Progate Group Beneish M-Score Historical Data
The historical data trend for Progate Group'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.
Progate Group Beneish M-Score Chart
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Progate Group Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.79 |
-1.34 |
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Progate Group Quarterly Data
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Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.45 |
-2.28 |
-1.48 |
-1.34 |
-1.08 |
Competitive Comparison of Progate Group's Beneish M-Score
For the Semiconductors subindustry, Progate Group'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.
Progate Group's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Progate Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Progate Group's Beneish M-Score falls into.
Progate Group 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 Progate Group 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 * 0.6679 | + | 0.528 * 1.031 | + | 0.404 * 5.6419 | + | 0.892 * 1.0789 | + | 0.115 * 0.4028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8746 | + | 4.679 * -0.062918 | - | 0.327 * 0.7513 |
| = | -1.08 |
* 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$74 Mil.
Revenue was 160.292 + 371.602 + 275.8 + 253.959 = NT$1,062 Mil.
Gross Profit was 35.034 + 82.901 + 87.081 + 77.887 = NT$283 Mil.
Total Current Assets was NT$873 Mil.
Total Assets was NT$1,107 Mil.
Property, Plant and Equipment(Net PPE) was NT$125 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$9 Mil.
Selling, General, & Admin. Expense(SGA) was NT$60 Mil.
Total Current Liabilities was NT$242 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3 Mil.
Net Income was 15.355 + 31.094 + 51.425 + 41.675 = NT$140 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 89.654 + 89.18 + 30.893 + -0.553 = NT$209 Mil.
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Total Receivables was NT$102 Mil.
Revenue was 203.376 + 243.172 + 232.629 + 304.827 = NT$984 Mil.
Gross Profit was 75.256 + 72.026 + 66.162 + 56.906 = NT$270 Mil.
Total Current Assets was NT$919 Mil.
Total Assets was NT$1,060 Mil.
Property, Plant and Equipment(Net PPE) was NT$122 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3 Mil.
Selling, General, & Admin. Expense(SGA) was NT$63 Mil.
Total Current Liabilities was NT$311 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 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) |
| = | (73.796 / 1061.653) | / | (102.404 / 984.004) |
| = | 0.06951 | / | 0.104069 |
| | = | 0.6679 |
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) |
| = | (270.35 / 984.004) | / | (282.903 / 1061.653) |
| = | 0.274745 | / | 0.266474 |
| | = | 1.031 |
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 - (873.072 + 124.706) / 1106.6) | / | (1 - (918.76 + 122.435) / 1059.665) |
| = | 0.098339 | / | 0.01743 |
| | = | 5.6419 |
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 |
| = | 1061.653 | / | 984.004 |
| | = | 1.0789 |
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)) |
| = | (3.402 / (3.402 + 122.435)) | / | (8.972 / (8.972 + 124.706)) |
| = | 0.027035 | / | 0.067117 |
| | = | 0.4028 |
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) |
| = | (59.795 / 1061.653) | / | (63.368 / 984.004) |
| = | 0.056323 | / | 0.064398 |
| | = | 0.8746 |
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) |
| = | ((2.804 + 242.42) / 1106.6) | / | ((1.64 + 310.933) / 1059.665) |
| = | 0.221601 | / | 0.294973 |
| | = | 0.7513 |
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 |
| = | (139.549 - 0 | - | 209.174) | / | 1106.6 |
| | = | -0.062918 |
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.
Progate Group has a M-score of -1.08 signals that the company is likely to be a manipulator.
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