Shihlin Electric & Engineering (TPE:1503) Beneish M-Score : -2.42 (As of Mar. 27, 2025)

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What is Shihlin Electric & Engineering 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shihlin Electric & Engineering's Beneish M-Score or its related term are showing as below:

TPE:1503' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.45 Max: -2.27
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Shihlin Electric & Engineering was -2.27. The lowest was -2.69. And the median was -2.45.

Shihlin Electric & Engineering Beneish M-Score Historical Data

The historical data trend for Shihlin Electric & Engineering'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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Shihlin Electric & Engineering Beneish M-Score Chart

Shihlin Electric & Engineering Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.44

-2.59

-2.27

-2.69

-2.42

Shihlin Electric & Engineering 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															-2.69	-2.40	-2.39	-2.49	-2.42

Competitive Comparison of Shihlin Electric & Engineering's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Shihlin Electric & Engineering'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.

Shihlin Electric & Engineering's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Shihlin Electric & Engineering's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shihlin Electric & Engineering's Beneish M-Score falls into.

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Shihlin Electric & Engineering 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 Shihlin Electric & Engineering 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 * 0.8913

0.528 * 0.9172

0.404 * 1.0548

0.892 * 1.1026

0.115 * 0.9828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9886

4.679 * 0.012517

0.327 * 0.8986

-2.42

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$9,175 Mil.
Revenue was 8919.415 + 8062.442 + 8171.357 + 9917.947 = NT$35,071 Mil.
Gross Profit was 1611.11 + 1848.186 + 1588.24 + 1765.79 = NT$6,813 Mil.
Total Current Assets was NT$24,574 Mil.
Total Assets was NT$58,394 Mil.
Property, Plant and Equipment(Net PPE) was NT$7,717 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$795 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,820 Mil.
Total Current Liabilities was NT$17,372 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9 Mil.
Net Income was 436.349 + 702.4 + 706.969 + 1180.023 = NT$3,026 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 535.537 + 983.667 + 545.581 + 230.05 = NT$2,295 Mil.

Total Receivables was NT$9,336 Mil.
Revenue was 7457.724 + 7700.429 + 7677.019 + 8972.319 = NT$31,807 Mil.
Gross Profit was 1341.434 + 1372.752 + 1240.878 + 1712.731 = NT$5,668 Mil.
Total Current Assets was NT$23,468 Mil.
Total Assets was NT$53,739 Mil.
Property, Plant and Equipment(Net PPE) was NT$7,498 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$758 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,587 Mil.
Total Current Liabilities was NT$17,797 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4 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)
	=	(9174.965 / 35071.161)	/	(9335.842 / 31807.491)
	=	0.26161	/	0.293511
	=	0.8913

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)
	=	(5667.795 / 31807.491)	/	(6813.326 / 35071.161)
	=	0.178191	/	0.194271
	=	0.9172

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 - (24573.996 + 7717.261) / 58394.459)	/	(1 - (23467.854 + 7497.743) / 53738.913)
	=	0.447015	/	0.423777
	=	1.0548

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
	=	35071.161	/	31807.491
	=	1.1026

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))
	=	(757.822 / (757.822 + 7497.743))	/	(795.101 / (795.101 + 7717.261))
	=	0.091795	/	0.093405
	=	0.9828

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)
	=	(2819.714 / 35071.161)	/	(2586.765 / 31807.491)
	=	0.0804	/	0.081326
	=	0.9886

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)
	=	((9.293 + 17372.09) / 58394.459)	/	((3.983 + 17796.831) / 53738.913)
	=	0.297655	/	0.331246
	=	0.8986

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
	=	(3025.741 - 0	-	2294.835)	/	58394.459
	=	0.012517

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.

Shihlin Electric & Engineering has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.

Shihlin Electric & Engineering Beneish M-Score Related Terms

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Shihlin Electric & Engineering Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Shihlin Electric & Engineering Corp (TPE:1503) » Definitions » Beneish M-Score

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Address

No. 88, Zhongshan North Road, Section 6, 16th Floor, Taipei, TWN, 111

Website

https://www.seec.com.tw

Shihlin Electric & Engineering Corp is a Taiwan-based company The Group is engaged in the manufacture of heavy electrical equipment and machinery and automotive electrical equipment, devices, and related parts The company's product portfolio is categorized into five groups: automobile equipment systems, breaker switchgear and systems, heavy electric systems, and factory automation and system engineering products. The company operates production facilities in Taiwan, mainland China, and Vietnam. The company has four reportable segments: electric distribution (heavy electric equipment), automobile parts (automotive equipment and related parts), automation equipment and parts (industrial automation control products), and other (leasing of commercial buildings and sale of digital products).

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