Universal Cement (TPE:1104) Beneish M-Score : -2.36 (As of May. 21, 2024)

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What is Universal Cement 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Universal Cement's Beneish M-Score or its related term are showing as below:

TPE:1104' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61 Med: -2.38 Max: -2.04
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Universal Cement was -2.04. The lowest was -2.61. And the median was -2.38.

Universal Cement Beneish M-Score Historical Data

The historical data trend for Universal Cement'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.

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Universal Cement Beneish M-Score Chart

Universal Cement Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-2.50

-2.46

-2.16

-2.30

Universal Cement Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.28	-2.28	-2.40	-2.30	-2.36

Competitive Comparison of Universal Cement's Beneish M-Score

For the Building Materials subindustry, Universal Cement'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.

Universal Cement's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Universal Cement's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Universal Cement's Beneish M-Score falls into.

Universal Cement 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 Universal Cement 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 * 0.9707

0.528 * 0.9603

0.404 * 0.9947

0.892 * 1.0702

0.115 * 0.8818

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0727

4.679 * 0.013277

0.327 * 0.7825

-2.36

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$1,978 Mil.
Revenue was 1908.572 + 2174.608 + 1873.035 + 1919.189 = NT$7,875 Mil.
Gross Profit was 383.423 + 452.935 + 361.057 + 383.593 = NT$1,581 Mil.
Total Current Assets was NT$6,635 Mil.
Total Assets was NT$28,573 Mil.
Property, Plant and Equipment(Net PPE) was NT$7,616 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$189 Mil.
Selling, General, & Admin. Expense(SGA) was NT$504 Mil.
Total Current Liabilities was NT$3,608 Mil.
Long-Term Debt & Capital Lease Obligation was NT$163 Mil.
Net Income was 248.142 + 460.561 + 956.31 + 417.955 = NT$2,083 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 282.052 + 208.391 + 804.487 + 408.678 = NT$1,704 Mil.

Total Receivables was NT$1,904 Mil.
Revenue was 1835.53 + 1991.841 + 1783.091 + 1748.604 = NT$7,359 Mil.
Gross Profit was 344.555 + 430.032 + 331.499 + 312.585 = NT$1,419 Mil.
Total Current Assets was NT$5,755 Mil.
Total Assets was NT$28,135 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,202 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$179 Mil.
Selling, General, & Admin. Expense(SGA) was NT$439 Mil.
Total Current Liabilities was NT$4,538 Mil.
Long-Term Debt & Capital Lease Obligation was NT$207 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)
	=	(1978.242 / 7875.404)	/	(1904.24 / 7359.066)
	=	0.251192	/	0.258761
	=	0.9707

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)
	=	(1418.671 / 7359.066)	/	(1581.008 / 7875.404)
	=	0.192779	/	0.200753
	=	0.9603

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 - (6635.033 + 7615.933) / 28573.459)	/	(1 - (5755.087 + 8201.78) / 28134.858)
	=	0.501252	/	0.50393
	=	0.9947

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
	=	7875.404	/	7359.066
	=	1.0702

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))
	=	(178.639 / (178.639 + 8201.78))	/	(188.65 / (188.65 + 7615.933))
	=	0.021316	/	0.024172
	=	0.8818

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)
	=	(504.122 / 7875.404)	/	(439.134 / 7359.066)
	=	0.064012	/	0.059673
	=	1.0727

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)
	=	((162.775 + 3607.841) / 28573.459)	/	((206.752 + 4538.157) / 28134.858)
	=	0.131962	/	0.168649
	=	0.7825

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
	=	(2082.968 - 0	-	1703.608)	/	28573.459
	=	0.013277

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.

Universal Cement has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.

Universal Cement Beneish M-Score Related Terms

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Universal Cement (TPE:1104) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » Universal Cement Corp (TPE:1104) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 125, Nanking East Road, 10th Floor, Section 2, Taipei, TWN, 104

Website

http://www.ucctw.com

Universal Cement Corporation is a Taiwan-based company primarily engaged in the manufacture and sale of cements and related construction materials. The company provides cement, ready-mixed concretes, gypsum boards, and other fire-resistant construction materials. Among these products, cement, concretes, and gypsum boards jointly account for the majority of the company's revenue. Its cement products are primarily Portland I cements and primarily sold in the southern Taiwan market, including Pescadores Islands. Its concrete products are sold in Tainan, Kaohsiung, and Pingtung. Its gypsum boards are primarily sold in the Taiwan domestic market.

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