Tatung System Technologies (ROCO:8099) Beneish M-Score : -2.81 (As of Mar. 28, 2025)

View and export this data going back to 2004. Start your Free Trial

What is Tatung System Technologies 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:8099' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.47 Max: -2.06
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Tatung System Technologies was -2.06. The lowest was -3.35. And the median was -2.47.

Tatung System Technologies Beneish M-Score Historical Data

The historical data trend for Tatung System Technologies'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.

* Premium members only.

Tatung System Technologies Beneish M-Score Chart

Tatung System Technologies Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.16

-2.56

-2.14

-3.35

-2.81

Tatung System Technologies Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-3.35	-3.49	-2.84	-3.04	-2.81

Competitive Comparison of Tatung System Technologies's Beneish M-Score

For the Information Technology Services subindustry, Tatung System Technologies'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.

Tatung System Technologies's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Tatung System Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tatung System Technologies's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Tatung System Technologies 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 Tatung System Technologies 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 * 0.9872

0.528 * 0.9147

0.404 * 0.8952

0.892 * 0.9403

0.115 * 1.3828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1131

4.679 * -0.046997

0.327 * 0.933

-2.81

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$891 Mil.
Revenue was 1115.619 + 968.779 + 939.616 + 906.212 = NT$3,930 Mil.
Gross Profit was 286.37 + 233.856 + 223.68 + 209.495 = NT$953 Mil.
Total Current Assets was NT$2,380 Mil.
Total Assets was NT$2,987 Mil.
Property, Plant and Equipment(Net PPE) was NT$190 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$111 Mil.
Selling, General, & Admin. Expense(SGA) was NT$674 Mil.
Total Current Liabilities was NT$1,274 Mil.
Long-Term Debt & Capital Lease Obligation was NT$92 Mil.
Net Income was 70.542 + 40.312 + 43.72 + 49.794 = NT$204 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 238.181 + 59.092 + -41.103 + 88.571 = NT$345 Mil.

Total Receivables was NT$959 Mil.
Revenue was 1120.267 + 1017.803 + 985.35 + 1056.141 = NT$4,180 Mil.
Gross Profit was 266.108 + 219.344 + 227.98 + 214.008 = NT$927 Mil.
Total Current Assets was NT$2,539 Mil.
Total Assets was NT$3,170 Mil.
Property, Plant and Equipment(Net PPE) was NT$137 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$143 Mil.
Selling, General, & Admin. Expense(SGA) was NT$644 Mil.
Total Current Liabilities was NT$1,533 Mil.
Long-Term Debt & Capital Lease Obligation was NT$20 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)
	=	(890.517 / 3930.226)	/	(959.273 / 4179.561)
	=	0.226582	/	0.229515
	=	0.9872

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)
	=	(927.44 / 4179.561)	/	(953.401 / 3930.226)
	=	0.221899	/	0.242582
	=	0.9147

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 - (2379.679 + 189.821) / 2986.873)	/	(1 - (2538.547 + 136.964) / 3170.387)
	=	0.139736	/	0.156093
	=	0.8952

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
	=	3930.226	/	4179.561
	=	0.9403

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))
	=	(142.85 / (142.85 + 136.964))	/	(111.09 / (111.09 + 189.821))
	=	0.510518	/	0.369179
	=	1.3828

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)
	=	(673.872 / 3930.226)	/	(643.809 / 4179.561)
	=	0.171459	/	0.154037
	=	1.1131

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)
	=	((91.722 + 1273.893) / 2986.873)	/	((20.313 + 1533.376) / 3170.387)
	=	0.457206	/	0.490063
	=	0.933

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
	=	(204.368 - 0	-	344.741)	/	2986.873
	=	-0.046997

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.

Tatung System Technologies has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

Tatung System Technologies Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Tatung System Technologies's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Tatung System Technologies Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Tatung System Technologies Inc (ROCO:8099) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.22, Sec. 3, Zhongshan N. Road, Zhongshan Dist, Taipei, TWN, 104

Website

https://www.etatung.com

Tatung System Technologies Inc is a Taiwan-based company mainly providing IT services, including software and hardware sales related to the computer, communications, and cyber security; custom-made system integration consulting services; and value-added industrial application solutions.

Tatung System Technologies Headlines

No Headlines