Sun-Create Electronics Co Beneish M-Score Historical Data
The historical data trend for Sun-Create Electronics Co'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.
Sun-Create Electronics Co Beneish M-Score Chart
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Sun-Create Electronics Co Annual Data
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| Beneish M-Score |
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-2.06 |
-1.62 |
-2.50 |
-2.90 |
-2.66 |
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Sun-Create Electronics Co Quarterly Data
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Jun20 |
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Mar25 |
| Beneish M-Score |
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-2.64 |
-2.84 |
-2.78 |
-2.66 |
-2.70 |
Competitive Comparison of Sun-Create Electronics Co's Beneish M-Score
For the Communication Equipment subindustry, Sun-Create Electronics Co'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.
Sun-Create Electronics Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Sun-Create Electronics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sun-Create Electronics Co's Beneish M-Score falls into.
Sun-Create Electronics Co 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 Sun-Create Electronics Co 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 * 1.1985 | + | 0.528 * 1.3127 | + | 0.404 * 1.01 | + | 0.892 * 0.7576 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5271 | + | 4.679 * -0.091304 | - | 0.327 * 1.0254 |
| = | -2.70 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥2,289 Mil.
Revenue was 292.813 + 511.198 + 451.13 + 301.653 = ¥1,557 Mil.
Gross Profit was 55.872 + 28.907 + 75.715 + 48.175 = ¥209 Mil.
Total Current Assets was ¥3,883 Mil.
Total Assets was ¥5,850 Mil.
Property, Plant and Equipment(Net PPE) was ¥980 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥33 Mil.
Total Current Liabilities was ¥3,178 Mil.
Long-Term Debt & Capital Lease Obligation was ¥597 Mil.
Net Income was -21.13 + -205.442 + -1.486 + -31.379 = ¥-259 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -184.498 + 419.859 + 61.347 + -22.032 = ¥275 Mil.
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Total Receivables was ¥2,522 Mil.
Revenue was 339.165 + 849.379 + 337.951 + 528.397 = ¥2,055 Mil.
Gross Profit was 57.526 + 138.383 + 56.247 + 109.404 = ¥362 Mil.
Total Current Assets was ¥4,133 Mil.
Total Assets was ¥6,211 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,041 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥82 Mil.
Total Current Liabilities was ¥3,228 Mil.
Long-Term Debt & Capital Lease Obligation was ¥681 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) |
| = | (2289.466 / 1556.794) | / | (2521.524 / 2054.892) |
| = | 1.470629 | / | 1.227083 |
| | = | 1.1985 |
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) |
| = | (361.56 / 2054.892) | / | (208.669 / 1556.794) |
| = | 0.175951 | / | 0.134038 |
| | = | 1.3127 |
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 - (3883.184 + 980.373) / 5849.802) | / | (1 - (4132.744 + 1041.116) / 6210.516) |
| = | 0.168595 | / | 0.166919 |
| | = | 1.01 |
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 |
| = | 1556.794 | / | 2054.892 |
| | = | 0.7576 |
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)) |
| = | (0 / (0 + 1041.116)) | / | (0 / (0 + 980.373)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (32.924 / 1556.794) | / | (82.443 / 2054.892) |
| = | 0.021149 | / | 0.04012 |
| | = | 0.5271 |
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) |
| = | ((597.263 + 3177.978) / 5849.802) | / | ((680.681 + 3228.016) / 6210.516) |
| = | 0.645362 | / | 0.629368 |
| | = | 1.0254 |
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 |
| = | (-259.437 - 0 | - | 274.676) | / | 5849.802 |
| | = | -0.091304 |
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.
Sun-Create Electronics Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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