Info-Tek Beneish M-Score Historical Data
The historical data trend for Info-Tek'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.
Info-Tek Beneish M-Score Chart
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Info-Tek Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.20 |
-2.18 |
-1.82 |
-2.01 |
-2.42 |
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Info-Tek Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.48 |
-2.57 |
-2.42 |
-2.39 |
Competitive Comparison of Info-Tek's Beneish M-Score
For the Electronic Components subindustry, Info-Tek'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.
Info-Tek's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Info-Tek's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Info-Tek's Beneish M-Score falls into.
Info-Tek 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 Info-Tek 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 * 1.0088 | + | 0.528 * 1.205 | + | 0.404 * 1.4368 | + | 0.892 * 0.959 | + | 0.115 * 0.8584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8456 | + | 4.679 * -0.041608 | - | 0.327 * 0.9373 |
| = | -2.39 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$3,262 Mil.
Revenue was 1309.553 + 1837.065 + 1802.224 + 1539.549 = NT$6,488 Mil.
Gross Profit was 194.178 + 343.292 + 317.488 + 308.884 = NT$1,164 Mil.
Total Current Assets was NT$5,025 Mil.
Total Assets was NT$6,437 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,181 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$278 Mil.
Selling, General, & Admin. Expense(SGA) was NT$287 Mil.
Total Current Liabilities was NT$2,874 Mil.
Long-Term Debt & Capital Lease Obligation was NT$13 Mil.
Net Income was 54.806 + 175.198 + 145.15 + 111.645 = NT$487 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 118.611 + 209.864 + 156.309 + 269.845 = NT$755 Mil.
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Total Receivables was NT$3,371 Mil.
Revenue was 1500.607 + 1861.203 + 1905.851 + 1498.356 = NT$6,766 Mil.
Gross Profit was 308.603 + 421.787 + 402.132 + 329.958 = NT$1,462 Mil.
Total Current Assets was NT$5,039 Mil.
Total Assets was NT$6,451 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,252 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$245 Mil.
Selling, General, & Admin. Expense(SGA) was NT$353 Mil.
Total Current Liabilities was NT$2,948 Mil.
Long-Term Debt & Capital Lease Obligation was NT$139 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) |
| = | (3261.707 / 6488.391) | / | (3371.448 / 6766.017) |
| = | 0.502699 | / | 0.498291 |
| | = | 1.0088 |
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) |
| = | (1462.48 / 6766.017) | / | (1163.842 / 6488.391) |
| = | 0.216151 | / | 0.179373 |
| | = | 1.205 |
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 - (5025.289 + 1181.119) / 6436.998) | / | (1 - (5038.824 + 1251.677) / 6451.343) |
| = | 0.035823 | / | 0.024932 |
| | = | 1.4368 |
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 |
| = | 6488.391 | / | 6766.017 |
| | = | 0.959 |
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)) |
| = | (244.696 / (244.696 + 1251.677)) | / | (277.936 / (277.936 + 1181.119)) |
| = | 0.163526 | / | 0.19049 |
| | = | 0.8584 |
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) |
| = | (286.645 / 6488.391) | / | (353.479 / 6766.017) |
| = | 0.044178 | / | 0.052243 |
| | = | 0.8456 |
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) |
| = | ((12.973 + 2874.293) / 6436.998) | / | ((139.096 + 2948.182) / 6451.343) |
| = | 0.448542 | / | 0.478548 |
| | = | 0.9373 |
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 |
| = | (486.799 - 0 | - | 754.629) | / | 6436.998 |
| | = | -0.041608 |
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.
Info-Tek has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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