Brighton-Best Internation (Taiwan) (ROCO:8415) Beneish M-Score : -2.66 (As of Mar. 30, 2025)

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What is Brighton-Best Internation (Taiwan) 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Brighton-Best Internation (Taiwan)'s Beneish M-Score or its related term are showing as below:

ROCO:8415' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.25 Max: -1.02
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Brighton-Best Internation (Taiwan) was -1.02. The lowest was -2.86. And the median was -2.25.

Brighton-Best Internation (Taiwan) Beneish M-Score Historical Data

The historical data trend for Brighton-Best Internation (Taiwan)'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.

Brighton-Best Internation (Taiwan) Beneish M-Score Chart

Brighton-Best Internation (Taiwan) Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.75

-2.11

-1.90

-2.73

-2.66

Brighton-Best Internation (Taiwan) 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															-2.73	-2.89	-2.90	-2.83	-2.66

Competitive Comparison of Brighton-Best Internation (Taiwan)'s Beneish M-Score

For the Tools & Accessories subindustry, Brighton-Best Internation (Taiwan)'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.

Brighton-Best Internation (Taiwan)'s Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Brighton-Best Internation (Taiwan)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Brighton-Best Internation (Taiwan)'s Beneish M-Score falls into.

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Brighton-Best Internation (Taiwan) 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 Brighton-Best Internation (Taiwan) 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 * 1.1403

0.528 * 1.007

0.404 * 0.8796

0.892 * 0.9222

0.115 * 0.9912

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1282

4.679 * -0.041331

0.327 * 0.9355

-2.66

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$2,567 Mil.
Revenue was 5400.274 + 5759.375 + 5842.655 + 5708.095 = NT$22,710 Mil.
Gross Profit was 1758.227 + 1914.2 + 1957.897 + 1895.683 = NT$7,526 Mil.
Total Current Assets was NT$20,825 Mil.
Total Assets was NT$43,728 Mil.
Property, Plant and Equipment(Net PPE) was NT$11,205 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$835 Mil.
Selling, General, & Admin. Expense(SGA) was NT$4,597 Mil.
Total Current Liabilities was NT$8,250 Mil.
Long-Term Debt & Capital Lease Obligation was NT$7,845 Mil.
Net Income was 290.693 + 872.423 + 537.301 + 579.801 = NT$2,280 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 621.332 + 1108.813 + 982.514 + 1374.875 = NT$4,088 Mil.

Total Receivables was NT$2,441 Mil.
Revenue was 5567.37 + 6006.851 + 6417.334 + 6635.794 = NT$24,627 Mil.
Gross Profit was 1798.733 + 2017.716 + 2140.958 + 2260.687 = NT$8,218 Mil.
Total Current Assets was NT$22,145 Mil.
Total Assets was NT$47,496 Mil.
Property, Plant and Equipment(Net PPE) was NT$10,905 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$805 Mil.
Selling, General, & Admin. Expense(SGA) was NT$4,418 Mil.
Total Current Liabilities was NT$10,483 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,204 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)
	=	(2566.958 / 22710.399)	/	(2441.056 / 24627.349)
	=	0.11303	/	0.09912
	=	1.1403

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)
	=	(8218.094 / 24627.349)	/	(7526.007 / 22710.399)
	=	0.333698	/	0.33139
	=	1.007

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 - (20825.357 + 11204.511) / 43728.328)	/	(1 - (22144.734 + 10905.238) / 47496.349)
	=	0.267526	/	0.304158
	=	0.8796

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
	=	22710.399	/	24627.349
	=	0.9222

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))
	=	(804.597 / (804.597 + 10905.238))	/	(834.548 / (834.548 + 11204.511))
	=	0.068711	/	0.06932
	=	0.9912

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)
	=	(4596.779 / 22710.399)	/	(4418.352 / 24627.349)
	=	0.202409	/	0.179408
	=	1.1282

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)
	=	((7844.859 + 8250.247) / 43728.328)	/	((8203.838 + 10483.181) / 47496.349)
	=	0.36807	/	0.393441
	=	0.9355

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
	=	(2280.218 - 0	-	4087.534)	/	43728.328
	=	-0.041331

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.

Brighton-Best Internation (Taiwan) has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Brighton-Best Internation (Taiwan) Beneish M-Score Related Terms

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Brighton-Best Internation (Taiwan) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Brighton-Best Internation (Taiwan) Inc (ROCO:8415) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Number 122, Yi-lin road, Rende Toenship, Tainan, TWN, 71752

Website

https://www.brightonbest.com

Brighton-Best Internation (Taiwan) Inc supplies and distributes steel-related components and products. It has divided its products into Preferred tools, Fasteners, Drilling screws, and Cutting tools divisions. Its products are Magnetic nut setters, Preferred pipe wrenches, Bolts, Drywall screws, Straight shank carbide drill bits, Drilling screws, etc. The company is geographically divided into segments: Canada; United States; Australia; Taiwan and Others, out of which United States derives maximum revenue.

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