Sinon (TPE:1712) Beneish M-Score : -2.85 (As of May. 21, 2024)

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What is Sinon 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:1712' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.77 Max: -1.82
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Sinon was -1.82. The lowest was -3.28. And the median was -2.77.

Sinon Beneish M-Score Historical Data

The historical data trend for Sinon'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.

* Premium members only.

Sinon Beneish M-Score Chart

Sinon Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.99

-3.28

-2.01

-2.29

-3.15

Sinon 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															-2.68	-3.20	-3.21	-3.15	-2.85

Competitive Comparison of Sinon's Beneish M-Score

For the Agricultural Inputs subindustry, Sinon'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.

Sinon's Beneish M-Score Distribution in the Agriculture Industry

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

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

Sinon 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 Sinon 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 * 1.128

0.528 * 1.0305

0.404 * 0.854

0.892 * 0.86

0.115 * 1.1152

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0558

4.679 * -0.069007

0.327 * 1.0047

-2.85

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$3,299 Mil.
Revenue was 5009.609 + 4518.252 + 4894.808 + 4576.336 = NT$18,999 Mil.
Gross Profit was 1430.674 + 1208.78 + 1275.962 + 1296.229 = NT$5,212 Mil.
Total Current Assets was NT$9,121 Mil.
Total Assets was NT$15,916 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,491 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$642 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,702 Mil.
Total Current Liabilities was NT$6,612 Mil.
Long-Term Debt & Capital Lease Obligation was NT$764 Mil.
Net Income was 338.909 + 205.375 + 247.479 + 279.734 = NT$1,071 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -206.622 + 833.154 + 394.175 + 1149.093 = NT$2,170 Mil.

Total Receivables was NT$3,401 Mil.
Revenue was 5123.414 + 5030.008 + 5847.31 + 6092.325 = NT$22,093 Mil.
Gross Profit was 1418.575 + 1399.04 + 1742.463 + 1685.354 = NT$6,245 Mil.
Total Current Assets was NT$9,100 Mil.
Total Assets was NT$16,052 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,592 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$736 Mil.
Selling, General, & Admin. Expense(SGA) was NT$4,078 Mil.
Total Current Liabilities was NT$6,600 Mil.
Long-Term Debt & Capital Lease Obligation was NT$804 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)
	=	(3298.918 / 18999.005)	/	(3400.859 / 22093.057)
	=	0.173636	/	0.153933
	=	1.128

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)
	=	(6245.432 / 22093.057)	/	(5211.645 / 18999.005)
	=	0.282688	/	0.274311
	=	1.0305

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 - (9120.793 + 6490.685) / 15915.893)	/	(1 - (9100.129 + 6592.257) / 16051.889)
	=	0.019126	/	0.022396
	=	0.854

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
	=	18999.005	/	22093.057
	=	0.86

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))
	=	(735.575 / (735.575 + 6592.257))	/	(642.014 / (642.014 + 6490.685))
	=	0.100381	/	0.09001
	=	1.1152

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)
	=	(3702.157 / 18999.005)	/	(4077.523 / 22093.057)
	=	0.194861	/	0.184561
	=	1.0558

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)
	=	((764.326 + 6611.753) / 15915.893)	/	((803.873 + 6600.083) / 16051.889)
	=	0.463441	/	0.461251
	=	1.0047

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
	=	(1071.497 - 0	-	2169.8)	/	15915.893
	=	-0.069007

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.

Sinon has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

Sinon Beneish M-Score Related Terms

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Sinon (TPE:1712) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Agriculture » Sinon Corp (TPE:1712) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.101, Nanrong Road, Dadu District, Taichung, TWN, 43245

Website

https://www.sinon.com.tw

Sinon Corp is a Taiwan-based company engaged in the manufacture and sales of various chemicals and fertilizers. It generates revenue through two divisions namely Crop protection which includes manufacturing activity of chemicals and fertilizer and Supermarket which includes supermarket and general retail industry. The product line of the company includes pesticides, fertilizers, agricultural materials, precision chemicals and intermediates, plastic products, microbial fertilizers, environmental drugs, preservation films, and other household goods. Majority of the company's revenue comes from the sales of crop protection.

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