 * 1.5976 | + | 0.892 * 0.5004 | + | 0.115 * 0.8998 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6586 | + | 4.679 * 0.089708 | - | 0.327 * 0.7688 |
| = | -1.63 |
* 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$149 Mil.
Revenue was NT$1,446 Mil.
Gross Profit was NT$343 Mil.
Total Current Assets was NT$385 Mil.
Total Assets was NT$602 Mil.
Property, Plant and Equipment(Net PPE) was NT$197 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$19 Mil.
Selling, General, & Admin. Expense(SGA) was NT$314 Mil.
Total Current Liabilities was NT$145 Mil.
Long-Term Debt & Capital Lease Obligation was NT$28 Mil.
Net Income was NT$33 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$-21 Mil.
|
Total Receivables was NT$159 Mil.
Revenue was NT$2,890 Mil.
Gross Profit was NT$540 Mil.
Total Current Assets was NT$524 Mil.
Total Assets was NT$734 Mil.
Property, Plant and Equipment(Net PPE) was NT$194 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$17 Mil.
Selling, General, & Admin. Expense(SGA) was NT$379 Mil.
Total Current Liabilities was NT$221 Mil.
Long-Term Debt & Capital Lease Obligation was NT$53 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) |
| = | (149.084 / 1446.264) | / | (159.343 / 2890.145) |
| = | 0.103082 | / | 0.055133 |
| | = | 1.8697 |
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) |
| = | (540.251 / 2890.145) | / | (343.097 / 1446.264) |
| = | 0.186929 | / | 0.23723 |
| | = | 0.788 |
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 - (384.522 + 197.441) / 602.422) | / | (1 - (524.201 + 194.384) / 734.192) |
| = | 0.033961 | / | 0.021257 |
| | = | 1.5976 |
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 |
| = | 1446.264 | / | 2890.145 |
| | = | 0.5004 |
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)) |
| = | (16.851 / (16.851 + 194.384)) | / | (19.208 / (19.208 + 197.441)) |
| = | 0.079774 | / | 0.08866 |
| | = | 0.8998 |
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) |
| = | (314.341 / 1446.264) | / | (378.726 / 2890.145) |
| = | 0.217347 | / | 0.13104 |
| | = | 1.6586 |
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) |
| = | ((27.831 + 144.567) / 602.422) | / | ((52.574 + 220.718) / 734.192) |
| = | 0.286175 | / | 0.372235 |
| | = | 0.7688 |
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 |
| = | (32.675 - 0 | - | -21.367) | / | 602.422 |
| | = | 0.089708 |
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.
ITI International Transportation has a M-score of -1.63 signals that the company is likely to be a manipulator.
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