UniTTEC Co Beneish M-Score Historical Data
The historical data trend for UniTTEC 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.
UniTTEC Co Beneish M-Score Chart
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UniTTEC Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.46 |
-2.76 |
-2.66 |
-2.55 |
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UniTTEC Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.80 |
-2.68 |
-2.66 |
-2.55 |
-2.59 |
Competitive Comparison of UniTTEC Co's Beneish M-Score
For the Semiconductors subindustry, UniTTEC 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.
UniTTEC Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, UniTTEC Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UniTTEC Co's Beneish M-Score falls into.
UniTTEC 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 UniTTEC 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 * 1.1079 | + | 0.528 * 0.8492 | + | 0.404 * 1.1098 | + | 0.892 * 0.8931 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2755 | + | 4.679 * -0.004117 | - | 0.327 * 1.0287 |
| = | -2.59 |
* 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 ¥2,366 Mil.
Revenue was 252.532 + 974.184 + 601.413 + 404.158 = ¥2,232 Mil.
Gross Profit was 67.303 + 366.003 + 138.378 + 96.327 = ¥668 Mil.
Total Current Assets was ¥3,530 Mil.
Total Assets was ¥7,290 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,493 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥135 Mil.
Total Current Liabilities was ¥2,805 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,410 Mil.
Net Income was -26.767 + 84.988 + 11.7 + -12.151 = ¥58 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -320.743 + 640.561 + -62.188 + -169.847 = ¥88 Mil.
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Total Receivables was ¥2,391 Mil.
Revenue was 345.242 + 929.018 + 650.419 + 574.828 = ¥2,500 Mil.
Gross Profit was 78.608 + 232.598 + 145.725 + 178.266 = ¥635 Mil.
Total Current Assets was ¥3,840 Mil.
Total Assets was ¥7,021 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,215 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥119 Mil.
Total Current Liabilities was ¥3,113 Mil.
Long-Term Debt & Capital Lease Obligation was ¥834 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) |
| = | (2366.222 / 2232.287) | / | (2391.453 / 2499.507) |
| = | 1.059999 | / | 0.95677 |
| | = | 1.1079 |
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) |
| = | (635.197 / 2499.507) | / | (668.011 / 2232.287) |
| = | 0.254129 | / | 0.29925 |
| | = | 0.8492 |
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 - (3530.492 + 1493.206) / 7289.913) | / | (1 - (3839.606 + 1214.98) / 7021.294) |
| = | 0.31087 | / | 0.280106 |
| | = | 1.1098 |
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 |
| = | 2232.287 | / | 2499.507 |
| | = | 0.8931 |
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 + 1214.98)) | / | (0 / (0 + 1493.206)) |
| = | 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) |
| = | (135.341 / 2232.287) | / | (118.81 / 2499.507) |
| = | 0.060629 | / | 0.047533 |
| | = | 1.2755 |
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) |
| = | ((1410.171 + 2805.479) / 7289.913) | / | ((834.157 + 3112.902) / 7021.294) |
| = | 0.578285 | / | 0.562155 |
| | = | 1.0287 |
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 |
| = | (57.77 - 0 | - | 87.783) | / | 7289.913 |
| | = | -0.004117 |
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.
UniTTEC Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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