Cryomax Cooling System Beneish M-Score Historical Data
The historical data trend for Cryomax Cooling System'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.
Cryomax Cooling System Beneish M-Score Chart
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Cryomax Cooling System Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.70 |
-2.15 |
-2.67 |
-2.90 |
-2.05 |
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Cryomax Cooling System Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.90 |
-3.05 |
-2.80 |
-2.19 |
-2.05 |
Competitive Comparison of Cryomax Cooling System's Beneish M-Score
For the Auto Parts subindustry, Cryomax Cooling System'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.
Cryomax Cooling System's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cryomax Cooling System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cryomax Cooling System's Beneish M-Score falls into.
Cryomax Cooling System 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 Cryomax Cooling System 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 * 1.4003 | + | 0.528 * 0.999 | + | 0.404 * 1.168 | + | 0.892 * 1.0151 | + | 0.115 * 0.9422 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2331 | + | 4.679 * 0.000565 | - | 0.327 * 0.9218 |
| = | -2.05 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$581 Mil.
Revenue was 591.433 + 549.624 + 517.246 + 495.864 = NT$2,154 Mil.
Gross Profit was 110.534 + 124.506 + 122.083 + 94.714 = NT$452 Mil.
Total Current Assets was NT$1,946 Mil.
Total Assets was NT$3,401 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,347 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$176 Mil.
Selling, General, & Admin. Expense(SGA) was NT$433 Mil.
Total Current Liabilities was NT$1,481 Mil.
Long-Term Debt & Capital Lease Obligation was NT$277 Mil.
Net Income was -2.827 + -6.212 + -27.528 + 2.765 = NT$-34 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 75.867 + -142.073 + -9.465 + 39.948 = NT$-36 Mil.
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Total Receivables was NT$409 Mil.
Revenue was 505.776 + 498.657 + 575.657 + 541.971 = NT$2,122 Mil.
Gross Profit was 104.457 + 115.645 + 114.486 + 110.079 = NT$445 Mil.
Total Current Assets was NT$1,792 Mil.
Total Assets was NT$3,334 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,451 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$178 Mil.
Selling, General, & Admin. Expense(SGA) was NT$346 Mil.
Total Current Liabilities was NT$1,447 Mil.
Long-Term Debt & Capital Lease Obligation was NT$422 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) |
| = | (581.45 / 2154.167) | / | (409.047 / 2122.061) |
| = | 0.269919 | / | 0.192759 |
| | = | 1.4003 |
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) |
| = | (444.667 / 2122.061) | / | (451.837 / 2154.167) |
| = | 0.209545 | / | 0.20975 |
| | = | 0.999 |
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 - (1945.548 + 1346.957) / 3400.894) | / | (1 - (1792.067 + 1451.296) / 3334.349) |
| = | 0.031871 | / | 0.027287 |
| | = | 1.168 |
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 |
| = | 2154.167 | / | 2122.061 |
| | = | 1.0151 |
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)) |
| = | (177.692 / (177.692 + 1451.296)) | / | (176.353 / (176.353 + 1346.957)) |
| = | 0.109081 | / | 0.11577 |
| | = | 0.9422 |
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) |
| = | (432.78 / 2154.167) | / | (345.728 / 2122.061) |
| = | 0.200904 | / | 0.162921 |
| | = | 1.2331 |
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) |
| = | ((276.849 + 1480.625) / 3400.894) | / | ((421.96 + 1447.229) / 3334.349) |
| = | 0.516768 | / | 0.560586 |
| | = | 0.9218 |
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 |
| = | (-33.802 - 0 | - | -35.723) | / | 3400.894 |
| | = | 0.000565 |
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.
Cryomax Cooling System has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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