Cathay Consolidated Beneish M-Score Historical Data
The historical data trend for Cathay Consolidated'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.
Cathay Consolidated Beneish M-Score Chart
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Cathay Consolidated Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.72 |
-1.47 |
-2.66 |
-2.32 |
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Cathay Consolidated Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.01 |
-2.73 |
-2.36 |
-2.32 |
-2.01 |
Competitive Comparison of Cathay Consolidated's Beneish M-Score
For the Textile Manufacturing subindustry, Cathay Consolidated'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.
Cathay Consolidated's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Cathay Consolidated's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cathay Consolidated's Beneish M-Score falls into.
Cathay Consolidated 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 Cathay Consolidated 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 * 1.3557 | + | 0.528 * 0.914 | + | 0.404 * 0.9759 | + | 0.892 * 0.9732 | + | 0.115 * 1.1009 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0663 | + | 4.679 * 0.040325 | - | 0.327 * 0.9019 |
| = | -2.01 |
* 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$525 Mil.
Revenue was 613.001 + 656.431 + 663.501 + 607.421 = NT$2,540 Mil.
Gross Profit was 173.671 + 230.796 + 221.829 + 200.514 = NT$827 Mil.
Total Current Assets was NT$2,124 Mil.
Total Assets was NT$3,403 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,259 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$91 Mil.
Selling, General, & Admin. Expense(SGA) was NT$157 Mil.
Total Current Liabilities was NT$945 Mil.
Long-Term Debt & Capital Lease Obligation was NT$440 Mil.
Net Income was 124.361 + 130.815 + 153.939 + 141.196 = NT$550 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 92.827 + 190.203 + 61.108 + 68.938 = NT$413 Mil.
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Total Receivables was NT$398 Mil.
Revenue was 637.418 + 708.503 + 645.255 + 619.266 = NT$2,610 Mil.
Gross Profit was 180.355 + 222.234 + 199.429 + 174.496 = NT$777 Mil.
Total Current Assets was NT$2,096 Mil.
Total Assets was NT$3,213 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,097 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$88 Mil.
Selling, General, & Admin. Expense(SGA) was NT$151 Mil.
Total Current Liabilities was NT$1,046 Mil.
Long-Term Debt & Capital Lease Obligation was NT$404 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) |
| = | (524.656 / 2540.354) | / | (397.679 / 2610.442) |
| = | 0.206529 | / | 0.152342 |
| | = | 1.3557 |
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) |
| = | (776.514 / 2610.442) | / | (826.81 / 2540.354) |
| = | 0.297465 | / | 0.32547 |
| | = | 0.914 |
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 - (2124.132 + 1259.069) / 3403.196) | / | (1 - (2096.497 + 1096.927) / 3212.766) |
| = | 0.005875 | / | 0.00602 |
| | = | 0.9759 |
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 |
| = | 2540.354 | / | 2610.442 |
| | = | 0.9732 |
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)) |
| = | (88.325 / (88.325 + 1096.927)) | / | (91.418 / (91.418 + 1259.069)) |
| = | 0.07452 | / | 0.067693 |
| | = | 1.1009 |
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) |
| = | (156.752 / 2540.354) | / | (151.067 / 2610.442) |
| = | 0.061705 | / | 0.05787 |
| | = | 1.0663 |
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) |
| = | ((440.277 + 944.766) / 3403.196) | / | ((403.647 + 1046.159) / 3212.766) |
| = | 0.406983 | / | 0.451264 |
| | = | 0.9019 |
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 |
| = | (550.311 - 0 | - | 413.076) | / | 3403.196 |
| | = | 0.040325 |
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.
Cathay Consolidated has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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